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Cape Verde and Portugal still popular, says HIFX

HIFX, the currency specialist, has released its fifth Global Property Hot Spots into trends for Brits buying property abroad which reveals Cape Verde and Portugal soar in popularity.

According to currency specialists HIFX, enquiries from Brits buying property in Cape Verde and Portugal have more than doubled since March.

Portugal is one of Britains oldest allies, and the UKs soft spot for the country is still clearly evident today judging by this summers overseas property enquiries at HiFX.

In particular we favour Portugals mild south coast the Algarve. Its popularity makes it a particularly good bet for seasonal buy-to-let purchases.

Mark Bodega, marketing director for HiFX, says: Along with countries like France and Spain, Portugal is in the first tier of popular destinations with British property investors.

While it doesnt promise the huge returns in terms of capital growth that some of the emerging markets do, Portugal has a stable economy and strong rental sector due to the small army of Brits that holiday in the Algarve each year.

Mike Boles, head of international for Savills Private Finance, says: Its summertime and the sunshine holiday destinations are in vogue for British buyers.

Increasing interest rates across the UK and Euro zone dont seem to have dampened demand and property prices are robust and rising across the traditional, mature European markets.

Cape Verde consists of nine inhabitable islands, 300 miles off the coast of Africa.

Following a mention in Channel 4s A Place in the Sun’s top 20 overseas destinations last year, Cape Verdes popularity continues to grow with holiday home owners and property investors alike.

It seems all are drawn by the islands fine beaches, beautiful scenery and vibrant Creole culture.

Cape Verde is also reputed to be one of the healthiest places on earth.

Prices start at around 50,000 for a two bedroom apartment, and rise to around 300,000 for more upmarket villa developments with a private pool and roof terrace.

Dominic McGlynn, deputy chairman of Sambala Developments, says: Situated on the same latitude as Barbados and boasting the same glorious climate, this New Caribbean is only five and a half hours away from the UK and one hour behind GMT.

At present flights are via Lisbon, however the national airline, TAVC, will begin operating a direct flight between Birmingham and Praia from November 2006.

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