Economic growth in Cape Verde has steadily improved over recent years, reflecting the government's clear efforts to turn the economy around. This strong growth, combined with sharp increases in capital spending, rising tourism revenue and direct foreign investment, will help to ensure the continuing social and economic stability that makes it an attractive location for property investors.
Cape Verde has a poor natural resource base. A lack of water, combined with other deficiencies in the country's infrastructure, has hindered economic activity and led to a significant dependency on imports. But it is now harnessing the natural resources which are in limitless supply - the sun, the ocean, the wind and its people - and is capitalising on tourism and the growth of the overseas property market.
In 1991, after 15 years of a state-controlled economy, the government of Cape Verde adopted a development strategy based on market-oriented policies, including an ambitious privatisation programme. It became strongly committed to the implementation of macroeconomic and structural reforms and to the development of institutions and infrastructure which would successfully exploit the opportunities offered by an increasingly competitive global economy.
Despite slow progress in some sectors, Cape Verde's economic reform policies are now definitely paying off. Many new businesses are making the most of the opportunities offered by tourism, private investment projects are being implemented, and the construction industry is booming. These trade and investment opportunities can only increase as tourism, fisheries and export-oriented industries become established in the country.
The Cape Verde escudo is pegged to the euro at a rate of 110 to 1, backed by increasing foreign exchange reserves. Please visit www.noscasacv.com
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