Work is advanced on these spacious single-storey detached five-bedroom, four-bathroom beachfront villas in the Dunas Beach Resort and Spa on Cape Verde’s Sal Island where The Resort Group Plc has sold more than three-quarters of the 1,205 fully-furnished properties planned

Bucking the trend in many overseas property markets, The Resort Group Plc has sold off-plan more than three-quarters of the 1,205 fully-furnished villas, apartments, studios and hotel suites planned for its flagship five-star development in Cape Verde, it was announced today.

The Dunas Beach Resort and Spa – to be managed by the world’s largest resort hotel group, Sol Meliá – is under construction on the west coast of Sal Island where work is advanced on the first properties scheduled for completion next summer.

Seven spacious single-storey, detached five-bedroom, four-bathroom beachfront villas – already snapped up by investors – form part of the first development phase of 54 villas, 80 apartments and a Meliã Gabi Club, a sophisticated bar and grill located right on the beach, with a pool, day beds and sun-loungers.

The latest construction images, which are updated weekly due to the rapid pace of development on site, can be seen online at www.dunasbeachresort.com/construction-progress.html

Pension investors

The first phase of construction on Dunas Beach Resort and Spa includes the Meliã Gabi Club (pictured), a sophisticated beach front bar and grill complete with pool, day beds and sun-loungers

Commenting on The Resort Group’s soaring sales, marketing director Adam Ellis reveals that many purchasers on Dunas Beach Resort and Spa are pension investors buying through a SIPP (Self Invested Personal Pension).

He says: “They have been attracted by our confident prediction – backed by global real estate services provider Savills – of annual capital growth of up to nine per cent over the next five years and double digit rental yields. All this means we only have a small number of our first phase properties still available.”

Current prices of the properties at Dunas Beach Resort and Spa, which vary with size and location, start at €139,950 for a studio rising to €449,950 for a three-bedroom villa.

For more details call The Resort Group Plc on 01332 378818, email enquiries@theresortgroupplc.com or visit www.dunasbeachresort.com

Follow Dunas Beach Resort and Spa on Twitter at http://twitter.com/TheResortGroup

The flagship development by The Resort Group Plc follows the success of the group’s first scheme on the island, the nearby Tortuga Beach Resort and Spa in which all but a handful of the 372 properties have been sold, most of them off-plan. The Tortuga Beach Resort and Spa will be fully operational in 2011.

The new pedestrianised Dunas Beach Resort and Spa will comprise a mix of 1,133 fully-furnished villas, apartments, studios and hotel suites set among landscaped gardens and footpaths within a secure gated community. Off-plan buyers of the properties at Dunas Beach range from investors seeking capital growth and rental income to others wanting a holiday home in the sun.

Sol Meliã will handle the management and letting of the privately-owned properties in the resort where facilities will include five bars, four restaurants, tennis courts, a gymnasium, pools and a Meliã Spa offering a range of treatments. A wedding pavilion, the island’s biggest conference centre seating 400 delegates and a medical centre are included in the plans as well as food and gift shops and a children’s club and crèche.

Alongside the resort, other developments include the first of four new 18-hole golf courses. Also in hand are plans for a 360-berth marina close to Dunas Beach Resort.

Sal Island's beautiful beaches are hardly crowded!

Dunas Beach has already has proved popular with strong pre-sales achieved despite the tough economic conditions, with investors purchasing 75 per cent of the properties off-plan to date. They were attracted by the assurance of a sustained rental income and strong capital growth. In addition to cash investors, many have opted to buy through a SIPP (Self Invested Personal Pension).

Designed by Malaga-based architectural practice HCP, which drew up the master plan for the Dunas Beach resort, the properties combine traditional Mediterranean-style exteriors with contemporary interiors designed for indoor/outdoor living. All the air-conditioned properties can be supplied fully-furnished and equipped.

Prices freehold properties vary with size and location within the resort. Current prices start at €139,950 for a studio rising to €449,950 for a three-bedroom villa. (The seven single-storey detached five-bedroom, four-bathroom beachfront villas priced at €799,950 have been sold).

The Resort Group’s investment projections:

The Resort Group’s investment projections are based on sound research and analysis undertaken for the group by Savills which, in 2007, provided data and intelligence backed by research into land values and rentals on Cape Verde’s Sal island compared with the rest of the global market.

Says The Resort Group’s marketing director Adam Ellis: “The research showed that, although the global average for occupancy of rented resort properties was 68 per cent, the average for Sal is 80 per cent with the highest occupancy rates on the island reaching 95 per cent. Despite the recent recession there has been little change in these figures.”

Rental yields based on these figures range from a conservative 9.4 per cent to 13.1 per cent on a one bedroom apartment, but go as high as 22 per cent on a Presidential hotel suite based on occupancy of 95 per cent (the current best-on-island occupancy rate).

“On the basis of these rental returns, and the on-going tourist development of the Cape Verde islands, we expect investors who buy properties at Dunas Beach Resort could achieve an annual capital growth of six to 12 per cent for the next five years,” says Adam.

The figures are supported by market intelligence available from international tour operators and the Cape Verde Government’s growth figures. The Cape Verdean economy should grow between four and five per cent this year, according to the head of the bank Banco de Cabo Verde.

Dunas Beach Resort and Spa

Cape Verde is tipped to see a big increase in tourism following the launch of a new inter-island ferry service. Figures recently released by the National Statistics Institute (INE) show an increase in visitor numbers of 5.5 per cent in the first quarter of 2010 compared with the same period in 2009.

Cape Verde Fact File

Location

Cape Verde – the Atlantic island group 450 km off West Africa, midway between Portugal and Brazil – is located 1,000 km south-west of the Canary Islands and is on the same latitude as Barbados. These are the closest tropical islands to the UK within five and a half hours flying time. Local time in Cape Verde is one hour behind GMT in winter and two hours behind BST in summer. The location and climate of Cape Verde has prompted the description of the islands as ‘the Caribbean without the jetlag.

Cape Verde comprises ten islands, nine of which are inhabited (population 506,000). In the forefront of those attracting tourists and developers are Sal, Santiago, Boa Vista and Maio. Their landscapes range from ‘lunar’ to lush and from white sandy beaches to verdant mountains.

Economy

Economic stability is underlined by the way in which the local currency – the Cape Verde Escudo – benefits from a fixed exchange rate with the Euro (110 Esc = €1). The Euro is accepted in many hotels, restaurants and elsewhere in Cape Verde.

Language

Portuguese is the archipelago’s official language but English is widely spoken.

Climate

Cape Verde’s ‘all-year summer’ climate is tropical and dry with no hurricanes. Winter temperatures are ten degrees warmer than those of the Canary Islands. Sunshine averages ten to 12 hours a day and the usual temperature is around 25°C. There is minimal rainfall (about 260 mm) between August and October.

Getting there

Dunas Beach Resort is located 20 minutes by road from the airport on the island of Sal. From the UK there are weekly direct flights to Sal from Birmingham, Manchester and Gatwick. Flying time is around five and a half hours. Alternatively travellers can fly at other times from other UK airports by changing planes in European centres including Lisbon, Madrid, Amsterdam and Paris. Transport between the islands is available by air and catamaran services.

For more details, contact Property Investor Partnership: 01603 268083, or visit www.dunasbeachresort.com

Salinas Beach Resort on the island of Maio, Cape Verde

A record volume of €2,639m in Foreign Direct Investment was received in 2008. The majority of the Foreign Direct Investment projects are aimed at capturing the increasing number of tourists, by building more luxury hotels and providing tourist services.

The country’s 2009 budget amounted to a total of €480million, the budget represented an increase of 28.5% on the 2008 figure. Deputy Managing Director of the IMF, Marilo Portugal commented: “Cape Verde’s prudent economic management in recent years is now paying dividends putting the country in a position of strength.” The islands have been internationally recognised for the way they have managed inflow of funds and worked hard to reduce domestic debt and build up strong reserves.

Buyer confidence in the paradise archipelago has returned, according to the islands’ most highly respected real estate agent Nôscasa. The number of tourist arrivals in Cape Verde is increasing at an annual rate of 22% and projections suggest that around one million tourists will be visiting the islands every year.

Tourism is largely concentrated on the island of Sal which is the most visited island due to its international airport which is receiving numerous flights from Europe. Stays in Cape Verde’s hotel establishments rose 10.6% in 2009. Data from the National Statistics Institute (INE) reveals that most of the tourists came from the United Kingdom with English tourists being the ones spending the most time in the country.

Nôscasa has presence on Sal, Sao Vicente Santiago and Boa Vista and offers a range of properties across the whole collection of islands. Alongside property sales, Nôscasa’s services include long and short term rentals, property management, land sales, consultancy and facilities management.

Bazamore Residence in the historic town of Santa Maria on Sal, offers investors a rare opportunity to place themselves at the heart of Cape Verde’s culture and history. Located along the cobbled streets which fortify the heart of Santa Maria, these apartments are situated just next to the Hotel Morabeza (a beautiful 5 star hotel) and have been designed to enhance the chic nature of Santa Maria’s old world charm.

There are three units left to sell: a 1-bedroom flat (55.1sqm) at €135.000 and two 2-bedroomed apartments of 72 sq m for €170.000. The apartments have balconies and can be bought fully furnished. Nôscasa provides owners with a stress-free investment at this development, as they will also manage and let these properties for investors. There will be a maximum of 33 fully furnished luxury apartments on offer to holiday makers.

Just a few steps away from the beach of Sal’s small but buzzing town Santa Maria is the luxurious Porto Antigo development where brand new one bed apartments are selling for €99,000.

Three bedroom semi-detached villas at Salinas Beach Resort are available from €248,000, 2 bedroom 2 bathroom apartments from €126,000

The Salinas Beach Resort  Maio and is currently under construction by Cape Verdean developer Sogei. This project has been financed by funds raised on the Cape Verde Stock Exchange and is located in Porto Ingles near to Maio’s harbour. The resort will include a four star hotel, commercial area, gymnasium, sauna, bar and beach club. Three bedroom semi-detached villas are available from €248,000, 2 bedroom 2 bathroom apartments from €126,000 and commercial units from €70,000.

General enquiries: capeverde@noscasacv.com or www.noscasacv.com

Cape Verde Fact File

Location

The Cape Verde archipelago is located approximately 604 kms (375 mi) off the coast of West Africa. Cape Verde islands lie approximately 1400km south of the Canary Islands (one hour south of the Canary Islands) and 500km from Senegal on Africa’s west coast. Cape Verde is on the same latitude as Barbados but three hours closer with direct flights from the UK taking just 5½ hours, which means no jet lag.

As the nearest tropical islands to western Europe, Cape Verde enjoys a year-round tropical climate, crystal clear waters and a surprisingly diverse range of landscapes for such a small area of land.

It is composed of ten islands (of which nine are inhabited) and eight islets. The islands have a combined size of just over 4,000 square kilometres.

Economy of Cape Verde

Cape Verde has few natural resources and suffers from scant rainfall and limited fresh water. Only four of the 10 main islands (Santiago, Santo Antão, Fogo, and Brava) normally support significant agricultural production, and over 90% of all food consumed in Cape Verde is imported. The economy of Cape Verde is service-oriented, with commerce, transport, and public services accounting for more than 70% of GDP. Although nearly 70% of the population lives in rural areas, agriculture and fishing contribute only about 9% of GDP.

Links – Flights – airports

Approximate flying time: approximately 5½ hours flight time from the UK.

The islands of Sal, Boa Vista, Sao Vicente and Santiago have international airports. With more flights arriving in Cape Verde, including direct services from the UK by Cape Verdean Airlines (TACV), the Islands are offering strong potential as holiday destinations. Direct flights to Sal Island from Gatwick, Manchester and Birmingham.

Thomson flies direct to Sal from Gatwick and Manchester twice a week with prices starting at around £250 per person return.

Ryanair and Aer Lingus regularly connect Belfast, Dublin and Cork with Sal via Gatwick, Manchester, Lisbon and Oporto.

Santiago’s Praia international airport, which opened in October 2005, offers direct flights to Boston once or twice a week, depending on the season, by Cape Verdean Airlines (TACV).

Currency

The exchange rate of the Cape Verdean Escudo is fixed to the Euro, which can conveniently also be used as currency throughout the islands.

Property Market

Cape Verde welcomes private foreign investment as a way to create a sustainable growing economy through job creation and capital investment and thereafter the collection of tax revenues.

Potential capital growth of up to 15% a year (forecast based on increasing land values driven by a rapid growth in tourism).

Sal Island accounts for 69% of Cape Verde’s rental market

Timescale: Average construction time on Cape Verdean projects, from project sales release to completion of construction is between 2 and 2½ years.

Income Tax

Income earned from property in Cape Verde is taxable whether the investor is resident or non-resident on the islands. A flat rate tax of 3% of the attributed value is to be paid prior to the execution of any purchase and sale deeds

Capital Gains Tax is payable if the investment value exceeds a 30% increase on the initial purchase price. The capital gain is taxed at a flat rate of 3% and must be paid, together with the submission of a “Declaracao de Mais Valias” (Capital Gains statement), within 30 days of exchanging the Deed of Sale.

Property purchase tax is not chargeable on a short term investment, as the investor never actually takes on full ownership of the property by signing the completion documents.

Property Tax

Various taxes will of course be applicable with an investment property in Cape Verde. Transfer Tax at a flat rate of 3% of the property value will need to be paid before the Purchase and Sale Agreements are signed.

Annual Holding Taxes are paid in April and are set at a flat rate of 3% calculated on 25% of the attributed value of the property. These can be also be paid in two instalments in April and September of each year.

Capital Gains Tax is charged if the sale value exceeds a 30% increase from the original purchase price. This is payable within 30 days of the Deed signatures and is taxed at a flat rate of 3%. Along with this payment, the seller must submit a Declaracao de Mais Valias (capital gains statement).

Inheritance or Gift Tax is charged on property in Cape Verde that is transferred by inheritance or a gift and is taxed at a flat rate of 3% of the attributed value.

Upon purchase of a property in Caper Verde it is advisable to have a local will drawn up as the law will not be the same as in the UK. Although a non-local will is valid, probate procedures are made far easier if a Cape Verdean will is in place.

Mortgages

Both the Portuguese and the local Cape Verdian banks will lend to non-residents, providing the applicant meets the required criteria, which varies from bank to bank. The mortgage market in Cape Verde is very new and is not as sophisticated or as straightforward as it is in the UK. It is strongly advised that you use the services of an expert to guide you through all of the paperwork and processes. All of the mortgages in Cape Verde are full status loans which mean all income has to be documented by way of tax returns and accounts or P60s, payslips and bank statements.

This is a unique chance to be the first to view leading Indian developments

Hamptons International, one of the UK’s premier international residential agents, will be hosting an exclusive property event: ‘The India Property Show’ from 31st October – 1st November (10am-6pm) at its head office – 32 Grosvenor Square, London W1.

The property event will uncover some of the fantastic developments currently available for sale in India

Commonwealth Village

and will provide customers with the very latest information on India as well as the chance to discuss investment opportunities first hand with Hamptons International’s leading property experts.

Working in partnership with market-leading developers across India including – Emaar MGF, Spire Edge, AIPL, ANR Infrastructure, Santa Fe Realty, Ace Projects, Godrej and Wadhawa – the Hamptons International ‘India Property Show’ will showcase the very best and latest property available.

Many of the properties have not yet been released to market – so the event will offer visitors the chance to be one of the first to preview them.

Rob Bruce, Research Manager – Hamptons International comments “India offers a very exciting opportunity to buy into the new economic powerhouse and the fourth largest economy in the world with GDP accelerating year on year. Forecast growth in the Indian economy and the recovery of Indian real estate are driving rental yields equal to those in London, with average yields as high as 4.7% for New Delhi and Mumbai apartments.”

Dean Foley, International Sales Manager – Hamptons International, comments, “India has always been a major market for Hamptons International, given the UK’s long and close ties with this incredible country. We have certainly seen, over the last few months, an up-turn in the amount of transactions completing by our UK NRI clients due in part to long-term growth plans and affordable real estate. We anticipate this interest to go from strength to strength over the coming months and years.”

To register your interest for this exclusive event please contact Hamptons International on +44 (0) 20 3179 9900

The Cotton Bay Marina & Golf Resort – Sal, Cape Verde

Cotton Bay pool and villa

Luxury beachfront 1, 2, and 3 bedroom apartments and duplexes and 2, 3, 4, and 5 bedroom villas in Sal, Cape Verde in a stunning eco-complex boasting swimming pools, a green park and sports complex.

Prices for apartments start at £93,658/ €99,843 and villas start at £447,060/€476,584. For more information contact Experience International free on +44 (0)207 321 5858 or visit www.experience-international.com.

Sierra Nabq, Sharm El Sheikh

Situated in an area of great historical interest and natural beauty this resort will attract buyers looking

Sierra Nabq

for sun or adventure. Sierra Nabq Resort is available as one, two and three bedroom apartments all overlooking pools and many offering a roof terrace or a private garden area. This complex benefits from ten swimming pools and is close to a hypermarket and shopping mall.

Property prices start from only 360,000 EGP (£40,380 Euro 44,050 approx.) to 800,000 EGP (£89,740 Euro 97,890 approx.) For more information on this first-class property contact Experience International free on +44 (0)207 321 5858 or visit www.experience-international.com

Fijnbosch Estate, St Francis, South Africa

Luxurious 2-bedroom and 4-bedroom properties situated on the Jack Nicklaus designed golf course in an exclusive gated community. Prices range from £142,680/€178,677 to £227,220/€284,500 and for more information please contact Barton Wyatt on 01344 843 000 or visit www.bw-international.com.

Samanah Country Club, Marrakech

Samanah Country Club 2

Just 8km from Marrakech International Airport, Samanah Country Club includes a Jack Nicklaus-designed private 18-hole golf course and a range of 3- to 6-bedroom villas and riads, traditionally designed. Prices start from £284,554/ €357,000 to £1,723,674/ €2,162,000 and for more information contact Barton Wyatt on 01344 843 000 or visit www.bw-international.com.

Azulara, Funchal, Madeira

Azulara Resort comprises of 112 imaginatively designed apartments finished to the highest standards with enviable panoramic sea views. The 5-star resort affords all the luxury amenities Experience International clients would expect including a spa, gymnasium, swimming pools and exclusive Members Club.

This is a fresh opportunity to invest in the up-and-coming European market of Madeira. The 1, 2 and 3 bedroom apartments range in price from €251,530 – €429,038.

For more information contact Experience International on 020 7321 5858 or visit www.experience-international.com

Amendoeira Golf Resort, Alcantarilha, Algarve

Amendoeira Golf Resort

Two and three bed apartments and three, four or five bed villas set on the Amendoeira Golf Resort in Silves, against the magnificent Monchique Mountains. The resort boasts two golf courses, one of Nick Faldo design, and excellent facilities. Prices from €450,000/£426,294 to €1,800,000/£1,705,178. For more information, please contact Barton Wyatt on 01344 843000 or visit www.bw-international.com

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