Margarita a hidden gem

Margarita, one of the Caribbean islands discovered by Christopher Columbus on his third voyage to the Americas in 1498, is one of the cheapest places to buy property according to experts looking at the area.

There are bargains with guaranteed high yield income from an island where tourism is growing but not yet 'spoiling' the location. It is home to fortresses and cathedrals left behind by the fire European inhabitants who enjoyed the lush countryside and beautiful beaches.

'It's an ideal location as it's in the Caribbean, and it's probably one of the cheapest places in the Caribbean to buy property. You can buy brand new property in Margarita from £30,000 upwards and some with guaranteed high yield rental income built into the price as well,' said Len Calvert of Property-Abroad.com.

Located off the north east coast of Venezuela it is the largest and most developed of the Neuva Esparta islands and has an average of 320 days of sunshine a year. It does not experience the extreme weather conditions of other Caribbean islands and is outside the hurricane belt. The political situation in Venezuela should not put investors off as the conflict between President Hugo Chavez and the USA is not as bad as some have made out, Calvert concluded.

The resident population of 350,000 increases dramatically in the tourist season. The island boasts many modern shopping centres of an international standard, nightclubs, entertainment centres and an abundance of restaurants. Activities include scuba diving, wind surfing, snorkelling, horseback riding, fishing, boating, golf and much more.

Reasons for investing include direct flights to Margarita from the UK, Holland and Germany. A range of international airlines fly into Caracas, the capital of Venezuela and Margarita is a 35 minute on-ward flight.

The island is popular with the sailing community who anchor principally at the Concorde Hotel Bay at Porlamor. El Yaque beach is a world famous destination for windsurfing and related beach sports.

Property is currently up to 70% cheaper than other Caribbean islands. There are virtually no property taxes; no local tax on income, low crime rates and the island has a booming economy and low cost of living. There is even a F1 circuit.

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