Fogo Property

Fogo, which means fire in Portuguese, was formed when a volcano erupted 3,000 feet above the surface of the ocean. It is hot all year round. The last eruption was in 1995. Like El Teide, emblematic volcanic island of the Canary Islands, it is a land of contrasts, with lush, tropical vegetation of the north rendering all the more arid the southern regions by comparison. The beaches enjoy that feature typical of volcanic islands, black sand. One village, Cha das Caldeiras, is actually built inside the crater of the volcano.

Fogo offers unusual opportunities to purchase old-style, stone colonial property in an up-and-coming archipelago. These offers are admittedly limited and most investment will be centred around more modern villas or rental investments. Some experts are predicting that with the mortgage crisis in the U.S., Americans will be investing heavily in foreign property, so prospective purchasers would be well advised to act decisively. Mortgage rates in Fogo start from 7%.

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