Cape Verde tipped as property hotspot

Cape Verde tipped as property hotspot

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The archipelago of Cape Verde seems like an unlikely destination to tip as a hotspot for overseas property buyers.

Comprising ten islands, some mountainous, others low-lying and sandy, Cape Verde is situated in the middle of the Atlantic Ocean several hours from both Europe and America.

But Mike Hayes, editor of Homes Overseas Magazine, has named the former Portuguese colony as one of his overseas property hotspots for 2006.

Cape Verde is being tipped in some quarters to be the next Caribbean, despite it currently being a nightmare to get to.

There are currently no direct flights from the UK, with the quickest route via Lisbon with Portuguese airline TAP, taking more than seven and a half hours.

However, charter flights from Manchester and London Gatwick are set to begin towards the end of the year, which will bring flight times down to about five and a half hours.

Property in Cape Verde is good value at present, with apartments starting at about £30,000, so the magazine advises to “get in quick before the hordes arrive”.

Elsewhere, Mr Hayes is tipping Bulgarian ski resorts and the Spanish city of Valencia as overseas property hotspots in 2006.

Bulgaria’s ski resorts have two main attractions. The first is that they are able to offer cheaper mountain properties than anywhere else in Europe, according to Mr Hayes.

Secondly, they are set to receive a massive amount of inward investment due to the bid to host the 2014 Winter Olympics.

As for Valencia, Mr Hayes said: “Governmental investment is generally a good sign that you should be investing too.”

The city is hosting the Americas Cup yacht race in 2007, meaning the marina has had a major facelift, resulting in new bars, restaurants and waterside apartments
Source: AboutProperty.co.uk