Vila Verde Property Sal, Cape Verde
Santa Maria-Espargos Highway, Sal, Cape Verde
Vila Verde is a township set back from the sea and along the main
Highway. Vila Verde has three developments between it and the shore.
Vila Verde will consist eventually of villas and apartments built
around shared pools and a restaurant. Vila Verde is being built
by Tecnicil, a Cape Verdean company which has already buit flats
in Santiago. A Portuguese site manager for Vila Verde works from
an office near the Pirata night club in Santa Maria. Vila Verde
is already partially completed.
Cape Verde banks guarantee deposits and stage payments for Vila
Verde investors . Prices are high at £80,000 for a Vila Verde
studio apartment but it is better financed and managed than many
other property developments. the protection may make it worthwhile.
As well as Vila Verde, Tecnicil has plans now probably postponed
for a complex at Vila do Sol
on Murdeira Bay.
The first three blocks, Canna, Sedum and Aloe have now received
habitation licences from the town hall and some owners have received
escrituras. But building work is generally behind schedule,
Work has ceased -Tecnicil fund-raising failed
In response to slanderous rumours of impending bankruptcy put about
by agents working for a Spanish-based Irish estate agent, Tecnicil
has published the following note.
" Tecnicil were surprised to hear last weekend that we were
going into liquidation, or was it that we had gone into liquidation?
Whichever of the rumours you have heard, we can assure you that
Tecnicil is financially sound and Vila Verde outside of Santa Maria
will be finished."
A from Wilts has been out to look at the proposed site.
"Sal is a very interesting place and we thought the Morabeza
was great. But Vila Verde - what a waste of time. Apparently 99%
of people have bought there without even seeing it. If you do plod
around the sites, it is interesting, but the off-plan developments
are not super cheap."
I from Yorks is wary.
"I guess I am naturally suspicious of discounts and the hype
that goes on around them. The recent misinformation about direct
flights is a case in point. Some investors might also have been
tempted by the new price of €99,000 (the MarkUp price of €118,000
seems to be very optimistic of investment interest). But the resale
potential is still a big unknown in CV. This is more realistically
a medium to long term investment. So the real question is how the
rental market will work and shape up next year when we go through
to completion - the suggestion of managing the apartments as a group
may be the way forward if there is no guaranteed rental scheme in
the contract."
A from Derby has bought speculatively
" I put a deposit on a two bed townhouse at Vila Verde in
December 2005, the prices then ranged from €175,000 to €195,000
but now they are all selling at €192,000. I have also bought
two apartments at Djadsal, at the discount price. I bought from
A and personally believe I got a very good deal. May still go ahead
with Vila Verde if I can secure the plot I want when they release
more details. I had done a lot of research, but I feel in the short
term the Djadsal may qive a quicker return, and one could always
buy at Vila Verde in future phases which might be better positioned
than phase 1."
A from Hants was disillusioned to discover where it actually is.
Some seem to buy without discovery,
"One of the developments we had been keen on from the comfort
of our UK armchairs had been Vila Verde. A truly disappointing site!
Plans show good quality design and architecture however it`s location
is in No-Man's Land. It is sold as being near the beach but all
the land between Vila Verde and the beach has been sold for beachfront
developments. These will be private gated communities allowing no
access or short-cuts through. Vila Verde residents will have to
walk along the island's main road, cross it, pass several beachfront
complexes (each as large as VV) to a small opening and walk over
the sand dunes just to access the nearest beach. A considerable
walk that's a bit too strenuous for a relaxing day at the beach
for me! Interesting to note that the four agents we dealt with over
there all said that once they showed the site to people not one
of them has sold a property at Vila Verde...hmmm food for thought!"!
E from Grenoble paid top dollar but has since pulled out..
"We bought in Vila Verde (like everybody else it seems…
we are quite horrified at the size of the development but we bought
off plans and hadn’t seen the island before so we had no idea
what kind of eye sore this might end up being…). We bought
it via MarkUp. It turns out we’ll be close enough to Ponta
Preta to just walk to it with our surfboards so we’re happy
with that. We are considering buying somewhere else there, maybe
Murdeira which is much quieter (we loved Murdeira and went lunching
there quite often and enjoyed the lovely creeks and beaches of the
area!) and keep the apartment in Vila Verde as an investment which
we’d rent. We’ve seen some interesting stuff while up
there but as much as my husband is keen to invest again in Sal,
I’d rather not put all my eggs in the same basket. I’m
thinking ahead and with global warming, the CV islands might end
up under water one day. Also crude oil resources are rapidly disappearing
so I’m thinking that we maybe should invest closer to home
(maybe Britain or France, Spain, Italy, Portugal, i.e. places you
can always access via boat, train, car, push bike!!!). We did see
a wonderful flat in Santa Maria and nearly bought it as it was ideally
located but as I said I had my reservations and finally managed
to stop my husband thinking with his heart but rather with his business
head! He was so relaxed when in Sal that I think anyone could have
sold him pretty much anything had I not been there to stop him!
What’s funny it’s that back home he is the one with
the business head and I’m more of a dreamer! Anyway, I’m
sure we’ll get to meet on Sal one day: as you said it is a
very small world particularly there!!!"
S from Birmingham was not convinced by the rent guarantee
"I went to Cape Verde with an open mind looking to buy to let.
I visited both Sal and Santiago. Sal has better roads which are
less congested. Several developments have 10 to 15 year build programmes.
I would expect property prices to go up. But letting I feel will
be restricted by the number of all inclusive hotels. Front line
resorts will always command a premium over any other development.
Vila Verde is only a short walk from the beach but you would have
to walk down a road between the Tortuga and Paradise Beach developments
which will be under construction for 10 plus years. The beach is
a public beach not a private one. If you are hoping to let, the
developer will not be the person managing your investment. I found
that few developers had any management company or could explain
charges or letting income. My idea would be speculate on a price
increase and put it up for sale as it nears completion. "
S from Cornwall feels that it is over-priced
"villa verde - well far too expensive & over priced, paying for
so called exclusitivity, snob value with adjoining marina and golf
course if developed! At their prices cannot see resale value icreasing
dramatically until it becomes like Canaries with cheap direct flights
- my opinion only, but seen similar pattern down here in Cornwall!
And look at Murderia at present, some owners bought high now have
difficulty re-selling"
N from Birmingham paid on a bad payment scale.
"I am in an unhappy position with MarkUp and Vila Verde.,My terms
were €3000 for reservation, 40% on contract, 10% 6 months later,
and 50% on completion. I too am using the MarkUp reccomended solicitor
in Cape Verde. Spencer-Medina ? I did receive a call 2 weeks ago
from them promising the contract by the end of the week, but as
of yet, I have received nothing. I must admit, I am keen on Vila
Verde, but for everyday that goes by, I have doubts in my mind,
and sometimes fear that they may not deliver. I know this sounds
cynical, but I have bought many an investment property, and usually,
the legal process is quite prompt. I am told its normal to expect
delays, so for now I shall be patient. "
G from Birmingham is wary of the subsidised visit machine selling
Vila Verde.
" I gather that MRI are a bit disorganised. I arranged a meeting
with a rep before I went out to CV and he never turned up at my
hotel to meet me. I had to call the UK office for another meeting
but ended up going with another company that offered a better stage
payment deal. Check out the Vila Verde sales agents for different
deals, Vila Verde isn't beachfront but is a well designed resort
by an established Cape Verde developer with 50% bank guarantee on
first 2 stage payments. Good if you want more peace of mind, and
would rather sit by the pool than the beach, like me. If you go
on MRI's subsidised 3 day inspection trip they won't give you time
to see other developments. It would be extra money well spent to
go independently and visit a few of the other islands. There is
much more to Cape Verde than Sal. "
H from Yorkshire is pleased so far
"Ii bought a 68sqm 1 bed flat for €115,600 in March 2007.
I have just returned from Sal the place is changing fast and the
town growing. Vila Verde is a top notch development. The location`s
not great but I walked from the site into town in half a hour. Vila
Verde seems to have the best build quality and a long building guarantee.
Properties are large 2Bed flat is 90sqm. I went for the safe option
buying with Tecnicil. My only concern is airfares."
C from Scotland
"I brought in Vila Verde 3 years ago. I have a 2 bed apartment
in Canna. My first question is anyone getting compensation back
due to the delay in the construction. I'm in phase 1. I believe
they were due to be done september last year,with a 3 month over
lay in the contract. So to be fair we could say they are 6 months
behind.They have come up with 1400 euros compensation ,i'm sorry
for 6 months thats a joke. Next question is dare i say it the furniture
pack. I decided to go through Tecnicil total cost is close to €20,000.
Can anyone else tell me if they are doing the same? At the moment
I have paid an € 2000 euro deposit. Or is there another way
to do this: a cheaper way?"
S frpm London reports on worries raised by a Portuguese bank.
"I paid my first 5 payments directly to Tecnicil, They all
got there and they are all accounted for, Some people paid their
deposits via lawyers, Some have been told that they had underpaid
as lawyers had not passed the money on. The problem with missing
funds has been increase by lack of replies from either Tecnicil
or lawyers. Banco Espirito Santo, the leading Portuguese bank has been used
by some investors to transmit funds. But it is not forwarding
funds to Tecnicil because of queries about the legal status of
the project. Anyone paying directly should also check on this."
D from Birmingham has discovered a few flaws.
"A friend stayed with me as his utilities were not connected,
until the end of our stay. The electrical work is not up to standard:
the wall sockets were loose and badly fitted, the hob plug was was
not new and seemed rustyt. My friend`s hob only worked intermittently.
Two people had water leaks under their sinks. Do not open your doors
or windows at night otherwise you will be bitten by mosquitos and
attract cockroaches. It gets very warm at night and it would be
nice to open the windows, I have the air conditioning installed
and have been told it is quite expensive to use. Nelson said that
Tecnicil will open a grocery shop and a cafe soon. The pool bar
is supposed to open at the end of July and the pool furniture will
be installed then. The Condominium fees ewill be base €120
to 200 per month with more charges for extra services., I guess
my annual fee will be about €1,600. I honestly did not expect
that as friends in similar positions are paying half that. The television,
CD player and patio furniture were not installed much to my annoyance
as they were paid for over a year ago."
Photos courtesy of Wayne Owide March 2009.. Interiors of show house
courtesy of Steffan Ohlsson April 2009,
