Overseas
Property Cape Verde - Palm View Resort
Frequently
Asked questions
Are
the islands politically and economically stable?
Cape Verde
is peaceful and all transitions of
power have occurred smoothly. Cape Verde
is the fourth most developed nation in Africa, behind Tunisia, Mauritius
and the Seychelles,
all of whom already enjoy significant tourist revenues. Inflation is
low at
1.4% with average GDP per capita growth over the last 5 years between
5% and
6%. GNP per capita is a little above US$1500.
The
local government is also seeking to guarantee the future of Cape Verde
by
working hard to boost the country's economy and strengthen the booming
tourism
market. To this end, they are offering some very attractive tax and
other
incentives for foreign investors and have also developed strong ties
with the
European Union.
Having recently been voted the 10th most
stable economy in
Africa, in addition to several trade and industry dealings with Portugal - where the
islands have many cultural
and historical links - in addition to investment programmes with the US, China
and the United Nations, Cape Verde
is fast becoming a recognisable
investment venture for those looking for the next big thing.
What
is the history of the Cape Verde Islands?
Cape Verde
was a colony from 1460, then in 1951
became an Overseas Province of Portugal that gained independence in
July 1975.
It has been a multi-party democratic nation since January 1991. Cape Verde
has
a population of about 446,000 across the ten islands.
What
is the infrastructure like in Cape Verde?
Cape Verde is currently benefiting from
massive
international and Cape Verdean government funding to make sure the
required
infrastructure changes are made to the standard of one of the world's
leading
year-round holiday destinations.
Do
I need a visa to visit Cape Verde?
Yes, all visitors require a visa to enter Cape Verde.
Visas can be purchased in the UK
before travelling at a cost of £55 but are cheaper to buy
upon arrival at the
airport in Cape Verde
for around €25.
Why
invest in Cape Verde?
One of Europe's most exciting hotspots in
tourism to have
emerged recently, Cape Verde
is undergoing rapid growth and is widely touted in property (and
tourism)
circles as a shrewd investment with excellent returns anticipated. As
the
nearest tropical islands to Europe, they have been compared to those of
the Caribbean but
only half the distance away.
- Voted number
1 tourist destination for 2007 by Expedia.com
- Political
stability with continuing economic growth
- IMF reports
steady 6% growth in GDP
- €1.5
billion private investment scheduled for next 5 years
- Stable
economy
- Currency
linked to the Euro
- 12 month
holiday season
What
is the current rate of capital growth in properties in Cape Verde?
The
conservative predicted capital growth rate of properties in Cape Verde
is
10% per annum. A clear indicator as to where the next hot property spot
will be
is a burgeoning tourist industry, and this is one of the main factors
savvy
investors will look for in an otherwise unheard of location.
In the last
two years, the Cape Verde
Islands
have been touted as the next Canary
Islands in terms of tourism potential, although
building restrictions will prevent over development, and already
developers are
clamouring to secure plots of land in this picturesque location with
increasing
accessibility.
Once
the property is finished, the anticipated demand during the building
phase will push house prices up. A finished property, depending on the
chosen
strategy of the investor, can then be re-sold on the market reflecting
the new
price and providing an excellent return to the investor.
When
are properties due to be complete on Palm View Resort?
Building will be complete in the first
quarter of 2010.
What
are the benefits of buying 'off plan' properties?
Because properties on Palm View Resort are
not yet built,
the builder will sell properties 'off-plan' at lower prices than once
the
development is complete. This is great news for buyers who
realise that
buying off-plan means both lower prices and increased value of their
property
after completion, in addition to general capital growth in the
area. For
the maximum return on your investment, make the most of pre-launch
discounts
offered as soon as a new development is released for sale, which will
give you
the opportunity for maximum capital appreciation throughout the
building
period. As demand grows so will prices and the number of
buyers waiting
to reserve the best properties in remaining plots.
Does
the builder offer any guarantees on the finished building?
The builder offers a 5 year guarantee as
standard.
What
is the climate like in Cape Verde?
The climate is extremely pleasant for
tourists with average
temperatures throughout the year between 24 and 27 degrees centigrade.
Despite
being close to the equator, recorded highs are more comfortable than
the
Canaries due to Cape Verde's
cool offshore breezes. Rainfall is minimal and only really
ever occurs
between mid July and mid October but actual days of rainfall are much
lower
than even the Canaries.
What
time zone does Cape Verde
lie in?
GMT minus one hour.
Are
there many British and European people living in Cape Verde?
The main population is Cape
Verdean
and Senegalese but Europeans are arriving all the time.
Where
is the nearest hospital to Palm View Resort?
The nearest hospital is 15 minutes away
located in Sal Rei,
the capital of the island.
What
are the medical facilities like on Boa Vista Island?
The facilities are modern and
well-equipped and staffed
mainly with Cuban nationals and people trained in Cuba
whose work is world renowned.
Do
I need any vaccinations before visiting Cape Verde?
Vaccinations are not required for entry
into Cape
Verde,
unless entering from the West African mainland. However, it is
recommended to
always consult your GP for general advice.
What
is the local food like in Cape Verde?
The seafood is excellent offering
beautiful fresh Marlin and
specialities like Wahoo fish and Tuna. The fish is caught and brought
to the
table within minutes.
What
is the cost of eating out in Cape Verde?
A typical three course meal with a bottle
of wine is around
15 Euros per head.
What
language is spoken in Cape Verde?
The main languages spoken by locals are
Portuguese and
Creole but English is spoken more commonly due to rising
tourism. All
employees of Palm View Resort will be English speaking.
Will
my mobile phone work on Boa Vista Island?
Roaming agreements exist between Cabo
Verde Telecom, the
local mobile phone service provider, and most UK
and European mobile service
providers. Competitors are looking to move into the market to create
competition and therefore lower prices. If you are spending
some time in
Cape Verde it is quite easy to subscribe to a pay as you go type phone
system
called 'Cartao Grilo' through CVTelecom who will issue you with a local
sim
card and number. The country code for Cape Verde
is 238.
Is
it easy to use the internet?
Internet
access is available through CVTelecom and various internet cafes
exist on the islands, including Boa Vista. There will also be internet
access for owners on Palm View Resort.
Can
I withdraw cash and use my cards on Boa Vista Island?
Cash can be withdrawn as Euros from ATM
machines through
Visa and MasterCard.
What
is the currency in Cape Verde?
The Cape Verde Escudo has a fixed exchange
rate with the
Euro at 110,265CVEsc to 1Euro.
Are
there any public holidays or different opening times?
Banks are open 8am until 3pm Monday to
Friday and shops are
open Monday to Saturday 8am to 12 noon then again from 3pm to 7pm. Cape
Verde
has public holidays on 1 and 20 Jan, 1 May, 1 June, 5 July, 15 Aug, 1
Nov and
25 Dec.
There are also several regional holidays differing between islands and
regions
of islands based on local Saints' days.
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