Margarita: new hotspot?

Despite the global economic crisis property prices in Margarita Island, located north east of mainland Venezuela, have continued to appreciate in value, as well as yield high rental returns, due to the cheap nature of property values on the island, according to Marie Campbell of Overseas Property Worldwide

Campbell says that property values in Margarita Island, one of three islands comprising the state of Neuva Esparta, a tax and duty free zone, were so cheap to begin with, particularly in comparison to property in Venezuela mainland, that the only way was upwards.

"Isla Margarita in the Caribbean offers a millionaire's lifestyle and caviar dreams for a fraction of the price", says Campbell. "The island offers a wonderful, quality way of life and the people are always smiling."

Overseas Property Worldwide is currently offering units in an apart-hotel development, Hotel Marina Caribe, for sale. The furnished hotel suites with sea views, 150 meters start from £24,500 which includes all fees and lawyer.

Campbell says that an annual rental return of up to 20 per cent will be achievable in Hotel Marina Caribe, while she expects the resale price to appreciate "significantly" during the constructions phase.

Building work on the project starts in October 2009 and is due for completion in late 2011.