isla margarita investment property
News Posted On: 24 April 2009
Overseas property portal Property Abroad has announced the addition of a new off-plan development on the Caribbean island of Margarita just off the coast of Venezuela. Les Calvert, company director commented on the new development:
"Venezuela gets a lot of bad press, but Margarita Island is a very promising new emerging market. It is the only Caribbean island outside the hurricane belt, and the climate is hot but not too hot all year round. Property prices are very reasonable considering the tourism figures, which rose by between 300,000 and 500,000 per year between 2004 and 2008 and are expected to continue to rise strongly in 2009.
This is because Margarita has all the strengths of the Dominican Republic, namely the climate and everything being incredibly cheap, but none of the downsides namely reputation of high crime because of proximity to Haiti.
"As Margarita emerges as a popular holiday destination," he continued, "the growing tourism industry continues to spread affluence across the island, living costs rise including the cost of building materials, wages grow including builders and laborers, and house prices are driven up rapidly.
This growth has been stunted but not stopped by the global downturn. Margarita tourism will grow even more quickly if the proposed F1 circuit goes ahead on the island. Either way Margarita property will grow in value by at least 10% in 2009, and 15-20% in 2010."
As Les said Margarita property is among the cheapest in the Caribbean. For instance a 1 bedroom off-plan apartment on Margarita Island's Caracola Beach Resort & Spa development is available from £58,800. Not the lowest price ever recorded, but considering that Caracola is a five star fully equipped resort development, the main doors open right onto a sun-soaked Caribbean beach, and the apartments are the absolute lap of luxury; the price becomes incredible value for money.
The SIPP compliant apartments come with a construction quality guarantee alongside a 7% net guaranteed rental yield for the first 10 years.
Property Abroad have several other Caribbean properties in Venezuela, including a 4 bedroom villa on Margarita island priced under £200k, find out more by visiting the site.
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