Holiday Lettings news - Cape Verde property market to benefit from joining the WTO

Cape Verde property market to benefit from joining the WTO

Cape Verde's property market is set to benefit when the country becomes a member of the World Trade Organisation (WTO). Cape Verde will join the WTO later this month, which is expected to lead to further growth in the property sector.

Cape Verde will join the WTO on July 23rd. Pascal Lamy, director-general of the WTO, said of the accession: "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."

The boost to Cape Verde's economy will in turn benefit the property market, according to John Farrelly of London International Property: "I think this can only help....There are a lot of opportunities for investors and that's why a lot of people have got in quite early."

Investment is already being made in Cape Verde's infrastructure; the port of Praia is to be modernised and expanded, according to the Millennium Challenge Account - Cape Verde Management Unit (MCA-CV). The project will be only the second country in the world to benefit from US-based MCA funding, according to news agency Macahub. In total, Cape Verde has been granted $110m for infrastructure projects, and work is to begin on the port next October.

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