Cape Verde

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So what do you sell now? wind stoppers?
 
Fionita said:
I actually sell in property in Cape Verde, but at this stage I'm advising my clients not to invest there as there are not getting value for money like they were last year.
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Are you advising clients who bought last year to sell?
 
louie said:
am thinking strongly of buying 2 bed apt in sal (aquapark)has anyone bought there,what,s it like
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I have one in block b , paying 115000 euro for it ,how much for your one..... ? heading out the end of jan to check it out
 
Any marketplace that does not have regulation is fertile ground for mis-selling without a shadow of a doubt. Consequently those advising caution are perfectly correct to do so, but there is also a duty on critics to substantiate their criticism surely just as there is a duty on promoters to substantiate their claims?

Large parts of the reaction to Cape Verde as a proposition lacks proper research I think. Some of it gets tied up with other agendas for example criticism of Hobbs for mentioning it on national television, selective use of outdated internet comment painting Cape Verde as a nuclear waste land etc. Much of this appears unhelpful in evaluating Cape Verde as a proposition.

It seems to me that Cape Verde stands a good chance of succeeding as very substantial international firms such a major hotel chains and golf course providers are now putting their money there. These are hard nosed business people who have been won over by the Cape Verde Government stategic development plan for the islands as a new tourist destination.

It is of course a higher than normal risk compared to, say a residential unit in Manchester or Belfast so you should expect a bumpy ride and a higher return to compensate but I think its both premature and incorrect to write off Cape Verde without hard facts.

I'd be inclined to put more weight into real money on the move like tens of millions in developing 5 to 7 star accomodation and marinas than into annonymous comments here from skeptics who've never been there.
 
Cape Verde features in this months Conde Nast Traveller magazine in case anyone is interested.

[broken link removed]

(Article isn't online - their site isn't too good)

Have to say that it doesn't look that great in the photos ... it also mentions it's rather windy sometimes (good for surfers but nobody else is what they said) and that parts of Sal has been already quite damaged by excessive property development - they did seem to rave about some of the other islands in the archipelago rather more.
 
Hello
Just home from Sal after a blissful week enjoying perfect weather excellent food and pleasant company, my impression was that I may find my perfect winter home here and people much cleverer than I are investing huge sums in attempting to provide it. My advice dont knock it till you try it.
 
Good for you - you've been, it looks good to you, you can see yourself living there. If the numbers add up for you, why not go for it.

Personally I don't want to spend my holidays surrounded by Irish and British buy-to-let investors, so I will pass.
 
Originally posted by extopia
Personally I don't want to spend my holidays surrounded by Irish and British buy-to-let investors, so I will pass.
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Agreed! Not to mention six and a half hours to get there. It's beginning to sound overcrowded in Sol and is, apparently, a very small island.

Slightly off topic but still to do with overseas property; David McWilliams on his show tonight (much impoved on last week btw) did an item on investing in Bulgaria. A Scotman remarked that he couldn't see apts there ever being re-sold to anyone other than another foreigner since no way could Bulgarians afford them. The same surely applies to re-selling in the other newly popular countries, unless of course today's purchasers are prepared to wait until their grandchildren inherit them! If I were in the market I think I'd look closer to home like Northern Ireland.
 



doesn't matter how many apartments you build, or how lovely it looks, the weather won't change.

Severe drought, wind, and Saharan Sand storms have destroyed these islands going back centuries. The locals are all leaving in their thousands. On drought in 1990, lasted for a DECADE! and over 100,000 people died of starvation in the 1900's, when the crops failed for decades on end. International aid had to be brought in.
They still have serious water issues; with a worse than usual drought every 5 years

Try this link for some balanced history of the islands; without a mentioned of property development, or CV-government incentivised hotels:
[broken link removed]

Do you think any of these weather, drought and crop issues will be resolved?

If I were you I'd invest in the building of a desalination plant.
 
David McWilliams little trip to Bulgaria was interesting. Just as Sherib mentions above one ex pat stated that the locals will never be able to afford to buy and the other thing that struck me was ( I have read most of the post here and especially Auto's) his mentioning of the size of a particular wing of this Platinum development. enormous apparantely. for some strange reason this seemed to be a great reason to buy for at least one customer. David McW himself appeared to be gushing at the size of this apartment block and was definitely impressed by it. but standing back a little and taking all things into account, I couldnt help thinking of Autos warnings about oversupply in a few years time. ( sea didint look particularly brilliant either but thats probably by the way)
 
David did'nt foresee the Irish property market still being this good 5 years ago.

Everyone has an opinion but no-one can foresee what property prices will be like anywhere in the world 5 years from now.

For anyone buying overseas you do your research make up your mind whether to buy or not and time will tell whether you were right or not.
 

D McW made the same point I have made on many occasions when he spoke to the Scots resident of Sunny Beach. You could only feel sorry for the lemmings who were being bussed in. "Lambs to the slaughter" came to mind...

At the risk of drifting off topic, but this is too good to pass up...

http://www.metacafe.com/watch/133373/the_black_sea_frozen/

This is real by the way, I was there at the time and saw it myself, and it happens relatively often. Just a few miles up the road from Sunny beach, across the border. Lovely place for the deckchairs that the guaranteed renters will be using in January..
 
All developments must build enough de-salination plants and electrical supply generators to support their units to get planning permission according to CV gov
 
Auto 320: states the chap interviewed was a Scot's resident of Sunny Beach. Just to clarify Sunny Beach was not referred to in any way on
David McWilliams show. He was a Scot ex pat living in Bourgas giving an opinion on people buying apartments in Bulgaria.

By the way the pics were really nice.

Thanks for posting them.

By the way, no-one buying an apartment on the coast in Bulgaria ever intended on going out there in Winter and no-one expected to rent them during Winter either.
 
I stand corrected by someone who was obviously paying more attention to the detail in the programme!

While no doubt your good self never expected to get rentals in January, despite the generous annual returns widely promised, how is it that so many of the big outfits make comparisons to Spain when selling this market?

I got an investor newsletter from an Irish agency last month which made this point very well. It referred to "Bulgaria, the new Spain? Buyers should be careful..."
 
at those videos auto. some crackers in there. ( had to turn the family filter back on though)
 
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