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How to Buy a Property in Cape Verde

Cape Verde is a group of islands off the west coast of Africa and is rapidly becoming a popular destination for tourists seeking the sun and a laid back lifestyle. Sal is the most popular destination for holiday makers which is where I have lived since 2006 and there have been several new hotels and resorts catering for both residents and visitors.  Sal island has beautiful golden beaches, turquoise seas, friendly Cape Verdians and is an up and coming destination, with an increasing demand for rental properties.

Cape Verde Dream Properties

My company is Cape Verde Dream Properties and we offer for sale a wide range of residential or commercial properties from €35000 for a 1 bed apartment up to €1,500,000 for a luxury villa on the coast with a full size swimming pool, with every type of property and budget in between. Prices are lower than the Canaries – Sal has been compared with Lanzarote but has warmer winters. Flights from most areas of Europe fly into the International Airport and recently a direct flight to USA has started.

The Buying Process in Cape Verde

Buying a property in Cape Verde is straightforward – there are no restrictions on foreigners owning a property and all the properties are freehold.  The legal system is based on that operated in Portugal as Cape Verde used to be a Portuguese colony – it became independent in 1975.

Once you have found your ideal property and had your offer accepted then you need to find a lawyer here. Nearly all the lawyers on Sal speak English and the costs to buy are fairly low compared with some countries. Ideally you should give the lawyer a power of attorney – this can be done here or from your home country.

Costs of buying are as follows:

  • Purchase tax 1.5% of the registered price
  • €500 for Notary Registration fees
  • Lawyers charge about €1000 although some are more expensive than others so best to shop around

These details are correct in 2020 but can be subject to change.

Once the lawyer has obtained all the relevant paperwork and the purchase price and expenses have all been paid then the deeds are signed at the Notary office. This whole process usually takes 1 or 2 months to complete. I hope this explains the method of buying here in Cape Verde.

Ongoing Costs After Purchase

Ongoing costs will be the payment of local property tax to the Town Hall – this depends upon the price of the property eg €500 per year on a property valued at about €125000.

Many properties will have a condominium charge ranging from €20 to €140 per month – the higher amount is where there are swimming pools and gardens to be maintained for a typical 2 bed apartment.

Cape Verde, and Sal in particular, clearly has a great deal to offer. The islands were named in the Lonely Planet’s Top Ten Destinations – gaining marks for their tropicality, excitement, value for money and special ‘X-factor’. Lonely Planet said that “growing international interest is bringing enormous changes to an archipelago that looks and feels as if it were born from a Caribbean mother and an African father”. With political and religious stability and a low crime rate, Cape Verde has a multi cultural friendly population and a year round tropical climate with little chance of rain.

Now is an ideal time to buy property in Cape Verde. For further information please contact Hazel at Cape Verde Dream Properties »


 

Mar 5, 2020 | 235 Page Views

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