While the rest of the world continues to struggle with the global crisis, Cape Verde continues to buck the trend. This archipelago is located in the mid-Atlantic between Brazil and Senegal and is just five hours away from the UK. Although its economy did suffer during the global crisis with GDP growth dropping from 8.6% in 2007 to just 3.6% in 2009, government policy has ensured it is back on track, with growth predicted to be more than 5% this year by the World Bank.
Cape Verde is increasingly attracting investors as it is one of the most stable countries in Africa. It enjoys low inflation and low crime and has been granted special partnership status by the EU. It's a great place in which to buy property, as the property laws are easy to understand, dating back to the time when the country was under Portuguese rule, and property rights are strongly protected.
The country has few natural resources and energy and fuel costs can be quite high, but the government is planning a huge renewable energy project which includes Africa's first large-scale wind project. The intention is that renewable energy will provide 50% of the country’s requirements by 2050.
Most of the development is taking place on the island of Sal which was originally known for its salt mines. Nowadays the island is undergoing substantial infrastructure improvements which include a marina plaza and new roads. Luxury developments can be found at Tortuga and Dunas, and some properties can be bought through SIPPS although they have to be commercially leased.
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