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.
