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Are you planning to buy an overseas property in Cape Verde? Is this the right time to be buying overseas property in Cape Verde? Why buy there in the first place? Let’s find out!
The State of the Overseas Property Market in Cape Verde
Cape Verde is an archipelago of 10 volcanic islands and 8 small islands that lies just off the West African Coast, in the central Atlantic Ocean. It has a population of 550,000, spread across different islands.
This tiny African nation is completely dependent on tourism, as there is no other industry here. Cape Verde is surrounded by natural beauty on all sides, has some of the best beaches in the world, and is not as crowded as, say, Sharm-el-Sheikh in Egypt.
Also, this is a very peaceful island with very few incidents of crime. You can walk at 2 am on a deserted street here without having to worry about getting mugged. The people of Cape Verde are warm and friendly and welcoming. They want foreigners to buy property there, and there is no resentment of any sort against foreign investors, which is really very nice.
The property market in Cape Verde has, if anything, suffered from the over enthusiasm of builders. Far too many beachside properties were built here in the expectation that there would be hordes of foreign buyers coming to invest in them. But that didn’t happen – the supply of housing stock is hence far greater than the demand.
That is why there are far too many incomplete real estate projects across all islands and they are a real eye sore, affecting the natural beauty of the place. But if you want a high quality overseas property for a bargain, there is no better place for that.
It also helps that Cape Verde is a stable democracy and people here are very well educated. You may call it the best place to live in Africa. That is one reason why we find many British, American, Canadian and Scandinavians showing interest in properties in Cape Verde. There are many high net worth Chinese and Russians who want to buy a second home here as well.
Where Should You Buy Overseas Property in Cape Verde?
Cape Verde basically consists of two groups of islands - The Barlavento Islands and The Sotavento Islands. The Barlavento Islands are a group of seven islands, of which the most popular overseas property destination is the island of Sal. Sal is famous for its lovely beaches, stunning landscape, and busy and bustling markets.
Santiago is the biggest island of Cape Verde and another great place for buying a holiday home. Praia and Boa Vista are other popular locations. Generally, home prices on the islands range from £80,000 and above for beachside apartments and £250,000 and above for beachside villas.
Can Foreigners Buy Overseas Property in Cape Verde?
Yes, as a foreigner, you can certainly buy and own a property in Cape Verde. But don’t attempt to do it on your own, seek out help from a local lawyer, as the paperwork can get complicated.
Also, you will need to apply for a Personal Fiscal Number from the Cape Verde government. Your lawyer will take care of this. Contact an overseas property specialist for help with finding the perfect Cape Verde overseas property.