Development Pushing Out To New Territories

Small islands and distant reaches are attracting developers, as price appreciation is declining in the more accessible and developed areas. Major plans are underway to develop massive housing projects on such remote areas as Cape Verde Islands, more than 300 miles off the coast of West Africa.

" 'There is pressure to discover the new location, to find the unspoiled beach and create value and outperform the market,' said Liam Bailey, head of residential research for Knight Frank, the international real estate company."

"While speculators are always looking for deals, the search for sun-splashed locales has taken on a new intensity as price appreciation slows in traditional hot spots, analysts say."