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June 9, 2008
Hot Spot: Cape Verde
The emerging property hot spot Cape Verde sees the first true 6 star development on Boa Vista Island the furthest east of the Cape Verde archipelago. Cape Verde which is located, off the horn of Africa, are the closest tropical islands to the UK and are becoming a popular destination for holiday travelers and international real estate investors.
Cape Verde, an archipelago of ten islands off the coast of Senegal enjoying a year round fabulous climate and boasting some incredibly stunning scenery, was a location lesser known until just four short years ago.
In the past four years the islands of Sal, Boa Vista and Santiago in particular have become known as idyllic holiday destinations and perfect second home locations – so much so that Cape Verde’s expatriate population is now greater than its local population, and the islands’ economy has come to benefit substantially from both tourism and construction & real estate.
However, to generalise that Cape Verde has really only come into its own economically speaking in the last four years is absolutely incorrect – for it was four years ago that the United Nations first identified that Cape Verde had aligned itself for transition from ‘Lower Income Country’ to ‘Middle Income Country’ ranking, and the World Bank began structuring its support programmes for growth and competitiveness.
In 2004 when the UN initially identified that Cape Verde was ready for transition to ‘Middle Income Country’ status, it followed a period of twenty years economic and political development and advancement in the Republic. However, once the UN deems a nation ready for status transition, a further three to four years close scrutiny follows to ensure that there is consistency and sustainability in the improvements already made economically speaking.
Cape Verde therefore made the final transition from ‘Lower Income Country to ‘Middle Income Country’ on the 1st of January 2008 after proving itself to be a nation with a developing economy working relentlessly to improve and advance.
And what an incredibly wealthy base of potential the islands have had to build upon. Not only is the climate in Cape Verde stunning all year round, the islands are encircled with pristine, white sandy beaches and tropical vegetation, the waters that lap the shores of the islands are crystal clear and home to coral reefs and hundreds of species of exotic fish, activities available for holidaymakers and residents range from a whole array of water sports to outdoor pursuits on the rocky volcanic climbs of the islands’ mountainous areas, and all islands are steeped in the rich colour and history of their exotic African and Portuguese past.