Research 'key to securing foreign property deal'

Individuals looking to make a currency transfer and purchase a second home in Cape Verde have been advised by one expert on the important things to consider before investing.

Adrian Lillywhite, managing director of Cape Verde Property, described how there are a number of key steps that should be followed ahead of signing a contract.

Investors were encouraged to research a home thoroughly in order to "get the best deal", as agents and developers can sometimes "push one product".

Looking into the running costs of features such as gardens and swimming pools was advised as these can soon add up.

One of the most important things to consider is the location and whether it will bring in good rental returns, Mr Lillywhite commented.

He recommended investing in a house built by the seafront, as they remain popular with tourists and will be easier to rent out.

Those considering purchasing an off-plan property were advised to check out the "due diligence" and speak to a specialist lawyer before making any decisions.

It was noted by Mr Lillywhite that Cape Verde currently has "some excellent short-term bargains", as well as distressed deals.

"We have some distressed properties, where sellers are desperate to raise money quickly and purchasers can save sometimes up to 40 per cent on prices pre-downturn," the expert stated.

Houses on the islands are said to be remaining popular with UK buyers despite the market slowing down, while European interest has increased noticeably.

Mr Lillywhite recently suggested that Cape Verde appeals to many investors due to the nation being both politically and socially stable.

It also has year-round warm weather and its housing prices are much lower than in comparable destinations such as the Caribbean and Canaries.

Posted by Jennifer Wilkinson

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