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Property on other islands than Sal: Beware

Property developments are mostly bankrupt

There have been very well publcised problems with property developments on the islands of Santiago, Sao Vicente, Boa Vista, Sao Nicolau and Brava. Many have gone bankrupt, leaving buyers in a limbo. Others still limp on but with bank accounts frozen because debts have not been paid.

It is inadvisable to contemplate buying any property on any island other than Sal, without checking the accounts of the developer, visiting the site and asking independent people about the actual status of the project.

Some properties were blighted from the start, simply because of their position. Another expensive flight from Sal, to another island, followed by a long journey over rotten roads to a site on a windy cliff-top was enough to deter most buyers.

Some of those who did buy without bothering to look at the site first, were clearl;y shocked when they eventually chose to inspect their investment.

Some of the most ambitious developments lie forlornly part-completed, without the funds to operate. There are always optimists around, who will try to convince you that Santa Claus will arrive with bags of money, buy out the original developer and put everything right.

But there is no recorded case, as yet where a property development in limbo has been successfully rescued. That does not, of course, prevent either the developer or some of those people who have rashly invested their life savings into a failed , dream home from trying to sell to the unwary.