Property is selling like hot cakes in Cape Verde
November 07, 2014
About half of the 482,000 population live in the biggest island, Santiago, which is home to the capital city, Praia. However, tourism is largely concentrated in the island of Sal, which has the country's only international airport capable of receiving charter flights from Europe. New and bigger international airports are scheduled to be opened in Santiago, San Vicente, and Boa Vista.
New developments are rising in almost every major island in anticipation of the boom. Capital values are rising by 10% to 15% annually. Yet property in Cape Verde is still a bargain at around €1,200 to €1,650 per sq. m.
Because the 'opening to tourism' is new, it makes little sense to talk of yields. But local realtors say that a studio unit in Santa Maria, Sal, worth €81,000, can bring in a 8% to 9% yield.