The volcanic archipelago known as Cape Verde is set to capitalise on growth in its tourist market to re-generate its economy.
Tourism is a major contributor to Cape Verde’s GDP and the former Portuguese colony intends to develop its infrastructure, including luxury hotels and beach resorts to not only boost tourist-appeal but also its real estate market.
Swathes of waterfront land have been set aside in special tourism development zones as Cape Verde authorities recognise that strong economic growth depends on continuing investment and development in the future.
José Armando Duarte, president and CEO of Cape Verde Investments said: " Cape Verde is already establishing itself as a consolidated touristic destination. Of course we are offering as opportunities, tourism, but also other sectors. We want to transform the country into a major service platform in the mid, south Atlantic. "
One of Cape Verde’s largest hotel resorts, Melia Dunas opened recently on the island of Sal with tens of millions of euros of foreign investment capital. The resort’s developers commented that the hotel would not have been feasible had it not been for the government’s policies promoting foreign investment.
Melia Dunas opened recently on the island of Sal
The foreign developer of a new hotel under construction from the world-famous Hilton brand also attributes Cape Verde’s political stability as being a strong reason for investment in the country. Jacques Monnier said: " For developers like me it’s very important to have political stability. We can’t invest a lot of money in a country if we’re not sure that everything will be fine for years. And that’s the case in Cape Verde. It’s a small country, everybody knows each other and they never have any kind of problem. "
Through strategic investment in its tourist sector, Cape Verde’s government is hoping to double visitor numbers to one million over the next three to four years.
Foreign investment is expected to increase as the government moves forward with development of its basic infrastructure, with many investors seeking properties in resort areas where yields are the highest.
The government’s plans to enhance the already thriving tourist sector and drive further economic recovery are welcomed by foreign investors, particularly from the US. Maximising economic strengths and capitalising on growing markets will ensure Cape Verde emerges sustainably over the next 2-3 years.
Source: Property show rooms