Cape Verde's Commercial Promise

Much has been made of the growth in the property market in the Cape Verde islands. With prices growing, new developments rising up, tourist numbers increasing and infrastructure improvements to support this including a number of new airports served by new air routes, the place appears to be soaring.

Yet for all the considerable promise of the increasingly popular islands, the nearest tropical archipelago to Britain, there is also the Cape Verde commercial property sector. While some may look to buy-to-let investment to make money from the tourists, Cape Verdean commercial property firm Noscasa believes this very development will lead to a commercial boom as well.

Paul Akwei, managing director of Noscasa, said the tourist market was now poised to "explode", which would create a wealth of commercial opportunities: "Holidaymakers need shops, bars, internet cafes, vehicle hire et cetera, so the field is now wide open for businesses offering the facilities that holidaymakers demand," he stated.

Mr Akwei added that the Cape Verdean government had also provided significant incentives for foreign investors, commenting: "Investors are exempt from tax on dividends and profits for five years following the date of registration of the investment or when profits are reinvested in the country. After five years, a tax of ten per cent is applied."

There can be little doubt about the tourism situation. Jet-to-let Magazine is one publication which has noted that the increased tourism is in turn leading to more flights to the country, propertyshowrooms.com has reported. Moreover, the market is expanding to attract new kinds of tourism. GEM estates has announced that the Cotton Bay Marina & Golf Resort, on the island of Sal, will be eco-friendly, with various botanical features including a nursery to maintain indigenous flora.

At the same time, other economic development may not be the latest thing in eco-tourism but could bring untold riches. Macauhub had relayed news from Portuguese news agency Lusa that Cape Verde, with assistance from Portugal, is planning to present a request to the United Nations next year to widen the continental shelf. A Portuguese specialist working on the project, Manuel Pinto de Abreu, said this could increase the hopes of finding oil in the expanded offshore region. He added there were "good indications" the proposal would be approved.

Were such a discovery to take place, Cape Verdean property would surely shoot up in value, not least commercial property as the country's wealth soared. Already the development of tourism has created opportunities and the islands' government is trying hard to encourage the investors. An oil discovery could make the islands more attractive still.

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