[jaguar]

I have been surfing the net to try and establish what has been happening to property values in Cape Verde, but there doesn't seem to be much info out there. One article (6th November last) states that tourism growth is "boosting Cape Verde property" - but I am wondering whether or not this is true.

Does anyone have hard evidence to show which way prices are /seem to be now and in the near-term?

Furthermore, has it been hit by the "current financial global crisis", or otherwise?

[Peter Hun]

I don't know specifics, but the problems with Cape Verde is that its too far away, not part of the EU and there are no cheap flights. The legal and political situation is messy and as you have commented, finding out any sort of price information is very difficult.

All assets, worldwide will be hit by the credit squeeze. When I looked at Cape Verde it didn't seem particularly cheap.

Having said that I know Portuguese lawyers who cover the Cape Verde (its has a Portuguese legal system) with a UK representative who you can speak to if you want.

[jaguar]

Peter Hun, on Nov 25 2008, 12:30 PM, said:

I don't know specifics, but the problems with Cape Verde is that its too far away, not part of the EU and there are no cheap flights. The legal and political situation is messy and as you have commented, finding out any sort of price information is very difficult.

All assets, worldwide will be hit by the credit squeeze. When I looked at Cape Verde it didn't seem particularly cheap.

Having said that I know Portuguese lawyers who cover the Cape Verde (its has a Portuguese legal system) with a UK representative who you can speak to if you want.

From what I can gather Thomson seem to have a monopoly on flights from UK. The cheapest I could find was about £250 for a flight from Birmingham. Maybe when properties are built other airlines will enter the market (as far as I know it's open skies policy). Then it will be all down to supply and demand I suppose. 2009 should bring more news as a resort called villa verde is due to be complete in 6 months or so. I have googled and seen that there are some resales there.

[Caribbean Beauty]

jaguar, on Dec 15 2008, 10:17 PM, said:

From what I can gather Thomson seem to have a monopoly on flights from UK. The cheapest I could find was about £250 for a flight from Birmingham. Maybe when properties are built other airlines will enter the market (as far as I know it's open skies policy). Then it will be all down to supply and demand I suppose. 2009 should bring more news as a resort called villa verde is due to be complete in 6 months or so. I have googled and seen that there are some resales there.

Erm, how do I start....you obviously have not been watching much news lately. Here is a clue to what is going to pee on the Cape Verde bonfire:


5-10 Years of Global Economic Meltdown


Stick to Blackpool.

Merry Xmas.

[mikeyv]

I dissagree with that completely, you would be surprised that even amidst the credit crunch banks are still happy to lend against property in Cape Verde the same as they were pre credit crunch, also Cape Verde has seen robust sales and new projects come onto the market in the past few months it is an area of the world I would reccomend investing in as I have done and very recently as I feel my money is better sat out there than it is anywhere else at the minute.

I bought on Creola Sands in Boa Vista, on Cabral Beach the prices are cheap and thier beach front and with several golfing projects, fancy hotels and restaurants I don't think that prices are dropping any time soon. Perhaps in 5 years when prices are over inflated if we were to have a global reccession I could see it. but right now I dont think so.

if you want the link from where I bought you can talk to one of thier guys - cape verde property

[Converted Lurker]

mikeyv, on Dec 15 2008, 10:10 PM, said:

I dissagree with that completely, you would be surprised that even amidst the credit crunch banks are still happy to lend against property in Cape Verde the same as they were pre credit crunch, also Cape Verde has seen robust sales and new projects come onto the market in the past few months it is an area of the world I would reccomend investing in as I have done and very recently as I feel my money is better sat out there than it is anywhere else at the minute.

I bought on Creola Sands in Boa Vista, on Cabral Beach the prices are cheap and thier beach front and with several golfing projects, fancy hotels and restaurants I don't think that prices are dropping any time soon. Perhaps in 5 years when prices are over inflated if we were to have a global reccession I could see it. but right now I dont think so.

if you want the link from where I bought you can talk to one of thier guys - cape verde property

Yeah, get told CB.

[Caribbean Beauty]

mikeyv, on Dec 16 2008, 07:10 AM, said:

I dissagree with that completely, you would be surprised that even amidst the credit crunch banks are still happy to lend against property in Cape Verde the same as they were pre credit crunch, also Cape Verde has seen robust sales and new projects come onto the market in the past few months it is an area of the world I would reccomend investing in as I have done and very recently as I feel my money is better sat out there than it is anywhere else at the minute.

I bought on Creola Sands in Boa Vista, on Cabral Beach the prices are cheap and thier beach front and with several golfing projects, fancy hotels and restaurants I don't think that prices are dropping any time soon. Perhaps in 5 years when prices are over inflated if we were to have a global reccession I could see it. but right now I dont think so.

if you want the link from where I bought you can talk to one of thier guys - cape verde property

So you own a property in Cape Verde and are talking up the market? That's such an uncommon trait.....not!

Look Mikey, I don't want to take the mickey, but this is a truly global depression we are entering, as a former Bank Of England deputy governor said recently, it will be "The worst in Human history". That's 2 million years in case you did not study History or Biology.

Given the globalisation of markets, the internet, bank lines of credit etc, and since all first world potential buyers for property in Cape Verde will either be unemployed, broke, or FEAR unemployment or being broke these next few years, nothing is going to shift. No demand - collapsing prices.

Just to cheer you up some more, we have these 2 articles. Please read them then get back to us on this thread to explain how Cape Verde will be a shining beacon of liquidity and trade amidst the rest of the worlds' collapsing economies:

http://www.moneyandm...urvival-2-28569


http://www.timesonli...icle5292547.ece

It may or may not upset you to learn that your property will halve in value then halve again - if you bought it for enjoyment it might not (assuming you can afford to get there), if you bought it for investment and capital gains then you are screwed for around 20 years. Merry xmas. Yo Ho Ho

[catara]

mikeyv, on Dec 16 2008, 10:10 AM, said:

I dissagree with that completely, you would be surprised that even amidst the credit crunch banks are still happy to lend against property in Cape Verde the same as they were pre credit crunch, also Cape Verde has seen robust sales and new projects come onto the market in the past few months it is an area of the world I would reccomend investing in as I have done and very recently as I feel my money is better sat out there than it is anywhere else at the minute.

I bought on Creola Sands in Boa Vista, on Cabral Beach the prices are cheap and thier beach front and with several golfing projects, fancy hotels and restaurants I don't think that prices are dropping any time soon. Perhaps in 5 years when prices are over inflated if we were to have a global reccession I could see it. but right now I dont think so.

if you want the link from where I bought you can talk to one of thier guys - cape verde property

There are many idiots who threw money away by buying properties in hyped-up countries after being conned by estate agents.

But the ones who invested for a profit in Cape Verde are by far the biggest suckers. They don't even have the oportunity to visit their "investment" as the cost of flights are prohibitive.
At least in Spain or Italy or France one can reach the house/apartment by train or car or cheap flights.

[Converted Lurker]

catara, on Dec 16 2008, 05:35 AM, said:

There are many idiots who threw money away by buying properties in hyped-up countries after being conned by estate agents.

But the ones who invested for a profit in Cape Verde are by far the biggest suckers. They don't even have the oportunity to visit their "investment" as the cost of flights are prohibitive.
At least in Spain or Italy or France one can reach the house/apartment by train or car or cheap flights.

Harsh but true.

[Peter Hun]

mikeyv, on Dec 16 2008, 10:10 AM, said:

I dissagree with that completely, you would be surprised that even amidst the credit crunch banks are still happy to lend against property in Cape Verde the same as they were pre credit crunch, also Cape Verde has seen robust sales and new projects come onto the market in the past few months it is an area of the world I would reccomend investing in as I have done and very recently as I feel my money is better sat out there than it is anywhere else at the minute.

I bought on Creola Sands in Boa Vista, on Cabral Beach the prices are cheap and thier beach front and with several golfing projects, fancy hotels and restaurants I don't think that prices are dropping any time soon. Perhaps in 5 years when prices are over inflated if we were to have a global reccession I could see it. but right now I dont think so.

if you want the link from where I bought you can talk to one of thier guys - cape verde property

None of those properties have real photo's - they are all off plan. Lending (aka deposit) to a private company, in the credit crunch, outside the EU and with even large Spanish companies defaulting... big gamble.

Sure, they are cheaper than Spain but the flights are expensive now and if there is another big spike in oil in the economic recovery they will get even more expensive.

Competition from the EU is strong, prices will fall a lot more with 1million plus empty apartments in Spain, and then there is the Bulgaria.

[mikeymadman]

Times must be bloomin desperate when they have to resort to trying to plant plugs in sites like this! Come on, move over to Singing Pig and keep your adverts there! *shoo* *shoo* Oh? This is the only place people have any money? Ah, well, the reason is because we don't fall for things like this!

[jaguar]

mikeymadman, on Dec 21 2008, 01:45 AM, said:

Times must be bloomin desperate when they have to resort to trying to plant plugs in sites like this! Come on, move over to Singing Pig and keep your adverts there! *shoo* *shoo* Oh? This is the only place people have any money? Ah, well, the reason is because we don't fall for things like this!

Since my original posting a while back I decided to fly over and take a look around Sal Island last month and have a holiday.
Mixed feelings about the place, really. The family and myself enjoyed our week there. It is unique in the fact that it is no way the Caribbean -but then again it is an emerging market which is not too far away, and the flight price ok, about £240 each. It has a lot of builing of apartments and stuff to go yet. The vila verde place looks good, but its not on the beach. No others complete yet. Would be interested in going back there in a year or two, all too risky for me with weak pound, and would rather wait until theres some developments complete with more restarants and decent shops.

For those with health concerns, it is definitely not somewhere to suddenly emigrate, IMO. No hospitals, and general health care facilities. It has great beaches, and is somewhere that I reckon is a good 5-10 year investment - but it's a risky one to play. Purely for lifestyle choice, it certainly looks like being a good place for a holiday home. Maybe a pace for retiring to - would want to be out there for months at a time! not much to do there but its a chilled out place, not touristy like tenerife. Prices for apartments have come down alright - more affordable for sure if pound bounces back!

[Peter Hun]

A lack of healthcare makes it a non-starter as a retirement destination. Spain is bad enough and many people have to return to the UK because of their health. It doesn't sound like a good idea if you have kids either - unless you don't care about their health.

More negatives, Cape Verde is a dodo.

Cheap it isn't....


Villa in Sal, Cape Verde Ref: VILA VERDE 3 and 4 Bed Villas. CVP SAL 011

Vila Verde Spacious 3 & 4 bed villas, large roof terraces & private pool.
Price: € 297,000
No. of beds: 4
Pool: Private
Garden: Private
Distance from the Sea: Walking
Distance from the Airport: 15 mins


Villa in Sal, Cape Verde Ref: TORTUGA BEACH VILLA 2 CVP SAL 025

TORTUGA BEACH RESORT - LUXURY FRONTLINE 4 BED VILLA
Price: € 630,000
No. of beds: 4
Pool: Private
Garden: Private
Distance from the Sea: Walking
Distance from a Golf Course: 15 mins
Distance from the Airport: 15 mins

This post has been edited by Peter Hun: 29 April 2009 - 09:35 AM

[manterik]

Peter Hun, on Dec 17 2008, 01:36 PM, said:

None of those properties have real photo's - they are all off plan. Lending (aka deposit) to a private company, in the credit crunch, outside the EU and with even large Spanish companies defaulting... big gamble.

Sure, they are cheaper than Spain but the flights are expensive now and if there is another big spike in oil in the economic recovery they will get even more expensive.

Competition from the EU is strong, prices will fall a lot more with 1million plus empty apartments in Spain, and then there is the Bulgaria.

Boom time is over in Cape Verde, if it ever existed.

http://www.thisismon...;in_page_id=505

Presented by Amanda Lamb who preached the virtues of emerging markets and bought in, errr, Italy.

Sadly this property pornographer, who is no better than Krusty, must take some responsibility for people buying in these sh1tholes.

The tips and what they are worth now

CROATIA: Tipped by Amanda in 2004. Strong planning rules meant it escaped the bonanza that disfigured Bulgaria. Property values rose 10% a year. They have now stalled, but without a major fall.

CAPE VERDE: Tipped in 2005, before direct flights began. This set off a flurry of development from builders selling off-plan. The market is now static and prices have fallen 15 to 20% off peak.


ESTONIA: Tipped in 2006, was already an exclusive haven for upper-class buyers who like the countryside. Prices surged, but values plummeted 23% last year.