The Cape Verde Islands are a nascent market which, dependent on your point of view, is an opportunity or a concern.
On the plus side it is a stable democracy and the new build homes springing up have decent title. The negatives are an underdeveloped infrastructure, high property transaction costs and a certain international isolation brought about by its geographic location. And there’s no local resale market to speak of.
Robust and reliable property market statistics are an oxymoron in the Cape Verde Islands. Some agents talk about 20 per cent plus rises annually in 2006 and 2007; no one talks about how big or not the fall might have been last year. A more reliable barometer may be house prices at the well regarded Sambala Resort, located on Santiago, which have remained static for the past two years.
The market is too immature to be able reliably to call an accurate rental yield. The resort of Santa Maria on the island of Sal is said to be the most buoyant for rentals yet. Holiday lettings website holidaylettings.co.uk has an apartment on its books that sleeps two, priced from £250/pw. As an indication of the rental market’s adolescent status, there are only 11 properties listed for the whole Cape Verde Islands on holidaylettings.co.uk; in contrast there are almost 2,000 listed in Cyprus.
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Amanda Lamb is on her travels finding you the ideal location for your new house
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