Innovative property investments
Investment Property in Cape Verde
Tourism
Key industry
Tourism is one of Cape Verde’s most important industries, contributing a fifth of the country’s total GDP and over the last few years becoming one of the fastest growing sectors of the economy. Its location means it is the closest tropical destination, just five and a half hours away by plane from the UK though on the same latitude as the Caribbean, which is a nine-hour flight away. The islands usually have a total population of around 500,000, and in high season this rises by 10%.
High investment
Tourism growth is expected to be further boosted by infrastructural improvements, and a 10% growth in tourist income is predicted during 2007. Cape Verde has been receiving a considerable level of investment which augurs well for its tourism industry. The latest statistics, announced by a spokesperson for the Praia cabinet during a Cape Verdean cabinet meeting, showed that during 2006, investment projects amounting to US$300 million had been approved by the Cape Verdean authorities, a large proportion of which is to go into the growing tourism sector. It was announced recently in the Portuguese press that three developers are to invest over €2.5 billion between them into new projects in Cape Verde.
Growth in visitor numbers
Figures released earlier this year by the Cape Verdean National Statistics Institute (INE) show the extent of the rise in tourist numbers to the islands. According to the INE, last year Cape Verde received 233,000 visitors, a 26.4% increase on the previous year. The INE also announced that the tourism sector had the biggest growth of any sector in the first quarter of this year.
Demand for accommodation
However, the rate of construction is not currently keeping apace with the demand from tourists for accommodation on the islands. Construction of hotels is constant, but according to tour operators Airtours and First Choice, another 400 a week will need to be created to meet the current demand.
Related items
Documents and Reports
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Cape Verde property investment report (325Kb) |
Other related pages
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What are these? |
10-20% pa for 12 years
Contracted income
with guaranteed
capital appreciation
Agricultural land
investment operated by
public listed company.
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