Adrian Lillywhite, director of Cape Verde Property, says that Cape Verde property was performing well until September, when it was hit like the rest of the world.
‘But there is much optimism and we are getting more clients keen to buy now,’ points out Lillywhite. He says there are plenty of deals on property in Cape Verde around, with developers cutting prices and some fixing euro to sterling rates – the Cape Verde Escudo is tied to the euro - to reassure those worried they might lose out when exchanging UK pounds.
For instance, if you’re buying off plan property at Dunas Beach Resort on the most established island, Sal, that has direct flights from Gatwick, Manchester and Birmingham, the developer will fix the euro rate at 1.33.
If you are looking for a holiday haven, Dunas is the one to pick, according to Lillywhite, with pools, restaurants, spa, bars and kids’ clubs. Of the 600 homes here due to be finished by the end of 2011, a one-bed apartment starts at £78,857, three-bed villa £265,812 and five-bed villa smack on the water £664,531.
“You can pick up an excellent furnishing pack for around £17,700 and a prestigious hotel chain will run the resort - ideal if you want to rent out your property in Sal,” adds Lillywhite.
Steve Eddolls from Topa reckons Cape Verde is the place to go for a lifestyle investment: “You want to invest, but want to use your home some of the time too.” He tips Creola Sands on the beach island of Boa Vista, a winner at the recent Homes Overseas Awards, where you can get a 15 per cent discount and put down as little as £2,657, as a holding deposit.
“You pay the rest on completion later this year,” he explains, “and the price tag includes all the furnishings and air conditioning. You also get a rentals guarantee of six per cent for the first two years.” Prices start from £72,639 for a studio apartment, rising to £265,312 for a three-bed duplex.
A hotspot for Carley Todd at Gem Estates is Santiago with Cape Verde’s capital, Praia. ‘Prices for property in Santiago are about half those on Sal and Boa Vista. But you also get culture, history, mountains, greenery and a real Caribbean feel, offering more than bog-standard places that just have beaches.’
Todd favours Vila Jardins do Oceano on Santiago. Two to three-bedroom frontline villas with pools range from a reasonable £265,312 to £354,325. The reason for lower values is there are no direct flights to Santiago, so be prepared to island hop Indiana Jones-style by prop plane.
“It is all about picking up deals at the moment,” advises Todd. “Some developers are selling at 2006 prices and I recommend the last homes to go on sites that sell for less.”
Also on Santiago, is the ambitious 2,000-home Sambala Resort where 700 units have already been sold. Three major phases are under development currently, where a two-bed townhouse costs £167,418 and a five-bed villa with private swimming pool, £354,325.
“Although it is large, it is not high density,” marketing manager Darren Brown argues. “The scheme will have two golf courses, one of which is a links course.” For those eager to rent out their property, a management plan is in place where you will be charged 15 per cent of the profits for administration and maid service.
Brown says there are some good resale deals now, with “people who bought at low entry prices now selling. We are a bit more flexible in the current market, so people can get good value for their money.”
Andrea Lee from Savills’ associate Select Resorts agrees that buying a resale Cape Verde home could be a good idea. She suggests looking on Sal “at new places just that bit further out of Santa Maria. For about £105,000, you can find a one-bedroom property on a small scale scheme that is a bit more intimate than some of the larger developments being built.”
But it is a very personal decision, admits Lee, whether a buyer will choose something on a bigger holiday destination resort, or plump for an older home somewhere more petite without all the trimmings on site.
“Some people like restaurants, bars and sports facilities on their doorstep, while others are happy with just a pool and peace and quiet.”
Another positive aspect to Cape Verde property is that you don’t have to pay over-the-odds for homes on resorts with extras. At Sabi Sands on Boa Vista, with two pools, bars, gym, medical facilities, internet café, supermarket, and childrens’ parks, prices start at a very affordable £86,200.
First published in April 2009.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
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