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Watched an old place in the sun programmes yesterday, Cape Verde. The Presenter was making some outrageous statements (2007). There was no update at the end of the show! The Island looked barren and they did say there was 50%tax on imported goods. No mains water, costs £40 monthly just for bath water.
“This apartment will earn £16,000 per year in rentals….property will rise by 75%….the best way to buy is off-plan”
So, the couple bought 3…as you do 😆
I did a search to see what happened to the property market there and came up with this.
http://blogs.thisismoney.co.uk/this_is_money_blog/2009/04/a-place-in-the-sun-caprise-75.html
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Its a long flight away and its politically unreliable, I would avoid it 😀
From the comments..
“Cabo Verde has a parliamentary democracy that is the envy of many European countries. Power has changed hand peacefully several times with no dispute.”
😀Portuguese lawyers can cover Cape Verde, I believe.
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The once and often referred to Emerging Markets.
I had an email, after one Place in The Sun exhibition, purporting to be from the Bulgarian government, most miffed at me for writing a 6 page magazine article, which was heavily distributed by an agency at the the show; that despaired of what would happen to the buyers in their country, in Cape Verde, Morrocco, Brazil to name but a few of the emerging markets, whom everyone believed you could buy for sixpence and sell for ten bob.
Mad really, the world went mad did it not? I mean have you seen on an Atlas just where Cape Verde is?
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@Chris McCarthy wrote:
Mad really, the world went mad did it not? I mean have you seen on an Atlas just where Cape Verde is?
The main island is called Salt and its classified as semi-desert, by virtual of a few mm of rain per year.
that despaired of what would happen to the buyers in their country, in Cape Verde, Morrocco, Brazil to name but a few of the emerging markets, whom everyone believed you could buy for sixpence and sell for ten bob.
You mean they would end up in the same boat as Spain? Does Spain protect property rights better than any of the countries you classify as ‘Emerging markets’? Maybe they you got on their goat by attempting to classify your market as somehow better.
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I saw a “place in the sun” yesterday ( The Spanish Algrave ) The program was visting people who had bought in the past. To my astonishment they were claiming that the properties had been valued by in some cases €90k more than when were bought (2007).
The agent may have valued at the above price. Surely they have some responsibility to verify it for themselves even though a valution is not a perfect science.
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@peterhun wrote:
You mean they would end up in the same boat as Spain? Does Spain protect property rights better than any of the countries you classify as ‘Emerging markets’? Maybe they you got on their goat by attempting to classify your market as somehow better.
Yawn…..
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@shakeel wrote:
I saw a “place in the sun” yesterday ( The Spanish Algrave ) The program was visting people who had bought in the past. To my astonishment they were claiming that the properties had been valued by in some cases €90k more than when were bought (2007).
The agent may have valued at the above price. Surely they have some responsibility to verify it for themselves even though a valution is not a perfect science.
Surely valuation s are a load of b*ll*cks? Ive never understood why anyone gets estate agents involved at all really. Site likes FotoCasa and Idealista negate the need for estate agents, dont they?
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@Chris McCarthy wrote:
@peterhun wrote:
You mean they would end up in the same boat as Spain? Does Spain protect property rights better than any of the countries you classify as ‘Emerging markets’? Maybe they you got on their goat by attempting to classify your market as somehow better.
Yawn…..
Wake up!
Sleeping through lessons is why you ended up as an estate agent. 😀
I have just had an email from Vista Worldwide about Cape Verde. Prices starting at 99k euro. Bargain.
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Channel 4 and their ‘A Place in the Sun’ and similar progs. should be censored/fined for using the likes of Amanda Lamb etc to literally dupe many people into buying in Cape Verde and so called Hot Spots.
Many of their progs are so out of date, but the naive may miss this on the credits, but they are still trotting out the same old bullshite from old.
IMO, I think there is a strong case for legal redress against Channel 4 🙄
Incidentally, the Beebs ‘Homes under the Hammer’ also does not mention the costs of buying and selling, the loss of interest on monies, the hidden costs, Council taxes etc which in many cases add up to an extra 7% or more on total outlay.
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There is no harm in building a BTL, MP or not ? Providing one knows what one is doing & have an all round knowledge of ther sector and take the down side with the upside.
Ths MP’s dont need to pump up the market. The Queen, Duke of Westminster, Portman estate, Mandivlle estate owing Central London between them has done that long before current MPs were even born irrespective of their party colour.
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@adiep wrote:
Surely valuation s are a load of b*ll*cks? Ive never understood why anyone gets estate agents involved at all really. Site likes FotoCasa and Idealista negate the need for estate agents, dont they?
Hi Adiep,
Putting aside the need for estate agents or not, much debated over many years on the forum I think,I was intrigued by that final question about the sites you mention.
We called Idealista and asked them about the level of Estate Agents to Private Vendors, overall they believe from @ 720,00 listings then 50% of these are Real Estate Agents Listings and 50% Private Vendors although this may vary from area to area really – and somewhere in that mix, probably in the RE listings there are some 27,000 Bank Properties.
Well, that’s what they told us anyway.
And while I think about it, there is no reason to get an Estate Agent involved if you know all you need to know, you are experienced and au fait with all aspects of purchase and the area you are buying. That is why so many Spanish Private Vendors might promote their properties via the web and are more amenable to approach from their compatriots directly.
Hope that helps, we found it interesting anyway.
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Yes I have noted a lot of agents on those sites, probably a lot more from small time agent too. Over the years I have contacted people on what I have thought to be private ads only to find they are private agent.
Even worse than agents are the scammers on those sites, if some look too good to be true……… 😆
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@katy wrote:
Yes I have noted a lot of agents on those sites, probably a lot more from small time agent too. Over the years I have contacted people on what I have thought to be private ads only to find they are private agent.
Even worse than agents are the scammers on those sites, if some look too good to be true……… 😆
report them. Agents have to pay to advertise on these sites, by pretending to be ‘particulares’ they ARE scamming not only potential buyers but the sites in question.
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