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Cape Verde government boosts tourism to tempt more foreign investors

Friday 3rd June 2016

Written by Roy Weatherby, The Overseas Investor

A Tourism and Investment Agency has been set up by the Cape Verde government which has been created to offer improved conditions in an attempt to lure in more investment from foreign investors.
This will also help to promote domestic investment as well as expand the tourism sector which does contribute 20% to Gross Domestic Product.
The government has made it clear that they will still invest and improve the business world making it a competitive environment in order to promote tourism.
The Cape Verde Tourism and Investment Agency will be made up of three centres. There will be one located in the North on S. Vicente Island, the central island of Sal and on the island of Santiago in the South.
The number of tourists is continuing to increase each year and the property market has also behaved in the same way and doesn’t look like it’s going to slow down any time soon.
Cape Verde is currently going through a boom period in the tourism sector creating a high demand for holiday rental properties. If tourism continues to grow in the way that it is then the property market will also continue to flourish.
The prosperous times that the Cape Verde islands are experiencing at the moment are down to the rise in tourism figures which also goes hand in hand with the stability of the government.
The strategies that are in place are also helping the islands to develop in order to cope with the increasing tourism demand. They have made improvements to their infrastructure and have also shown support for foreign investment and the development of the leisure sector.
They have also improved their telecommunications and transport links along with modernising their utilities.
Capital growth and rental returns for investors in Cape Verde are consistent and this is purely because of the demand for property. This is down to the fact that the weather is good all year round, the country has a great safety record and crime is low. It is an all year round holiday destination and this is what appeals so much to investors.
The islands have been protected in a number of ways and this is down to the fact that the government have introduced strict legislation that only allows low level projects to begin. This keeps the islands looking good but it also puts a restriction on how many properties can be built.
The islands are relatively small and this makes them more appealing than other countries that offer similar climates because the number of developments possible is limited and this makes it an exclusive place to invest.
The ownership of property is limited and the owners will receive rental returns that are consistent because of an excess of supply. For investors, this is exactly what they want which is why Cape Verde seems to have everything investors need.
For more information about investing in Cape Verde, please contact Hopwood House.

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Editorial Contact Details - Conor Shilling
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