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Overview

This development is in a stunning location on the opposite side of the bay to Mindelo. This front line development will have a wonderfully large swimming pool for the residence. On the ground floor, there will be restaurants, bars and some shops.

This wonderful self-contained holiday destination is minutes drive from Mindelo.

Mindelo is a wonderful place and is the cultural capital of Cape Verde.

Estimated time to completion

Project should be complete by April 2010

Payment Schedule

£2,000 Reservation Deposit.

The stage payments are as follows:

1. 15% at Contract minus the Reservation Deposit.
2. 20% at Start of Works.
3. 35% at Roofing.
4. 25% at Flooring.
5. 5% at Keys.

The Developer

The developer is Italian and has been in CV for 10 years. He is a surveyor by profession. He has concentrated on a series of smaller developments.

As he is established and has already built over 100 units in Santa Maria, Sal, he can offer very competitive prices and is our most sold developer in CV.

Cost of Furnishing

Please be advised of the estimated costs involved in buying properties in Cape Verde. This is to give you an idea of what to expect.

Furnishing:

The Bathroom will be delivered fully fitted except for bathroom furniture. The apartment itself will not be furnished or have a kitchen.

Cost of Furnishing if you purchase through the developer

• To furnish a Studio / 1 bed apartment will cost approximately 7000 - 10,000 euros.
• To furnish a 2 bed apartment will cost approximately 10,000 - 12,000 euros.
• To furnish a 3 bed apartment will cost approximately 12,000 - 15,000 euros.

The furniture market in Cape Verde is in its infancy but there are an increasing number of importers. The options will undoubtedly increase as time goes on.

Cost of Home Accessories 400 euros (from the developer) This is in addition to the costs of the furniture and the kitchen. Bed sheets are not included and it is recommended that they are brought from Europe as the Chinese bedding that can be bought in Cape Verde is normally for queen size double beds only as opposed to the standard king size furniture that is purchased by the developer.

Air Conditioning

A Pre-built Air Conditioning system will cost 3000 euros. The developer will need to be informed well in advance, prior to completion if this is to be installed. Installing an Air Conditioning system post completion involves additional work and therefore would cost more.

CAPE VERDE PURCHASE PROCESS

In order to achieve Legal Completion of the unit completion of the unit the Purchaser will need to pay 5.5-6% of the Declared Price comprising of Stamp Duty, Land Registry and Notary fees.

Total length of process 3-6 months.

1. Declaration of Finish of Works
2. Legal Separation of Units or Land
3. Power Of Attorney Either done in the Uk at The Cape Verde Embassy for approximately £120 or at Cape Verde Notary.
4. Declaration of New Purchaser’s Intent to Buy Unit & Payment of I.U.P This is when you advise of the name the unit is to be purchased in (either your name or company name) and declare the purchase price of the unit I.U.P. 3% is paid on the Declared Price . Mostly under declaration i.e. 50-60% of value If you get a Mortgage then the Declared Price will be 100%
5. Paying Land Registry and going to Notary 2.5% -3% of declared price including Notary Fees.

Costs of Assistance for Purchase

Either the developer can do this process for you. Typically they may charge for the process. Some may do it for free. Lippi charges 400 euros.

A Lawyer in Cape Verde (Dias Pereira) can also do this at a price of 500 euros and 100 euros for P.O.A. Checking your Portuguese Contract for 300 euros.

Property Management Information

Please be advised that we have an office in Cape Verde in Santa Maria, Sal. We also have a multi lingual staff who will be happy to assist you in all areas of your purchase including arranging for the management of your property for rental purposes. We have a number of agents that can assist in this area that we can refer you to. The rental market so far in Cape Verde is extremely strong. You can expect to pay anything between 10% - 20% of gross rent to agents, depending on how things are organised and the sort of service you are after.

Condominium Fees/Service Charges

Most developers are unable to commit to confirming what the service charge are likely to be prior to completion of the project. This is mainly due to the fact that they can't be certain as to what the on going costs will be. From experience we can advice you that Service Charge costs are likely to between 500 - 1000 euros per year.

Rental

These are the basic costs:

Studio month 250 – 300                   Week 150 – 175

1 bed month 320 – 500                    Week 210 – 300

2 bed month 455 – 650                    Week 300 – 400

Weekly – owner pays bills, Monthy – tenant pays bills

Additional Services

UK Solicitors that deal with Cape Verde, Foreign Exchange Brokers, Cape Verde Lawyers Cape Verde Accountant, Cape Verde Bookkeeper, Cape Verde Mortgage Brokers, UK Mortgage Brokers, International Financial/Accounting Advice