Cape Verde takes more strides forward

Cape Verde was hailed in many quarters last year as a growing market for property investment, not just from the UK and elsewhere, with many complementary developments such as new airports, flights and growing tourist numbers.

Some might have imagined that such developments, as in many new markets, would slow down. Instead, however, it appears the reverse is true. Good news stories which may boost the popularity of the tropical archipelago keep on coming.

Earlier this month Darren Mitchell, director of property firm Cape Verde pointed out some of the advantages of the country, such as the "stable democratic system" enjoyed by the islands, a clear advantage over some other African countries but also significant because that government in turn was pursuing "a market orientated economic policy with a welcome to foreign investors".

All this came alongside the climatic and scenic attributes and the lack of jetlag brought about by flying from the UK to a place in the same time zone, he said.

This economic liberalisation has certainly made progress, according to the Heritage Foundation Economic Freedom Index 2008, Macauhub reported today. The legislation passed by the Cape Verdean government has pushed the country up the scale by 1.3 per cent between 2006 and 2007, to an index rating of 58.4 per cent.

While this still leaves Cape Verde 88th out of 157, the foundation made clear that the direction it was taking was the right one, noting that "the better investment climate and reduced corruption" were key elements of this progress.

Significantly for investors it stated: " Cape Verde property has good scores in monetary freedom, investment and particularly in property rights, where it has a result of 24 points above average," adding: "In comparison with neighbouring countries, property rights are very well protected within the law."

While some areas of law and tax needed more work, the index said, this account therefore represents progress in a way which can encourage investors in property.

Nor is that the only form of progress. Infrastructure growth in recent months has included projects such as the creation of the airport at Boavista. Another development, also reported by Macauhub, is a major renewable energy project utilising the water and solar resources of the island of Santo Antao, with 70 per cent of the cost being met by the European Union (EU).

Such investment from the EU is not only a welcome boost for the economy of the archipelago. It also means that the growing energy resources of the islands will be better able to cope with the extra power usage of new homes and other amenities, from street lights on new roads to the power used by new tourist attractions.

It appears Cape Verde's light is shining brighter and brighter.

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Jim Barnaby is a real estate investment broker and successful property investment adviser delivering research and selected UK and overseas property investment solutions with experience in spanish properties, french property investment, German property, Cyprus holiday homes, Property in Cape Verde, German property investment, cape verde property buy to let property