EU will not have Major Role in Turkish Reforms

The Turkish ambassador to the EU has said that the European Union will no longer have a key role in Turkish reform efforts because there is no clear perspective of accession. Ambassador Selim Kuneralp went on to say that the European commission's recommendations would be taken into account, but there didn't seem to be any real reason for Turkey aligning its legislation towards the somewhat restrictive standards imposed by the EU.

The current prime minister won a historic third consecutive term in power, and part of his manifesto was a promise to rewrite Turkey's military era constitution. It's possible that changes to the constitution could allow the current Parliamentary system to transition into a presidential system. Apparently the EU is worried about this development, even though France already has this type of constitution.

There are only a few chapters remaining for negotiation, but accession talks have come to a halt as the commission opted not to open the competition chapter due to opposition from several EU member states. Negotiations on eight chapters were suspended in 2008 due to Turkey’s refusal to open ports and airports to Greek Cyprus. France is blocking five chapters as it opposes Turkey joining the EU on cultural grounds. The remaining chapters are the trickiest to negotiate and require candidates to agree to considerable concessions.

Kuneralp feels that the EU is under considerable strain due to its financial problems, and that it lacks a coherent vision over its foreign policy. When it comes to Turkish foreign policy Ankara isn't worried by Western concerns over its closeness to Iran, and points out that Iran is its next-door neighbour and it's obviously in its best interest to talk and trade with the country.

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Cape Verde, the Quintessential Island Retreat

Cape Verde really is the quintessential island retreat, and now is an ideal time to buy as it is still slightly outside most people’s radar. This means it's unspoiled, but has a substantial infrastructure in place in preparation for tourist developments. There is little doubt that the tourists will come as it has a great deal to offer in terms of glorious warm weather year-round and gorgeous sandy beaches combined with stunning scenery.

The climate is tropical and has little variation throughout the year with the average temperature ranging from 20°C to 25°C, and the scenery varies from an almost desert like lunar landscape to lush green valleys. The official language is Portuguese, but the country also has its own national language called Crioulo which is a hybrid of Portuguese and African dialects. The primary religion is Roman Catholicism.

The country has few natural resources and tourism will become one of its most significant economies, and luckily the government is determined to develop Cape Verde in a way that will not compromise the unspoiled nature of the islands.

There are 10 major islands and eight islets. While the best known are Santiago, Boa Vista, Sal and Fogo, there are several others which are worth exploring, even if they remain as yet relatively undeveloped.

Maio is a tiny island with a population of less than 7,000 people, and is the ultimate place to escape. Brava is even smaller, and is also the most tropical and romantic. This island is well off the beaten track, but everyone who goes there falls in love with this charming place. Sal remains the tourism capital, while Santiago is the commercial centre.

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Buying property in Hurghada

Egyptian property has received less than positive news in recent months due to the continuing land sale crisis, with the caretaker government having to settle disputes about land which may have been purchased illegally through the old government. However the majority of property involved is not in the Red Sea area, and the government is anxious to settle disputes without upsetting foreign investors who make up a staggering 90% of the Egyptian property market.

Although these disputes may affect the property market in the short term, in the long-term the effect should be beneficial, leading to greater transparency, and it's unlikely that overseas buyers will lose out. One suggestion being put forward to settle disputes is that the developers should pay the difference between the price paid and the price deemed fair by the courts which wouldn't affect purchasers at all.

While this is all going on there is undoubtedly the chance to pick up a bargain in Hurghada, and it is perfectly located right in the heart of the Red Sea Riviera. The resort is famous for its cosmopolitan atmosphere as it straddles eastern and western influences, and it has some of the best beaches and water sports in the world. Since it was substantially developed in the 1980s, it has become one of the leading resorts in the region, which is perhaps due to the 40 km of beach. Although it is quite a lively resort, it enjoys easy access to nearby uninhabited offshore reefs and islands for those who want to get away from it all.

Cape Verde wind farm due to be operational in August

Cape Verde has very little capacity for producing its own energy as it has no fossil fuel resources and has a high dependency on imported fuels. The country is addressing this need by building wind farms, as it is one of 15 countries identified as having the best wind resource in Africa. The Monte Sao Filipe wind farm in the city of Praia is due to be operational in August, according to Cape Verde's director-general for energy.

Apparently essential parts for assembling the wind farm, representing an investment of €16 million, are already in the country, and once operational it should provide about 25% of the country’s power production. This equates to around 110 GW of power every year with an installed capacity of 10 MW. The wind farm is being funded by the government, African Development Bank, the European Investment bank, Finnfund, Infraco and Electra.

Renewable energy projects in Cape Verde include building similar wind farms on the island of Boa Vista, Sal and Sao Vicente. Overall, €63 million will be invested in wind farms, providing a total capacity of 28 MW.

Cape Verde actually has a good capacity for renewable energy, both wind and solar, with specialists suggesting that a small energy farms spread all over the country would be more effective, as transportation and distribution costs between islands could be high because the islands are not electrically interconnected. The electricity demands of the islands have been steadily growing alongside tourism, and considerable growth is expected during the coming years with more planned developments taking place, and better infrastructure.

Happy with That? Turkish Election Goes as Planned

With an 87% turnout and 97% of votes valid, few can deny that the Turkish election was a success. Nor can anyone deny the popularity of the AKP party, after they won with a massive 49.95% of the votes.

The AKP party wanted 330 seats to give them a super majority in parliament. This would have allowed them to make the changes to the constitution laid out in the constitutional reform bill without needing support from opposition members. With 326 seats they will need a little support if they are to get the changes through.

If the comments on leading Turkish daily newspaper Hurriyet Daily News, are anything to go by, the population is generally happy with the result.

"That landslide victory for Erdogan proves that Turkish people voted for economic prosperity, social cohesion and democratic reform. Bravo!!," says a guest commenter calling himself Konstantinos.

"The public is happy with the result...It will make a great impact on turkish economy because Turkish economy was requiring stabilisation," says another calling himself Sarf.

The Turkish economy is booming and the country's population are prospering, of course they (the majority of them at least) want the prosperity to continue.

The AK Party has always shown eagerness to boost foreign investment in Turkey, including to make it easier for foreigners to buy property in Turkey, so obviously we are happy with the result as well.

Why invest in Cape Verde?

Cape Verde has the advantage of being close enough to Europe and the UK for people to visit for a few days or a week. It's just a five-hour flight away, but enjoys year-round sunshine as it is on the same latitude as Barbados, and in fact it is often called the European Caribbean.

It's an excellent choice for anyone who wants to visit an affordable tropical destination, and with the credit crunch really beginning to bite it is likely to become more popular with holidaymakers looking to stay closer to home. Many popular locations such as the Canary Islands and Spain have already seen substantial rises in tourism numbers, but Cape Verde has the advantage as it offers something different.

The government has already invested significant sums of money into improving the infrastructure and has a tourism strategy plan in place, with the aim of increasing tourist numbers to 500,000 over the next couple of years. It looks as if they are well on course to achieve this, and these increased visitor numbers will obviously have a positive effect on the property market.

The islands are being quite carefully developed to ensure that the natural beauty and charm is preserved, and the resorts and apartments are definitely aimed at more upmarket tourists. Investors can choose to buy fully managed properties that offer substantial yields, while the initial investments are still pretty low. These luxury developments often come with five-star amenities such as a spa, gymnasium, restaurants and shops. These types of properties are also suitable for SIPPs.

Buying a Holiday Home in Cape Verde

Cape Verde is increasingly being feted as an investment hotspot, and does make the ideal place for a holiday home or rental property. The good availability of international flights combined with carefully planned developments will ensure this archipelago is soon firmly on the tourism map.

Cape Verde consists of 10 main islands and five islets and has a hot and dry climate with periodic droughts. Although the islands are volcanic there is only one active volcano which is Mount Fogo on the island of Fogo. It last erupted in 1995.

The government of Cape Verde is stable and overall the people are friendly. The islands have good health services and low crime levels. As yet Cape Verde is only just becoming established as a holiday destination, and the government has offered extensive tax breaks for developers and foreign investors. This has resulted in a number of new upmarket developments, and tourism numbers are gradually rising.

One of the major attractions of the islands is the excellent watersports, but it's also being marketed as a family destination and there is a growing interest in the development of eco-tourism. A lot of the development is being bought off plan either by people looking for a second home or by buy to let investors.

There is quite a range of prices according to the island, as each island has its own unique character. The most popular and well developed islands are Santiago, Boa Vista and Sal. As it is still very much an emerging destination prices are very reasonable, especially when compared to nearby European islands such as the Canaries.