Cape Verde`s commercial promise

Released on: February 19, 2008, 7:38 am

Press Release Author: Jim watson

Industry: Real Estate

Press Release Summary: Much has been made of the growth in the property market in
the Cape Verde islands. With prices growing, new developments rising up.

Press Release Body: Much has been made of the growth in the property market in the
Cape Verde islands. With prices growing, new developments rising up, tourist numbers
increasing and infrastructure improvements to support this including a number of new
airports served by new air routes, the place appears to be soaring.

Yet for all the considerable promise of the increasingly popular islands, the
nearest tropical archipelago to Britain, there is also the Cape Verde commercial
property sector. While some may look to buy-to-let investment to make money from the
tourists, Cape Verdean commercial property firm Noscasa believes this very
development will lead to a commercial boom as well.

Paul Akwei, managing director of Noscasa, said the tourist market was now poised to
\"explode\", which would create a wealth of commercial opportunities: \"Holidaymakers
need shops, bars, internet cafes, vehicle hire et cetera, so the field is now wide
open for businesses offering the facilities that holidaymakers demand,\" he stated.

Mr Akwei added that the Cape Verdean government had also provided significant
incentives for foreign investors, commenting: \"Investors are exempt from tax on
dividends and profits for five years following the date of registration of the
investment or when profits are reinvested in the country. After five years, a tax of
ten per cent is applied.\"

There can be little doubt about the tourism situation. Jet-to-let Magazine is one
publication which has noted that the increased tourism is in turn leading to more
flights to the country, has reported. Moreover, the market is
expanding to attract new kinds of tourism. GEM estates has announced that the Cotton
Bay Marina & Golf Resort, on the island of Sal, will be eco-friendly, with various
botanical features including a nursery to maintain indigenous flora.

At the same time, other economic development may not be the latest thing in
eco-tourism but could bring untold riches. Macauhub had relayed news from Portuguese
news agency Lusa that Cape Verde, with assistance from Portugal, is planning to
present a request to the United Nations next year to widen the continental shelf. A
Portuguese specialist working on the project, Manuel Pinto de Abreu, said this could
increase the hopes of finding oil in the expanded offshore region. He added there
were \"good indications\" the proposal would be approved.

Were such a discovery to take place, Cape Verdean property would surely shoot up in
value, not least commercial property as the country\'s wealth soared. Already the
development of tourism has created opportunities and the islands\' government is
trying hard to encourage the investors. An oil discovery could make the islands more
attractive still.

In today\'s world Property investment is an excellent investment option especially
investment in UK

Web Site:

Contact Details: Address:Assetz House, Newby Road, Stockport,Cheshire

zip:SK7 5DA

ph:0845 400 7000

fax:0845 400 6010

  • Printer Friendly Format
  • Back to previous page...
  • Back to home page...
  • Submit your press releases...