Mortgage introduction 'will boost Cape Verde investment'
Mortgage introduction 'will boost Cape Verde investment'
Cape Verde is set to see a significant boom in the number of property investments in the area as a result of the introduction of mortgages on the islands, according to a new report.Assetz predicts that strong rental yields, along with the relative affordability of property in the islands of the west coast of Africa will bring "huge opportunities" for investment in the near future.
The market is also performing well, having seen capital growth of 11 percent over the last 12 months.
Now, with the introduction of mortgages, prospective investors will have to put up just 25 per cent of the property cost up front.
Considering the cost of a good two-bedroom apartment currently costs just £75,000, the islands are set to see significant investment in the near future.
Stuart Law, managing director at Assetz, said: "Cape Verde is looking like a very interesting prospect, as tourism levels soar and the introduction of mortgages opens the floodgates to investors.
"As with all emerging markets, it is important to take a long-term view and ensure there is a strong rental demand to cover costs."
27 June 2007
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