In search of a place in the sun

Traditionally, once the turkey and presents are out of the way, thoughts turn to the summer holidays, with just the prospect of a little sunshine acting as a tonic in these long, dark days.

Increasingly however, people are looking for more than just a holiday. Never before has there been so much interest in investing in property abroad, and the list of destinations seems to grow more exotic with every TV programme or glossy magazine supplement that comes along.

Of course the British have been buying abroad for 30 years, with many pensioners aiming to improve their quality of life by purchasing properties in Spain back in the 1970s, followed by the A Year in Provence' generation a decade later, as Brits first sampled the good life in France.

These countries are still property hot-spots as they are close to home and still offer some investment potential.

But prices have been shooting up, especially in coastal areas, with the property market maturing rapidly.

As a result, it is becoming more difficult to find a bargain, and competition can be fierce.

Many other countries, as diverse as India and South America, are emerging as possibilities for those looking to make a little money go a long way, with as little risk attached as possible.

Morocco is rapidly becoming a favoured territory for both the individual looking for a holiday home and the serious investor wanting a fast return.

It offers good weather, coastal locations, and is within easy reach, being served by a range of airlines offering cheap flights, and a flying time of little more than three hours.

Christine Hilton, who helps run the Wallingford-based La Residence agency specialising in French property, has recently branched out with a new enterprise, Residence Maroc, offering buyers a gateway to Morocco.

She says: "We feel there is a lot of potential on the Atlantic side of Morocco. Agadir is a lovely area, completely undeveloped, and for £80,000, you can have a four-bedroomed property with sea views and a climate like the south of France."

Ms Hilton says she was bowled over' by Morocco's potential after being introduced to an agent via her French contacts.

The French connection is particularly strong, relating not just to the language, but the way in which property transactions are conducted.

She compares what's happening in Morocco now to the beginning of the Spanish boom, with rapid development taking place, although it is being controlled sustainably with almost no high-rise blocks at all.

While developers are cashing in with new-builds, there are also many older properties coming onto the market which offer remarkable value, with some amazing original features, such as tiled walls and traditional arches, especially in the medina areas of towns such as Fez and Marakech.

As for investment, Ms Hilton says conservative estimates expect properties to appreciate at between 15 and 30 per cent each year, although this could be much higher in some areas.

Ms Hilton said: "I believe the medina properties will all be sold in five years and the value has to go up. In some areas demand is outstripping supply, which is also forcing prices up."

So who is buying property in Morocco?

"There are people who are generally much more confident about property investment," says Ms Hilton.

"They are looking for permanent homes, and to spend up to four months every year living in them. It appeals to younger people with a pioneering spirit.

"That said, I don't see any risk at all. The French have been buying in Morocco for years along with the Germans and Italians. We are just discovering its delights."

A very different option is being offered by Sambala Developments, based at Cornbury Park, Charlbury.

Back in the 1960s, the Grepne family, who formerly lived at Stonesfield, invested in land on Santiago, the largest island of the Cape Verde archipelago, which sits in the Atlantic off the coast of West Africa.

But it is only now that development in the former Portugese colony is taking place, with a major complex of apartments, town houses and villas currently being snapped up by investors.

It is very much virgin territory, with tourism still in its infancy, although development is now in full swing, with Sambala leading the way.

So far, all 342 apartments in the first phase of the development have been sold, and almost 50 per cent of the second phase of 190 town houses and villas have been reserved.

All are being bought off-plan so far, with the first properties due to be handed over next year.

Samabala claims that early investors have seen the value of their investment rise by more than 40 per cent in the last year with prices starting at about £50,000 for an apartment.

Subsequent phases include further residential areas, two 18-hole golf courses, luxury hotels, and an extensive marina complex.

Many have invested without ever having visited the island which, it is predicted, will soon be enjoying a tourism boom thanks to the opening of an international airport last October.

Flights take a bearable five-and-a-half hours and the mix of beautiful beaches and mountains plus sunshine virtually all year round - it is on the same latitude as Barbados - is a powerful draw.

It was a combination that was enough to convince Kidlington-based David Bunting to invest, even though he has never been to Santiago.

Mr Bunting, 40, said: "I was installing office equipment at Sambala and saw how the development was growing and decided to make inquiries. I have been looking for a while but places such as Cyprus were too expensive.

"There is a lot of information available on Cape Verde and we have not perceived any risks, while there has not been any hard sell from Sambala.

"And as far as investment is concerned, it is a case of getting in early to gain the best return."

Most buyers in the Sambala development, which launched in February 2005, are either British or Irish, according to deputy chairman Dominic McGlynn.

He said: "As well as being the developer, we will take care of rental, management and resales - the complete package. Our investors are our biggest advocates, so it is in our interest to build the best properties to provide the best returns."

He insists there is no chance of overdevelopment, as the environment and ecological balance of the island is a priority.

The recently installed £3m desalination and waste water plant reuses 80 per cent of the power generated and comes with a state-of-the-art irrigation system ensuring every tree, bush and plant is watered.

A further £1m has been spent on a nursery for all plant species, including coconut and date palms, while every attempt has been made to accommodate and support native animal species such as turtles and whales.

Mr McGlynn added: "The frames of the properties are made from recycled steel and we have a commitment to the Cape Verde government to restore botanical gardens to ensure indigenous flora and fauna thrive.

"We are also investing in schools to help extend local childrens' education by two years."

Contact: Residence Maroc: 01491 835222 www.residence-maroc.co.uk Sambala Developments, 01608 813161