Since my first trip to Cabo Verde about 20 yeas ago, it is apparent that the real estate market has changed dramatically. Electricity and water were extremely serious problems in the old days and modern apartments and houses were very limited and reserved for those few could afford them. Today, things have changed and there are many modern apartments and houses to be found throughout Cabo Verde which are owned by nationals and foreigners.

Today, I believe that Cabo Verde is one of the most scenic countries in the world despite the poverty that can be seen everywhere. Yet, one can find beautiful homes and apartments that compare with just about any country in the world today. Often times, the buyer has a choice of a standard quality apartment, medium quality, or a luxurious quality apartment. Frequently, these apartments or houses may offer extraordinary views of mountains or the sea with a beautiful sunrise or sunset overhead.

Now that Cabo Verde is on the road to development and showing a strong interest in improving the living conditions here, I thought it might be a good idea to take a closer look at the opportunities available for emigrant Cape Verdeans in purchasing a home for retirement or vacation in the motherland.

I have decided to conduct interviews with important real estate officials who have had a major impact on the real estate market in Cabo Verde with the hope of getting detailed information for the prospective home buyer and especially those who have never been to Cabo Verde or those who left many years ago and would like to get more information before making a visit.

There are many things that Cape Verdeans in the Diaspora should know about buying property in Cabo Verde before investing large sums of money. Although Cabo Verde is an old country, many sectors of the economy are just starting to become modern, so we can’t expect that all things will work the way we expect in the U.S. or Europe. However, despite the problems involved in making adjustments, for those people with a pioneering spirit and a love for the motherland “nha terra”, the rewards can be extremely gratifying.

Do bargain properties exist when compared to the U.S? Or Europe? Yes and no. Much depends on what standard the buyer wishes to purchase. There are new apartments offered at prices that range from about $32,000 to nearly $200,000 for a luxury apartment overlooking the sea in a closed condominium with swimming pool and other amenities. The buyer must first understand that the U.S. dollar has fallen dramatically on world markets in the last couple of years. An apartment that would have cost about $50,000 two years ago will now cost about $80,000 or more due to the drop in the value of the dollar. For those people whose currency is based in Euros, prices have remained about the same.

Cabo Verde is doing its best to try and get emigrant Cape Verdeans involved in the purchase of property and the development of the islands, so now is an excellent time to learn more about the process of being more involved in Cabo Verde.

The Instituto das Comunidades (IC) has a guide for emigrant Cape Verdeans to help explain the process of purchasing land or a home, or even getting more involved in other investments that are needed in the country. You will find details on opening up an emigrant bank account, and the special benefits offered for these accounts, such as better interest rates on savings, as well as the major services that the major banks offer, such as having your utility bills paid by the bank automatically so that you do not have to worry about them when you are away. Also, details are given about which banks are correspondent banks in the USA and other countries so that it is fairly easy to make bank transfers. This guidebook is expected be published in English, Portuguese and French.

Submitted by Dr. Marcel Balla