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," said Carley Todd, GEM Estates Isle Margarita expert. "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," added Todd. "With oil being its main export, fuel for example is ridiculously cheap. Filling up a 4x4 will cost somewhere in the region of £1.50 in total."

New apartment resort Los Cayos, near Moreno beach on Isle Margarita, is arranged over four blocks. Prices for a two-bedroom, two-bathroom apartment start from 67,000 euros (£45,000).

Los Cayos is unlikely to be the last we hear of the Venezuelan property market!

For further information:
Gem Estates

Additional Information by Sarah Drane
Weather - Average temperatures are 25 to 30º C throughout the year. The wind is mainly north-easterly and the good news is that it is blessedly out of the hurricane belt. The Island gets 55 centimetres of rain per year and high season is from December to April and then July to September.

How to get there – It's approximately nine hours to travel to Isla Margarita. British Airways have a Gatwick to Caracas route with then a connecting flight to Porlamar Airport. First Choice flies direct to Porlamar from Gatwick all year round and from Manchester from May to October.

History and Government - Discovered by the ubiquitous Christopher Columbus around 1498, he thought it possibly one of the most beautiful places he had ever seen and called it 'Tierra de Gracia' (Land of Grace). It became independent from Spain in 1811 but it wasn't until Simon Bolivar, freedom fighter extraordinaire, won the Battle of Carabobo in 1821 that Venezuela had full sovereignty. The early 19th and 20th centuries were characterized by political struggles, dictatorial rule and military interference but democracy won out by 1958 and the Island has had an uninterrupted democratic civilian rule ever since.

Culture and Attractions - Being a Catholic country there are pretty churches all over the Island. However, if shopping is up your street then there are various markets all over the Island to haggle in. Traditional hand-woven hammocks can be bargained for in La Vecindad and Santa Ana, in San Juan Bautista, typical Caribbean straw hats are intricately woven by date palm leaves and in the village of El Cercado you can see the local artisans produce some wonderful pottery. The landscape of Isla Margarita is awesome and you should not miss a trip to La Laguna Restinga National Park, a lagoon filled with mangroves, seahorses and oysters. Purely for comedy value, you should also pay a visit to Las Tetas de Maria Guevara, a pair of conical hills named after a young lady's chest...

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Sarah Drane, Purple Cake Factory

Article published on 6 December 2006