Investors to benefit from Tourism boom in Cape Verde

Official reports show 25 percent jump in tourism to the islands, proving that Cape Verde is emerging as a major new tourist destination.

Investors considering property in Cape Verde stand to benefit significantly from the substantial growth in tourism revealed in a report to the country's Parliament this month.

Official government figures, presented to the Cape Verde Parliament earlier in August, have shown that the country's tourism sector has grown 25 percent between 2000 and 2005, helping to invigorate the archipelago's economy. According to the report which was compiled by the island's Central Statistics office, tourism accounted for 10.4 percent of Cape Verde's gross domestic product (GDP) in 2005, a rise of 3.4 percentage points over figures from 2000.

Additional data from the Government showed that Cape Verde welcomed approximately 230,000 visitors in 2005, roughly four times the number of people to come to these beautiful islands in 2000, providing further evidence of the archipelago's emergence as a tourist destination for visits from Europe, North America and South Africa. And with their Paradise Beach project underway, the Irish-owned company, Cape Verde Development, is named as one of the key international firms making a significant contribution to the development of tourism on the islands.

"Last year, we announced the launch of Paradise Beach, our first major resort in Cape Verde. In March 2006, we launched the Murdeira Beach Resort, a five-star resort on the Island of Sal. On both occasions, we advised investors that the tourist potential for Cape Verde was enormous, and that growth in visitor numbers could clearly be seen on ground. The figures released this month from the government confirm what we have experienced - the emergence of robust tourism sector, particularly from Europe," commented Tom Sheehy, Director of Cork-based Cape Verde Development.

The growth in tourism comes alongside a new report from the International Monetary Fund (IMF), which rated the Cape Verdean economy as "solid" and the recent announcement by the World Bank that Cape Verde was the Best Managed African Economy of the Year. This economic development is set to continue, with growth of GDP estimated at 7.7 percent in real terms this year and statements from the IMF verifying that prospects for economic growth are "good" over the next few years, thanks in part to growth in tourism and the development of infrastructure.

Prime Minister of Cape Verde, Mr José Maria Neves recently reiterated that economic growth was a clear priority, stating that his government wanted "to transform Cape Verde into a model competitive country and explore our potentials. We have comparative advantages like our geographical location, the climate, a peaceful and secure environment and economic stability of the country."

Tom Sheehy added: "It's also important to consider that context of this outstanding growth. The Government in Cape Verde are working to take advantage of the benefits of overseas tourism, without sacrificing the unique natural beauty on the island, or creating unsustainable density. The end result of this careful planning is a highly-sought holiday and holiday home destination, which won't face the overdevelopment burdens that have impacted other locations in the last 30 years."

For more information on all of the investment opportunities with Cape Verde Development, please click here to contact our offices in Cape Verde or our European headquarters in Ireland.