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Cape Verde Land for sale

Land for building or development

Land for development in large complexes or for hotels is controlled by the central Government in Praia. This is sold through Cabo Verde Investimentos in Praia under direct deals with developers. But land in smaller lots is controlled by the Camara on each island and sold mostly to native Cape Verdeans. On Sal there are land auctions every three months at the Camara in Espargos. It seems that only Cape Verdeans are eligible for these. Recent prices have been around £20,000 for plots on the edge of Santa Maria with enough space to construct six flats in an apartment block. Most land is resold to Italian developers and may be marked up many fold before being sold on to unwary investors.

Some resorts only sold land, possibly because the promoter lacked the finance to build property himself. Usually these were sold before roads, drains, water or electricty was provided with no guarantee as to when these might be forthcoming. Most of these are now out of business, though investors still have their land title.

G from Birmingham was unimpressed by the price asked for land

"I spent time with an Italian agent who offered land at ridiculous prices. Land that was bought by a Cape Verdean for 900 18 months ago was sold to a Brit for 38,000. He spent 2 days on the island and believed he had a good deal. There was no road, no markers, just a plan. A sand dune covered his plot. No services were provided. However I did meet up with locals who offered a lot of assistance. Many of them need capital investment. They have learnt by the mistakes of others. They pointed out poorly constructed buildings. They will not make the same mistakes. My understanding is that you cannot get a mortgage for offplan developments. "

L from Birmingham is also curious

"I'm in the process of buying some land on Santiago Golf Resort, bought through Absolute Estates. I've been asked to hand-over the final payment this week, but just thought I'd check to see what is happening but can't find any info. It is meant to have the works - marina, golf, hotel, you name it...would be most grateful if any else can give me some info on this... "
K from Dublin has been to the Santiago Golf Resort site and says
" There is nothing there, no water, no electricity, no drains. They are just selling land and it seems very expensive. I am not happy about selling it to our Irish customers. Nothing will happen for ten years I didn`t like Santiago. Getting there from Dublin was a 24 hour ordeal."