Properties to invest in

Property

The changes in the financial climate in 2008 affected many people across the world.

The decision to invest should always be taken with consideration to the 'what if' situation. What if your circumstances change in next 5-10 yrs and you may want or need to re-sell your property. Some people may have purchased property before or after 2008, but their circumstances may have changed since then.

There are a number of questions you need to ask yourself and we have listed some in our FAQ - Investment categories within the investment section. Some of the FAQ's were written 10 years ago, when there were no big resorts such as the ones built on Sal.

Those looking to invest in property on Sal in 2005 were looking at smaller projects, a few off-plan resorts and the resort already built in Murdeira. Never the less, the same considerations that were written then, may still help those who are not, currently looking to buy properties in large resorts or on Sal Island.

News 2018 - Foreigners who invest in real estate in Cabo Verde have right to permanent residence

12-Feb-2018

Buying a second home in Cape Verde

The Cape Verdean parliament approved by majority a bill that grants permanent residence permits to foreign nationals who purchase a second home in the West...+

FAQ: Why are people trying to sell their property ?

The Cape Verde islands are still attracting investors, those that have never visited Cape Verde before and those who are returning for another look at property. There are established resorts in which there are properties for sale or re-sale and there are smaller developments or blocks of apartments, some with owners that may want to sell.

You would need to know more about the islands and look at one or two islands that are being developed for tourism. The main ones being developed for tourism are Sal Island and Boavista. Alternatively you may want to avoid those island and opt for something different.

There are a number of developments and resorts, small, medium and large that have not progressed as fast as they should, some have not progressed at all. There are forums on other websites that may refer to some of these, but not all! Other developments have progressed on time and are fully operational.

Developments have been built by Italian, Portuguese, Cape Verdean, English, Irish and other companies but there are also new Spanish developers.

It is practically impossible to know what is or isn't going on with a development unless you want to listen to rumours (and there are always plenty of these) either started deliberately or un-intentionally.

If you are considering investing in Cape Verde, ask the developer as many questions as you can think of, then just in case, speak to others who have dealt with the same developer. You can never be 100% of anything, but if you ask or listen to people's stories, it may give you some other things to consider. But, keep in mind that things and situations may change after purchase, either with yourself, with other owners or with the condominium/management company.

Buying through a Sales Agency or Sales Agent again should be given some thought. Like buying a car from a Used Car Salesman, no disrespect intended about sales agents,  but their aim is to sell you something. Some are better than others and will find you what you require and provide you with additional information about services or the property. In the early days when Cape Verde wasn't being promoted as much as it is today, there were Agencies attending holiday or property exhibitions with properties for sale in Cape Verde and managing to sell property to people that had never been to Cape Verde. Some of the sales agents had also never been to Cape Verde and didn't know that there were 10 islands.

Some of the larger developments selling property/units will require you to make stage payments. Others will require you to pay a reservation fee and sign a promissary contract. Please seek advice on what happens if one party withdraws from any agreement before making any payment.

A few resorts have had official openings attended by the President of Cape Verde and other officials of Cape Verde. There are some photos and movies, one of the official opening and the 'laying of the stone' for one development can be viewed in our photo gallery.

When speaking to other property owners there may sometimes be negativity or personal preference favouring one development over another. Whatever the reason make sure you do your homework and research as well as listening or speaking to other investors.

There are also many things you need to consider before investing such as condominium charges, management services, tax paid on rental earnings and how much you will need to pay for Annual Property Tax (IUP). There may be other costs associated with the purchase of your property and shared facilities that you may or may not have been aware of before investing.

Good luck!

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