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Expat medical insurance news: 'Distressed property' in Cape Verde

Expatriate international health insurance policyholders who are considering purchasing a building in the Cape Verde Islands may find there are a large number of distressed assets to choose from.

Managing director of Cape Verde Property Adrian Lillywhite noted that many sellers are "desperate to raise money quickly", so house prices can often be as much as 40 per cent less than they were before the economic downturn.

"Confidence is the word" throughout the world at the moment as a result of the global financial crisis, he continued.

Therefore, there are many bargains for astute investors, many of whom are currently being "very careful" to ensure they find the best possible deal before spending any money.

He claimed that some estate agents will attempt to push a single product on all interested customers, so it is important people research thoroughly to achieve good deals.

Home loans are also difficult to secure in this west African archipelago, the expert continued.

Developer mortgages are offered by some financial institutions, as many construction sites and new buildings were created due to a deal with the banks, he stated.

Generally, attaining this money is still "slow and cumbersome", but tax and stamp duty on any contract is only around 4.2 per cent, which is payable on completion.

Property investors should purchase real estate "as close to the sea as possible", Mr Lillywhite said.

He stated it is also useful to ensure any facilities are adequate, with many additions such as pools or gardens often pushing up the overall running costs.

Individuals intending on renting this domicile out should also consider whether it will provide them with a good yield.

The expert added that other issues to consider include whether the structure is key ready or off-plan and to ensure due diligence has been taken.

Mr Lillywhite declared: "Always speak to a specialist lawyer."

This sub-Saharan country consists of two groups of islands, one of which is called the Barlavento, which includes the lands of Sao Vicente, Santo Antao, Sao Nicolau, the uninhabited Santa Luzia, Sal and Boa Vista.

Maio, Santiago, Fogo and Brava are some of those in the Sotavento group. 

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