Margarita to 'jump in value'
Brought to you by Emerging Earth, the home of Caribbean property investment news.
The Venezuelan island of Margarita offers a good investment opportunity for property buyers because prices are expected to rise dramatically over the next few years, according to Right Move.
Conor Johnson, chief executive officer of the Irish offices of Right Move, told the Irish Independent that the up and coming property market on Isla Margarita currently has relatively low prices, making it an attractive place to buy.
Isla Margarita, situated off the north-east coast of Venezuela, became a duty free state in the 1970s and is now a popular holiday destination among wealthy Venezuelans.
Earlier this year, Right Move said that rental yields in Isla Margarita are being pushed up by a housing shortage on the mainland.
The Irish Independent reported that, according to local authorities, property on the island "will pay for itself in terms of rental income" while also increasing in capital value over the next five years by as much as 100 per cent.
"Margarita is an emerging market with a low entry level that is expected to jump in value over the next five years," said Mr Johnson.
"This information is great news for any company that is operating in regards to property in the Margarita area. Overseas investment will pour into the country in the property market over the coming years as investors are educated in the potential capital growth this area has.
"If Margarita follows the trend of other Caribbean islands' capital growth over the last few years, there is a lot of profit to be made," Will Jackson, Emerging Earth.
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