Buying a flat in Mindelo

Hello,

I think I have read most posts, on buying houses and move to Cabo Verde, but I am probably wrong 😅

Many posts on moving to CV are from before the covid crisis, and if I have well understood housing prices have increased a lot since then


I went twice to Cabo Verde for pleasure, once to Santo Antão for hiking and São Vicente (3 weeks) and another time to Brava, Fogo and Santiago (20 days).

I will come back in May (2 weeks), mainly to discover São Nicolau, and if CVINTERILHAS doesn't fail me I will go back to Santo Antão.


Sal and Boavista are not for me, from what I have read and seen, except for diving...one day... And Maio I will visit one day, but I won't live there for sure.


I am surprised as how much I feel at home in Cabo Verde, I have lived in 5 countries and this is not normal for me, usually I feel out of place. But in CV I have the feeling of belonging...maybe it's the people, the famous morabeza, the food,  the landscapes,  the hope of a brighter future...even if daily life is soo hard for the majority of people...the poverty, but there is the pride, the strength and resilience mainly in the women, there is hope and trust of a better life


So that's why I want to move to CV and buy a flat in Mindelo, a T2, with less than 100m2 in the Laginha area.


I was thinking that in the beginning I could rent it to tourists when I am not there, and hire someone to manage the ins/outs cleaning, etc, until I figure it out how I can move to CV definitely. What do you think of this idea?


This is because I am far from retirement and with my current job I cannot move to CV right now, I am not a 100% digital nomad nor 100% teleworking. But I am starting to think how I could work in CV, that would be another topic. Let's focus on buying a flat in Mindelo.


Regarding the location I stayed twice in Mindelo: in monte calmo and laginha. I loved laginha, I went to swim with the retired Cape Verdian folks at 5h in the morning, it was great! And I can see myself doing that every morning to start my day. Also it is at walking distance to the center and to the Arbour to catch the boat to Santo Antão! And I felt safe.

The center is nice, specially the part close to pastelaria morabeza and praça Amílcar Cabral, but after work there are only tourists...


I don't know all Mindelo's neighborhoods, I know that Santa Filomena and Lazareto are too far for me. I was in alto solarino, alto miramar, I thought maybe to up and down (?)...

I didn't like monte calmo, mainly because of the need to cross the market area by night...

Any recommendations regarding the neighborhoods?


I have followed the recommendations in the posts: I am looking for flats posted by the agencies online and have contacted one agency. And I have a local CV friend who is keeping an eye opened for me. For now there's nothing, most flats are too big and expensive. Or too small and the location doesn't suit me.


Is it just a question of being patient? What you would recommend for my flat hunting?


I also need to understand: how much do I have to have for the first expenses to buy a flat? For example in Portugal it is necessary 20% of the flat price (for notário, entrada, taxas, etc)


Thank you so much!

Eugenia

@EugeniaAvila

Hi Jennie,


Thanks for sharing your detailed experiences and observations. You are on the right track with your plan to purchase property and rent it out until you are ready to move permanently.


Just a few thoughts to share with you. First, the property prices have not gone up significantly since Covid. Maybe that is true in Sal and Boavista, but not anywhere else in CV. Also, just keep in mind that Cape Verde is not Europe, so do not pay anywhere near the prices you might pay in Europe! Some crazy sellers will quote initial prices that are similar to what you might pay in Europe, simply because many buyers are from Europe.


So fearlessly bid the initial asking price way down if you find that the price seems similar to what you see in Europe. Put it this way, if you are paying more that €100 thousand for a two bedroom apartment in a desirable neighborhood, you are paying way too much. If the asking price is more than €150 thousand, it better be a large, fully furnished 3-bedroom 2.5-bath, recent construction of the highest quality in one of the exclusive neighborhoods.


I'd also suggest that you conduct your search in person with the help of an agent and not just online.


Last but not least, the 20% of price for the initial costs that you might see in Europe is extremely high for Cape Verde. The fees and taxes here are very low. If you are told that it will cost more than 4-5%, then someone is trying to take advantage of you. Note that the seller pays the fee for the real estate agents as that is included in the asking price.


Good luck with your plans,


Angelo

@EugeniaAvila


Hello,


I'm happy to hear that São Vicente is the most appealing island from those you visited.

Mindelo has a lot of advantages and the prices are still reasonable for now, but most probably bound to increase as demand will be surging.

Most people actually build or at least renovate existing flats to have them at their taste.

That's my case too and I'm in the process presently.

Do you intend to visit cv every year? several times? Then of course, your quest for an apartment makes sense as you will be occupying it and renting it the rest of the time.

Starting early is a good option as the process might be lengthy.

Concerning costs, 20% of advances is reasonable ... of course it depends from the price of the flat, the down-payment being 10%.

The road up from Laginha to Chã de Alecrim offers also interesting possibilities and views.

What would be your target price per m2 be?


Wish you luck on your May trip,


Best regards,


Pierre