Cape Verde comprises an archipelago of 10 islands, located approximately
1000 miles south of the Canaries on the same latitude as Barbados.
Originally a Portuguese colony, the islands are now independent and are
governed as a multi party democracy.

The climate of the Cape Verde islands is idyllic, with air and sea temperatures
3C to 5C degrees warmer than the Canaries and with little rain falling except
in late summer and early autumn. Although the islands enjoy a tropical
climate there are no hurricanes and jet lag is minimal as the time is always
GMT minus one hour.

Until late 2005 the only international airport was on Sal in north eastern part of
the archipelago and this was not served by any direct flights from the UK.
Visitors required two or sometimes three flights to reach destinations on other
islands. All this is about to change however, as a brand new airport has
recently opened on Santiago, the largest of the islands, with direct flights from
the UK planned for later this year. This new and easy access is set to
transform the islands into a fist class property investment and tourist
destination.

Although Cape Verde lies outside the EU and still maintains the Escudo as its
local currency, there is a fixed relationship with the Euro so that property
prices can be quoted in the European currency and on a stable trading
platform with mainland Europe. Currently there is no VAT or IVA on property,
simply a 3% stamp duty on transfer. Capital Gains tax is similarly benign,
charged at just 3% on 70% of the gain. These factors, combined with the new
flight connections and low property prices produce an extremely attractive
investment scenario.

The British appetite for “A Place in the Sun” has produced a TV series by the
same name and a host of similar programmes. Many clients feel that they
may have missed the boat when comparing prices with a few years ago. This
is why Cape Verde is different.

Unlike to the main markets of Spain, France and Portugal, Cape Verde is in
its tourist infancy – like turning the clock back 30 years in Spain for example.
The lack of investment in international air travel has left this tropical paradise
relatively untouched by development, save for the adventurous few who sail
and dive there.

Now, new and exciting developments are breaking ground, primarily on the
islands of Santiago and Sal. Master planned communities such as
Sambala Village on the south eastern tip of Santiago, will offer golf courses,
tennis and sports facilities, marina, shops, restaurants and a selection of top
quality hotels and spas. The land owner and development team are British
and the quality of the build is first class. Sambala enjoys an enviable location
overlooking the sandy beach of Sao Francisco Bay.

The first of several villages is now on sale and offers the opportunity to buy off
plan apartments from around £50,000, payable in 20% stages over the
building period. The first apartments are scheduled for completion in late
2007. The first release of villas and town houses in the next village is
expected in February and there are already many prospective purchasers
who have registered their interest. Sambala is located within a 20 minute
drive of the new international airport and is also close to the historic city of
Praia the capital of Cape Verde.

Further north, on the island of Sal, one of Cape Verde’s most prestigious
developers is creating Vila Verde, located just 200m from the beach. This
resort and country club will feature a central, pedestrianized boulevard to
create a village environment and offers separate areas for apartments, town
houses and detached villas. The project will also feature its own 400 bedroom
resort hotel and multiple communal pools and sports facilities. Prices start at
around £50,000 for a 1 bedroom apartment to over £250,000 for the largest
private villas. These properties enjoy views over the protected dunes and offer
lavish accommodation.

Universal Realty offers apartments, town houses and villas in Cape Verde.