Buyer’s Guide to Cape Verde Property Investments
The Cape Verde islands are situated approximately 400 kilometres west of Dakar,
Senegal on the West African coast, and currently represent one of the most
exciting areas of opportunity for overseas property investment. The archipelago
is enjoying substantial growth as a result of a concerted tourism drive aimed
at opening the Cape Verde islands to holidaymakers and overseas investors.
Consequently, a property boom is beginning, with prices remaining low at the
moment. But prices are certain to rise as demand grows, so now is the time to
buy!
As far as investment in overseas property is concerned, the Cape Verde islands
are currently viewed in the same way Spain or the Canary Islands were 25 years
ago; both are now, of course, established markets. With a superb climate,
gorgeous beaches, very low cost of living, easy access from the UK and massive
potential in tourism growth, Cape Verde property offers a solid investment
opportunity.
Purchasing Cape Verde property is a relatively straightforward affair, and
certainly much easier than in certain other territories. If investing in
property on the Cape Verde islands interests you, please contact us directly
for full details of the purchasing procedure and legal aspects involved in
purchasing property for sale in Cape Verde. Please also read the Investment
Opportunities page of escapes2.com for further information.
The important thing to remember is to fully understand every stage of a property
purchase, particularly with anything you will be required to sign. You will
need to recruit the assistance of a sworn translator in order to deal with all
documentation: the language of the Cape Verde islands is Portuguese.
escapes2.com will be happy to provide you with advice in this
respect.
A local solicitor should be appointed to help you through each step of the
purchasing procedure. The solicitor will check land ownership (in the event
there may be any dispute concerning the plot), and also check the plans so that
you are fully aware of exactly what is included in the purchase price. Again,
escapes2.com will be able to advise you as to the steps to take once
you have registered interest with us in purchasing property for sale in Cape
Verde. We will also be happy to advise you on financing your Cape Verde
property purchase.
Payment structures can vary slightly on the purchase of off-plan Cape Verde
property, but a typical schedule would look like this:
-
£700 reservation (deposit)
-
25% contract (minus deposit)
-
25% foundation
-
20% windows
-
20% tiles
-
10% completion
As there is no Capital Gains Tax applied to purchases by overseas property
investors in the current Cape Verde tax regime, purchasing costs on Cape Verde
property are minimal. Here is an illustrative example:
-
Property Price: £50,000
-
Deposit (usually 10%): £5,000
-
Stamp Duty (3% of purchase price) = £1,500
-
Land Registry (3% of purchase price) = £1,500
-
Legal Fees = £340
-
TOTAL = £53,340
Please use our property search facility to view for the full range of Cape Verde
property currently for sale with escapes2.com. Each development shows
the payment schedule for that development. For further information on Cape
Verde property, please contact us directly, when we will be happy to help with
any questions you may have.
