Margarita Island: A Hot Caribbean Investment
Posted by Rebecca Sale on 12 th in DSR, Investment Property on 12th of November 2010In 1948, Christopher Columbus discovered Margarita Island. Since then thousands of tourists and hundreds of shrewd property investors have also discovered their own Caribbean paradise.
It is Margarita’s booming property market, due to excess domestic demand, strong economic growth and mass tourism, which is particularly attracting foreign investors.
DSR currently has four properties in Margarita, and as all their properties are Condominiums they will be exempt from any laws imposed by the Venezuelan government on Venezuelan and Margarita property.
The Apartment Margarita Plaza is available for just £55,000 and is located in Porlamar – the largest commercial centre on the island filled with restaurants, bars and cafes all within easy walking distance of the beach. The 2 double bedroom, 2 bathroom apartment with fully fitted kitchen, breakfast bar and separate dining room is just 30 seconds walk from the beach, but owners don’t have to walk that far if they want to use the swimming pool or Jacuzzi.
Then there’s the Caracola Beach and Spa Resort overlooking the stunning Caracola beach. Each apartment will have a fully fitted kitchen (including white goods), climate control air systems and furniture. All bathrooms will be fitted with Roca or equivalent sanitary ware, and the development has plenty of semi-covered parking. The building is an eco-sensitive design with a thermally efficient environment and has a 10 year guarantee. Apartments range in size from 58.3m2 to 125.8m2 and prices start from £63,000.
There is also the Bahia De Coche, which includes 88 fully furnished, fully serviced beach front double apartment suites on the island of Coche just off the coast of Margarita. Residents enjoy direct access to the beach as well as full use of the swimming poll, Jacuzzi, large green areas, restaurant and bar as well as other amenities such as free laundry, cleaning and housekeeping. Prices start at £44,000.
The last property in DSR’s portfolio is the San Marino Complex, where 1-4 bedroom apartments are available for as low as £30,000.
Buying any of these properties is straight forward and cheap as Margarita has been a tax, VAT and duty free zone since the sixties. The purchaser of property doesn’t pay any tax on the purchase, only a nominal 0.5 percent sales tax, one percent for land registry and $100 for the notary. There is no need for residency to live on the island and the annual property tax is around $100.
