Cape Verde

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Praia, Cape Verde, 24 May – A group of 12 Chinese business people are visiting Cape Verde this week looking for investment opportunities in the tourism and real estate sectors, the local press reported.

The business people, who chose not to speak to the local press, are particularly looking at the possibility of investing in the construction of hotels and houses on the archipelago, according to Cape Verdean newspaper, A Semana.

The four-day visit began on Sal Island, the archipelago’s tourist center and where the main international airport is located, and continued Wednesday in the capital, Praia, with a round of meetings with the local authorities.

Recently, Macau businessman David Chow said he would invest some US$130 million by 2009 in building a tourist complex on the islet of Santa Maria, of the coast of the Cape Verdean capital, which would include a hotel, marina, restaurants and swimming pools.

Chow also plans to make over US$390 million in investments in Cape Verde, particularly in the country’s capital, over the next ten years.

According to sources contacted by Macauhub, a Portuguese-Chinese owned group is also looking to invest in the archipelago in tourism and casinos.

Tourism in Cape Verde has seen strong growth in the last few years and is now one of the main driving forces behind the growth of the economy.

Last year, Cape Verde’s hotels welcomed 233,000 tourists to the archipelago, 26.4 percent more than in the previous year, with Sal Island as the main destination, according to figures from the country’s National Statistics Institute. (macauhub)

Source: Macauhub

Related Links: Wikipedia Cape Verde

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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