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Cape Verde Property Market Continues to Shine

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According to the Organisation for Economic Co-operation and Development the Cape Verde economy grew by 6.7% in 2007 and predictions have it growing by over 8% for 2008. With major infrastructure developments under way and regulatory initiatives such as the Cape Verde Initiative (CVI), Cape Verde should continue to see strong growth in its property sector as well as overall economy.

The African island nation of Cape Verde has become an international property hotspot over the past few years, and the government is setting a good example of how to help investors from both home and abroad. The Republic of Cape Verde is one of the oldest democracies in Africa and is about 450 kilometers off the west coast of the continent in the Atlantic Ocean. The 10 main islands have just over 500,000 residents, one fifth of whom reside in the capital city of Praia.

The government of Cape Verde has worked to put in the best possible legal and regulatory framework so that investors can be assured of getting what they want. The Cape Verde Initiative (CVI) was created so that the mistakes and problems of other emerging markets can be avoided. The CVI makes sure all companies that do business under its umbrella adhere to a code of conduct and that property investors are protected.

The new US ambassador to the country, Marianne Myles, noted in a recent interview that the country is poised for a major boom in economic development. “I believe the islands could become a transatlantic bridge for trade, investment and tourism. Cape Verde is a success story in Africa,” said the ambassador.

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