Cape Verde on the cusp of tourism boom
Cape Verde is on the cusp of a tourism boom, according to new research, which spells promising potential for property investors.
A report from the World Travel and Tourism Council (WTTC) features Cape Verde in the world's top 10 countries for long-term tourism growth in the next decade. The figures also show that travel and tourism is crucial to the islands' economic growth. Indeed, tourism directly contributed to 16.2 per cent of Cape Verde's total GDP in 2013 and this is expected to rise to 20 per cent of total GDP by 2024. This places Cape Verde 40th out of 184 countries for its growth forecast in 2014, and an impressive 10th for long-term growth over the next decade.
Samantha Gore, Sales Manager for international estate agents uv10.com, says that the ranking is good news for the property market too: “While many still struggle to place Cape Verde on a map, this beautiful archipelago of ten islands is punching above its weight in tourism terms. Not only does the WTTC place the so-called European Caribbean in its top ten for long-term tourism growth, but the Islands' own National Institute of Statistics state that tourism is up 115 per cent since 2000 and officials expect one million visitors in 2014. Cape Verde is certainly a hot travel destination of the future and an investor's dream.”
In 2013, travel and tourism directly supported 32,000 jobs, 14.5 per cent of total employment. This is expected to increase to 64,000 jobs or 23.3 per cent of total employment in 2014.
Samantha confirms that the hospitality industry is one of Cape Verde's strongest sectors: “Cape Verde's potential hasn't gone unnoticed amongst global hotel chains. On 6 June, Hilton laid the first stone on their 46 million euro 240-room hotel on the island of Sal, the first of the luxury chain in Cape Verde. Meanwhile Spanish chain Melia has four hotels either open or in the pipeline with its first, Melia Tortuga Beach, recently celebrating half a million visitors since opening in 2011. Melia Dunas Beach Resort follows in November this year and Melia Llana Beach in 2016. We are now inviting investors to participate in the fourth Melia project due to open in 2018 but with 7 per cent returns from day one. Entry level investment is just 10,000 pounds and sales are brisk.”