Margarita Island, just off the coast of Venezuela, is taking centre stage in much of the Central American property news. Tourism to the island is growing, reportedly rising about 12 per cent in 2006. The most exciting development for Margarita is the approval of approval for a $350 (£180) million F1 Grand Prix Racing Circuit, which will generate a great deal of interest in the island. Marina Caribe, in Porlamar, is a Central American property development close to one of the many stunning Margarita beaches. Marina Caribe is comprised of studios and one- and two-bedroom apartments. On-site there will be swimming pools, a rooftop Spa and upper floor restaurant and other such facilities. Prices start from £45,000.
The complex of Viento y Agua (pictured) is located 30 minutes from Porlamar airport. The properties are located in one of two blocks, and come with fitted kitchens and bathrooms. Each block contains leisure facilities and swimming pool. Apartments are priced from approximately £37,000.

Proving its worth as Central America's property hotspot, Panama will soon be home to skyscraping residential project Los Faros de Panama. With the complex slated to comprise 2,000 apartments, prices are expected to start from approximately £105,000.

Also in Panama, real estate agent Carla Rayman has just reported on two new developments: A 500-acre gated golf community and a beachfront development, both an hour's drive from Panama City. The golf properties enjoy a mixture of views from the ocean, mountains or golf course and are on the market from around £150,000. The beachfront development features a grocery, restaurants, and biking trails. The development offers a Central American property for little more than £100,000.

Rayman has also reported on a new development situated on the beach in Jaco, Costa Rica. All properties come with balconies, marble floors and kitchen and bathroom appliances. Prices are between £165,000 and £285,000.

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Article first published 13th April 2007