Buying in Cape verde

E

Egan

Guest
Strongly thinking of purchasing in Cape verde through MACanthonyrealty International. I have done research on the company who seem very good. Has anyone any views on this or I am better of sticking to somwhere more accessible and devoloped?
 
Egan, ultimately it is your money that is invested, so as long as you are happy, go for it, there are many factors to take into account.

Are you buying it for 3-5 year increase or longer term?

If there is a hike in airfares as oil supply continues to be wobbly, will it be still a good buy?

Have you checked out markets closer to home, from France to Spain to Portugal to Croatia?

I was lucky that before I bought where I did I already had work picked up and a reason to go there, and I knew the place well enough. The best bet is to visit the palce and if it feels right for you, then go for it!
 
I was put off Sal in Cape Verde because I heard it was so flat and barren. I suppose a lot of people invest for the beach but I would like somewhere where I could actually use myself for a couple of weeks.

MacAnthony Realty prices are going to be very high because of rental income added onto the price. I certainly wouldn't be buying without going over there (not on a subsidised trip) and spending a few days having a look around.
 
Dead right doberden, it's mportant to get a feel for the place, and not in a rushed (the episode of South Park in Aspen is a perfect portrayal of it) sales pitch a minute way. If you go there and like it, buy, if you find another place, then choose that instead.
 
I agree with the above comments. go over there! As for buying from MRI - i would not, spoke to them before buying in Florida and decided not to use them. Spoke to a number of people about them and they are very expensive - all those glossy brochures cost alot of money. I still get calls from them from their office in Marbella even though I told them to delete my number. MRI only cares about the bottom line, you will get a lot better service by going out there and checking out some of the other agents
 
Yes might think twice here. I would love a place to invest in with good and accesible location with rent return. I wouldnt be a position to do a lot of scouting around, would need a good reputable overseas agency. Would be grateful for any help here.
 
Slattery sun have started doing flights from Ireland and a number of operators are taking bookings to fly from UK airports. Links should improve over the next few years with the tourisim been heavily promoted...
 
Who are the best company to work with when investing in Cape Verde?
Can anyone give a recommendation?
 
im not one to write off any investment especially ones with all yr round sun and sea within *striking distance* of europe however i find it crazy the way ppl will take agents word as gossple and sink their hard earned funds into a place where they might not even be able to place on their 6th class map of the world let alone have bothered visiting it is quie disturbing how many cases of blinker wearing gold rush paddies are out there. Cape verde could be a cracker and im all for exploring yes it is the "hot" property destination at the moment as was sunny beach in bulgaria im reliable informed that sunny beach has been swamped by over zealous dvelopers bulding on anything the can and its VERY hard to shift stuff let alone resale at a profit. This is can be argued as many of u will surely do however what im getting at is be wise dont get taken in by the next big thing step back and look at it rationally VISIT THE PLACE! and never take an agents word for it!!!!

in my experince an agent, especially the sun sea and sand selling variety would sell their sister mother and throw the granny in as well if they thought they would get commision. Mcanthony I wouldnt be mad about them either lets just say. Happy investing!
 
I was out at the City-West overseas investment property exhibition last weekend. I'm looking to invest 100-150 thousand Euro. Bulgaria seems interesting but Cape Verde caught my eye. I only heard of it about 3 weeks ago. There are a few agencies advertising on the radio and in the papers. Apparently its like the Canaries 15 years ago. Property is expected to rise by 20% per anum. Flights with Falcon are going to go direct from Dublin in December and you get 365 days of sunshine per year.

I'm told on a property worth E110,000 I would get weekly rent of between 350 and 500 Euro when I dont want to use it (If at all) The related charges including local taxes, maintenance and cleaning etc. cost between 30 and 40% of the rent-roll.

Or, it would be possible to put down a 30% deposit now and secure an apartment due for completion in early 2008 and sell it on before completing the sale. Making a profit of 33,000 on 30,000 over 1.5 years. (Resale, not gauranteed of course but the agency would try to sell it for me, though none of this was their idea)

Nice!!

But whats the catch?
Anybody have any experience with Cape Verde?
What are the Tax implications?
Anybody bought there already?
Anybody know anywhere better?

In fairness to the agency (Who are Irish), they were not pushy at all and seemed happy to tell me the pros and cons. I spoke to another UK based agency who were not as upfront.
 
liamwoods said:
Cape Verde caught my eye. I only heard of it about 3 weeks ago.
Click to expand...

I think you've answered your own question as to what the catch is. I bet they're selling houses in Moyross to those few Cape Verdians with money.
 

Liamwoods, CV has been disscussed previously at great length. You should do a search and have a look at previous comments. I'd stear well clear of the place if I were you.
 
Got an email from this crowd extolling the virtues of investing in Cape Verde

[broken link removed]

Personally I'd use a 40' barge pole, but then I don't see the benefit of investing in foreign property, or Irish property either, at todays inflated prices. I was recently in the Canaries and the flight there is long enough, Another hour to hour and a half would make it too long a journey.

I'd wait on the global property price crash before I'd even consider buying abroad, and even then, imaging going back to the same place year after year after year.

Part of the pleasure of going on holidays is to explore new places


Murt
 
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