Caribbean

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Property in Margarita

Margarita Island is proving a popular place to buy Caribbean properties at low prices and is also one of the few places in the world where a foreigner can actually own properties with little restrictions for under £40,000. Investors benefit from the islands tax free zone and the growing tourist industry. There is a huge shortage of 2 bedroom properties for rental on the island and with direct flights from the UK Margarita is proving irresistible to investors. Property in Margarita recently made the headlines when England cricket captain Michael Vaughan announced that he had bought a four bedroom Villa with a private pool in Piedra Negara in the north of the island. Recently there has been a strong interest in Margarita. The types of buyer is also a surprise, they are a mixture of investors and some who are looking to retire to the sun. One buyer said that he found January so depressing in the UK and calculated that he could live very well on his retirement pension in a warm hurricane free environment.’

This is a picture of a resort on Margarita

A beautiful Caribbean island with property at low prices

The Caribbean is proving to be a veritable cornucopia of tropical real estate at the moment. Just as people were starting to notice that prices elsewhere in the Caribbean archipelago were inching up, along comes Isla Margarita to stun you with its unbelievably low property prices and cost of living. Isla Margarita, 40km off the northeastern coastline of Venezuela, is relatively unknown to the European foreign property investor. This little corner of the world is part of the Venezuelan state of Nueva Esparta, and comprises Isla Margarita, Isla Coche and Isla Cubagua. The Venezuelans seem to have known about Margarita for a while though and the Island’s usual 300,000 population can experience a sudden burst in the summer holidays. With 320 days of sunshine and duty-free shopping, it’s time that Venezuelans shared this gem of the Caribbean with the rest of the world. As South America’s richest country, Venezuela enjoys the wealth of being an oil producing nation. However, putting all your eggs in one basket is never a good plan and increased tourism is the next target to capture foreign investment. But there is more than just nice weather (25 – 30 degrees all year) and cheap alcohol to keep the holidaymakers and property investors interested in Isla Margarita, it is simply beautiful. Turquoise oceans, footprint free beaches, imposing mountain scenery to inspire even the most seasoned traveler and a sports scene to keep the adrenaline junkies coming back for more. Windsurfing, sailing, perfect scuba diving conditions and golfers are soon to be served with a second golf course.

Venezuelan property push

With the re-election of President Chavez, the Venezuelan property market looks set to become increasingly popular with overseas property buyers. The comparatively low cost of entering the Venezuelan property market and of living in the country, as well as its Andean and Amazonian peaks and northern beaches, are proving an attractive proposition for those looking to invest among the rising property prices of the Caribbean market. Current figures show that capital growth in Isle Margarita, off the north-eastern coast of the country, is around 35 per cent, making it a popular spot for those investing in Venezuelan property. With 320 days of sunshine, duty-free shopping and a $350 million Formula One Circuit to begin construction shortly, the Isle is likely to become a major tourist destination. Being an emerging market and bearing in mind the current low prices, this could be just the tip of the iceberg for Margarita. Rental incomes are approximately 6-8 per cent per annum, and with the increased Venezuelan tourism drive, your property will also pay its way. As for the general cost of living on Isla Margarita, it is low. With oil being its main export, fuel for example is ridiculously cheap. Filling up a 4×4 will cost somewhere in the region of £1.50 in total. For further details of properties on Isle Margarita please contact our office.

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". Overseas property buyers a range of property is available 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.

All year good weather is an attraction

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

What you get for your money

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.

Typical property in Margarita

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

A good time to buy property in 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.

England cricket captain has chosen Margarita

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.'

The tax situation on Margarita

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 re-launch", with press and TV campaigns in Europe and Asia, not just the Americas.

How to buy property in Margarita

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.