Saturday, May 16, 2009

Credit Crunch Causes Cape Verde Development Fallout

There are signs of cracks on the veneer of the property industry of the idyllic island archipelago of Cape Verde. 

A judgement granted against developers Tom Sheehy (Cape Verde Development) and John Cahillane shows the level of distress that is being felt in the industry at the moment, particularly in 'emerging markets' such as Cape Verde. 

The case, brought by Brian Murphy-O'Connor and Ted Whittaker against the two developers, shows just how cashflow in the industry is rapidly running dry. Sheehy doesn't deny the money is owed but, like everyone else, they are finding it difficult to get their hands on funding at the moment.  Under normal market conditions you suspect a case like this would never make it to court. 

Register now to receive our informative newsletter, save searches and tailor your experience to your own needs.



For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

No comments:

Post a Comment