This week sees a major development in the growth of Cape Verde and its economy which we expect to have a significant impact on property values on the islands. Property investors overseas have long seen Cape Verde as one of the more interesting areas of the world for investment and more are likely to look to the islands for capital growth in the coming months and years.
Cape Verde joins the ranks of the WTO
On July 23rd the islands of Cape Verde become the 153rd member of the World Trade Organisation. As Pascal Lamy, director-general of the WTO, said: "WTO membership will
enable Cape Verde to participate more fully in the global economy and
will provide the country with a predictable and stable basis for growth
and development." Clearly, this is great news for those investors who have already bought on the islands and should spur those considering an investment on Sal Island or Boa Vista to speed up their decision making.
This key step forward is bound to be followed by increased infrastructure investment on the islands - something in which the government has already made good progress but where a lot more is still needed. It is this combination of spending by the local government and improved economic performance and involvement in the world economic scene that attracts investors and holiday-makers alike. Expect to see some real movement in property values and transactions in the coming months as more and more people recognise the trends in Cape Verde.
New sea port points the way
To illustrate the way Cape Verde is benefiting from overseas investment and aid to enhance its infrastructure one need only look at the new sea port at Praia which is being built with $110m from its Millennium Challenge Account overseas aid scheme - only the second country so far to benefit from this scheme. It would seem that overseas investors are as keen to back the islands of Cape Verde every bit as much as Cape Verde is to join the world stage. Now would seem to be a great time to follow such prestigious international investors.
