Overseas property investors & English cricket captain discover Isla Margarita

Isla Margarita Island is a part of Venezuela and is causing a flurry of activity for overseas property investors in search of the next big thing. The almost separate entity of Venezuela is located off the north shore of the mainland of Venezuela, the island is a lush mountainous tropical Caribbean island and is often referred to as "La Isla".

 

 

 

Isla Margarita offers a range of new, off plan properties at low prices. The housing market indications are positive meaning investors can look forward to good returns both over the short and long term. Many developers are confident enough to offer significant guaranteed rentals returns. The islands tourism is increasing and this trend is set to continue

 

 

Margarita Island is also known as the "Pearl of the Caribbean" Margarita the weather is a major attraction with average of over 320 days a year of sun., Over 300,000 people live on Margarita Island most of whom live in the eastern part where the capital of Asuncion and the shoppers paradise of Porlamar are located

 

 

Apartments and villas priced from £39,950 to £212,000 are about to go on sale on the island, which is 17 miles off the mainland and a 40-minute flight from Venezuela's capital Caracas. The properties - some in a theme park or near beaches, some in a popular tourist town and others close to the Hilton Hotel, Marina and casino resort - are the first to be marketed to Britons. They are 50 per cent cheaper than most rival Caribbean holiday homes, it's claimed.

 

 

 

A typical off plan property available is a 3 bedroom villa at Musipan Villas Isla Margarita

 

 

Margarita will soon have more direct flights from European locations. Once these have been secured property investors who have already invested in real estate on the island will benefit from short term capital appreciation. It is lauded by tourism operators for its nature reserves, unspoiled beaches and very low-priced duty-free shops.

 

 

Nick Spicer from Signatureoverseasproperties.com one of the agents selling homes on Margarita is selling property to British buyers, "Prices have been rising by 10 per cent a year on average. One could take confidence from other Caribbean destinations such as St Lucia, where property prices have risen by 20-35 per cent in the last two years and in some cases by up to 70 per cent. Margarita will be developed into a central hub for foreign visitors. A major pulling factor for future visitors is a tax and duty-free zone," nick says. There should be a good rental market too - the local tourist board says there is an 11,000-bed accommodation shortage. there are also two 18 hole golf courses on the island ,and a whisper that formula 1 circuit will be built there in 2008 ,then watch the value of properties soar  

 

 

Ashes-winning England cricket captain Michael Vaughan has bought a four bedroom Villa with a private pool in Piedra Negara in the north of the island. On an estate of ranch-style houses, it will be ready from next summer and costs from £199,000 the homes are set on a guarded, beachside resort overlooking the Caribbean and are surrounded by gardens, communal pools, tennis courts and BBQ areas. 'It all happened so easily.' says Vaughan. 'We're going to be holidaying in one of the most beautiful places in the world.'

 

 

Margarita Island is a tax and duty free zone. There is also no VAT on the island.

 

The island appears to be trying to distance itself from the US, which may insulate it from a fall in US tourism. Visitors come from Germany, Netherlands, Spain, Switzerland, Canada, Britain, mainland Venezuela and Russia. The island is undergoing what its tourist authorities call "a global relaunch", with press and TV campaigns in Europe and Asia, not just the Americas.

 

Buying a property is very straightforward. Foreigners need only have a valid passport and tourist visa (plus the money, of course), and there's no limit on the number of homes that can be purchased. In effect, visitors have exactly the same purchasing rights as locally born residents. More details here