The Boavista real estate market

Buying a house in Boavista is certainly one of the safest investments in Cape Verde. An apartment or a villa on this wonderful island can become an excellent income over time, both for the amount of tourists who visit Boa Vista every year, and for the progressive evolution of the country, which consequently increases the value of the properties.

Taxes are low, ownership is certain and prices are attractive for investments starting from € 30,000 and up. Most of the apartments are studios and one-bedroom apartments, but it is possible to find units with multiple bedrooms and it is also possible to buy land and build your own house on it. For larger or customized investments, various land facing the sea, sea view, or in the city center are available, with different possibilities of use and buildability.

The sales are official documents and therefore require the advice of specialists. The selection of proposed properties is managed by professionals and local agencies, who can advise you on the best investment and assist in the purchase procedures.

The procedure for buying and selling real estate is very similar to what happens in Italy, with a notary (in Cape Verde he is a public employee) who certifies the deed and registers it at the “cartorio”, the local notary office. Registration and stationery fees are very low. The property is full, transferable, inheritable, shareable among several people (relatives, partners). The Cape Verdean law also protects investors with some facilitations related to moving from another country and exemption from customs taxes inherent in a building for tourist use.

After agreeing on the price and payment conditions between buyer and seller, the agency in charge between the parties requests the cadastral plan and presents it to the notary, who does all the necessary checks to certify its ownership, availability and regularity with the payment of local taxes. It is then verified that the property is free from restrictions. On the date of the deed, the notary certifies the payment and issues the purchase deed to the new owner, who can immediately dispose of the property, protected by full ownership.

Once you have decided to invest in Boavista, the process of buying a property starts right from your home: after selecting from the proposals indicated here, you can request the assistance of accredited professionals to identify the property that best suits your needs. If you wish, you can then arrange an exploratory trip to Boavista, a personalized investor, to visit the properties and discover a wonderful island.

• After choosing the property to buy, the agency checks the land registry documents and prepares the compromise contract, in which the buyer is asked to pay an advance.
• The sale in front of the notary (the deed) usually takes place within 30-90 days from the compromise, but it is possible to negotiate the times between the parties. Upon booking the date of the deed, the seller pays the notary 1% of the sale value and the buyer pays a fixed cost of (current value: 150 €).
• After the deed, the agency is responsible for delivering the documents to the Municipality, with which the transmission IUP (the tax on new ownership) is calculated. The buyer pays 1.5% of the purchase price, while the seller pays any capital gains tax.
• The agency delivers the IUP payment receipt to the notary and the buyer pays the registration fee (200 €). Since that time, the property has been registered in the name of the new owner.