Hidden Property Hotspots: Isla de Margarita, 40% cheaper than other Caribbean Island

TheMoveChannel.com reports on a number of new developments in Margarita, including:

Oceano Resort Residences (From £86,080, guaranteed 8% rental income for 10 years).

Currently Margarita is 40% cheaper than other Caribbean islands.Isla de Margarita is a paradise island in the sun. With breathtaking beaches, increasing tourism and affordable apartments, this idyllic isle is fast becoming a desired destination for property aficionados.

Where is it?

Isla Margarita (Margarita Island) is a mountainous, tropical, Caribbean island situated off the north shore of Venezuela . The largest island of the Nueva Esparta State, which also contains two smaller islands: Cubagua and Coche.

The island is split into two segments, slightly linked by 24km sand spit, which separates the sea from the Restinga Lagoon National Park.

What’s the Appeal?

Margarita’s weather is hot and dry with temperatures rising close to 40°C, while the rainfall throughout the year is minimal. Athough situated within the Caribbean, Margarita it is not in the hurricane belt, unlike most other islands in the vicinity.

Fondly referred to as the “Pearl of the Caribbean,” Margarita is blessed with some wonderful beaches, the biggest and busiest being Playa El Agua, which has soft white sand, clear blue waters and is bejeweled with coconut palms.

Access to Margarita Island is by ferry or by airplane, with an international airport based 25 kilometers from the popular city of Porlamar.

The island has been a tax, VAT and duty free zone since the Sixties. The buyer of a property doesn’t pay any tax on the purchase, only a normal 0.5 per cent sales tax, one percent for land registry and $100 for the notary. There is an annual property tax of about $100.

Mortgages are not available in Margarita property for foreign nationals, and in any case interest rates are extremely high, close to 30%. But anyone can buy property and the purchasing process is fairly straightforward.

The property market in Porlamar is very active due to the city being the hub of commerce, entertainment and social life on Margarita Island. Most of the islands 300,000 inhabitants live and work in Porlamar and the area has a wide choice of shops, restaurants, bars, nightclubs and discothèques.

A development on the eastern fringes of Porlamar soon to be completed is the Caracola Beach & Spa Resort, which comprises of 1244 apartments & duplexes spread over 15 floors.

The resort will have a multitude of services & facilities, including: restaurants, bars, spa, gymnasium, beauty salon, retail shops, swimming pools as well as hammocks, sun beds and chill-out areas strategically located throughout the beautifully landscaped grounds.

Who’s Moving In?

Margarita is fast becoming a firm favourite with those looking to retire somewhere sunny, serene and affordable.

A number of foreigners have bought in Isla de Margarita, including British, Spanish and American investors, but the main interest has been from Venezuelans.

The most beautiful of Venezuela’s 22 islands, Margarita is hurricane free, has year round sunshine, lovely beaches, tranquil waters, a tax free status and property prices that compare favourably with other Caribbean islands. Is there any wonder that this island is so sought after?

What’s on Offer?

The Marina Caribe Resort is a superb apart-hotel development comprising of 184 units made up of studios and one and two bedroom apartments.

With the beach, the marina and a selection of wonderful bars and restaurants nearby, this complex is in a fantastic location.

All apartments come fully furnished and there are no legal fees, as well as a 10 year rental scheme, with the first two years offering 8% guaranteed return. Prices start from £52,000.

Coche Island Hotel, Villas & Spa is an exclusive off-plan luxury Boutique style Hotel with a Gym, restaurants and amenities situated off main land Margarita Island. Phase one of the complex consists of just 28 Villas built on stilts. Each property has its own outside Jacuzzi.

The high spec villas are priced at only £100,000, which allows for huge growth potential on capital and recent hotel consultants confirmed that Coche island properties are expected to give owners up to 14% rental income based on occupancy levels and room rates.

Dan Johnson, Managing Director, comments “The rental potential in Margarita is six to eight per cent per annum and current figures show capital growth of 32 per cent. Prices on the island are very affordable compared to other Caribbean destinations.”

For more information on Venezuela Property and Caribbean property in general please visit http://www.themovechannel.com/

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Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information as well as images and interview possibilities, please contact:

Dan Johnson
Managing Director
www.TheMoveChannel.com
0207 952 7650