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Cape Verde Property Investment News
Booming tourism in Cape Verde attracts high FDI
This month it was announced that Cape Verde attracts more overseas investment than any other African country, much of which goes into its booming tourism industry. Meanwhile at the latest International Tourism Encounter, hosted in Cape Verde earlier this month, the consensus has been resoundingly positive regarding the country’s tourism. Investors in Cape Verdean property have greeted the news, as foreign direct investment (FDI) into the islands and a growing tourism market directly benefit the property market.
The International Tourism Encounter was held earlier in October on the island of Sal, and included a number of debates as well as a trade fair. At the event, the president of the National Union of Tourist Operators (UNOTUR), the former Cape Verdean Prime Minister Gualberto do Rosário, stated “Cape Verde is winning the challenge of tourism”.
Rosário claims that investors and visitors are now starting to recognise the potential of the country, and looks to a future when Cape Verde “will live essentially from tourism and the economic activities connected to it.” The theme of the event was ‘Tourism in Cape Verde: from vision to reality, shortening distances’.
It was announced earlier this month that two airlines – TACV Cabo Verde Airlines and TAP Air Portugal - were launching new routes between the islands and London and Lisbon respectively. This supports the optimism clearly felt by those in Cape Verde’s tourism industry. The new flights will be priced low, increasing competition among carriers and making the archipelago more accessible.
As Cape Verde’s tourist industry continues to grow, the country’s economy minister, José Brito, has announced that Cape Verde currently receives more FDI than any other African country, with the tourism sector receiving much of this. The service sector in Cape Verde is proportionally the largest in Africa, contributing 74% of GDP.
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