Young people in Praia give up on buying a first home in Achada Grande and Palmarejo

Buying a first home, further out of reach than ever

A small new-build flat costs around 8-9 million CVE.

From owning a home to house-sharing

More and more young people are choosing to rent shared rooms.

Land that gets pricier before a single brick is laid

The price of developable land in outlying neighbourhoods has multiplied.

A generation putting off leaving home

Only those with family remittances manage to buy before turning 35.

Voices of young people in Achada Grande and Palmarejo

Several young professionals in these Praia neighbourhoods agree that an average salary is not enough to cover the repayments on a mortgage for a new-build home. Many have chosen to keep living with their parents or to share rented accommodation with friends or colleagues well into their thirties. Some say they have started saving thanks to a second job or small side businesses, with no guarantee of reaching the entry price within a few years. The Praia young professionals' association has raised this concern at several municipal forums.

The weight developers carry in the final price

Developers operating in Achada Grande and Palmarejo say that rising land prices feed straight through into the price of new-build flats. Some firms have begun offering smaller floor plans or basic finishes to try to keep the entry price within an affordable range. Industry representatives admit that the scope for genuinely lowering housing costs is limited without action on land prices. The Câmara Municipal de Praia is looking at public-private partnership models to release land at lower cost for future developments.

Comparison with other neighbourhoods in the capital

Unaffordable housing for young people is not confined to Achada Grande and Palmarejo, although these neighbourhoods account for much of the capital's new-build activity and, with it, the highest prices. In more outlying parts of Praia, such as Achada Santo António or Tira Chapéu, prices are more moderate, though at the cost of longer distances to the centre and the main employment hubs. Estate agents say this gap is pushing part of the younger population towards ever more distant neighbourhoods. The result, they note, is a gradual shift of young buyers towards the city's outskirts.

Family remittances, an unequal route to ownership

Those with financial support from relatives abroad often manage to raise the deposit they need before turning 35, while for other young people that goal keeps receding indefinitely. Banks in Praia confirm that remittances from Europe and the United States remain a decisive factor in a large share of new-home purchases. This dependence creates a clear divide between families with ties abroad and those relying solely on local income. Economists consulted believe that without a more affordable supply, this gap will continue to shape access to housing in the capital.