Viento y Agua property development on Margarita Island

Known as the ‘pearl of the Caribbean’, being the world’s principal source of natural pearls, few people seem to have heard of Margarita Island, and it is more likely the drinkable Tequila version comes to mind rather than a Caribbean island. Discovered along with a slightly larger land mass the USA by Christopher Columbus in 1498, the slightly smaller 940-square-kilometre Isla Margarita is located 38 kilometres off the north shore of Venezuela, this mountainous tropical “Gateway to Venezuela” has long been a favourite South American getaway.

It is no surprise Columbus believed he had happened upon paradise as Margarita presently boasts no less than 50 beaches spread along 106 miles of pristine coastline but yet whose pristine setting remains a secret Caribbean island hardly known about – except for bar a handful of Venezuelans and Columbian tourists. However, according to Corportur, the state of Nueva Esparta tourist agency, tourism was up 12% in 2006, recieving some 250,000 more tourists than in 2005. Now this Caribbean secret is out…

Together with Coche and Cubagua, Margarita is the third largest island which comprises the
state of Nueva Esparta and lies just 25 miles off the North East Caribbean coast of Venezuela, roughly halfway between Trinidad and Bonaire. Arrival is usually by sea or air given the island’s landing strip is a mere 30-minute hop from Caracas into Margarita’s Santiago Marino International Airport whose remodelling project is just about complete. These days Isla Margarita is anything but an undeveloped, back-of-beyond backwater, with steady resort growth over the past twenty years have come casinos, major five-star hotel brands and UK tour operators, a championship golf course, and a disco-rich nightlife in the Costa Azul suburb in the commercial city centre of Porlamar. Porlamar’s main port area, centres around the Puerto de la Mar pier which opened in 2002 for cruise ship passengers, tourists and a veritable United Nations of cruising sailboats, to disembark in downtown Porlamar in readiness for a day of waterfront duty-free shopping long since a standby here for Venezuelans, who favour the imported cheeses, perfumes, and liquors whilst foreign visitors tend to search out buys in handicrafts such as hammocks and pottery. It is estimated the new port will bring in 600,000 new tourists per year providing the incentive for the urban and economic revitalization of Porlamar. Tourists will soon enjoy cafes, restaurants, designer stores and cultural entertainment, among other things day trips to explore the attractions in the islands.

Venezuela has put itself on the map as a wealthy country with its own natural oil reserves, having reaped over $50 Billion USD in oil sales in 2006, most notably a recent oil for advice tie-up with the mayor of London. A recent issue of “The Economist”, makes Venezuela the fastest growing country in the world, putting its main tourist centre of Isla Margarita in a prime position to benefit from this growth thanks to a triple identity as an Andean, Amazonian and Caribbean country. This growth is already underway with approval back in April 2006 for The Simon Bolivar International F1 Grand Prix Racing Circuit, by the State Government of Nueva Esparta and the National Sports of Venezula (IND). The F1 circuit is expected to cost 350 million dollars and will include a racing academy, originally planned for the Shanghai International circuit but never came to fruition. Under the direction of Formula 1, FIA chiefs and accompanied by German project architect Hermann Tilke, it is envisaged the racing complex will be located in Punta de Piedras in Margarita’s southern Tubores municipality and should complete in October 2007. The magnitude of a project of this size is set to have a major impact on the Island of Margarita, instantly catapulting it into one of the Caribbean’s most appealing destinations and boosting the fortunes of not only the islands tourism revenues but those of its 373,742 Margaritenos through the numerous jobs it will create.

Isla Magarita principal asset is its idyllic setting, a sandy paradise washed by the glittering green and turquoise Caribbean waters. An island rich in culture, heritage and nature offers buyers a host of leisure options. Surrounded by a ragged crop of outlying coral islets, 200 reefs and sandbars, chartering a boat is a perfect way to take in this amazing desert island collection and offers some of world best diving opportunities as well as bird-watching and excellent deep fishing. Alternatively saddle up and take a horse ride along on one of those majestic beaches or catch the waves on Margarita’s El Yaque beach whose Atlantic waters are a haven for windsurfing fans. La Restinga National Park consists of 25,000 acres of wetlands and is Margarita’s most visited attraction, here you can experience jungle trekking and wildlife watching at its very best. Finally there is Playa El Agua, arguably the most popular beach on Margarita Island, and with good reason. Apart from the beautiful people who flock there, the three-mile-long beach is lined with palm trees, bars and cafes. Most visitors tend to be European and South American. Out of the hurricane path Margarita enjoys a perfect climate with 320 days of sunshine each year.

With increased tourism demand comes new buildings and condominiums and just 900 metres from Playa El Agua, the Residential Complex Viento y Agua (Wind and Water) is a private secured complex formed by two ‘towers’ of 51 apartments each. Each tower enjoys independent recreational areas with swimming pool, sports and play grounds set within landscaped gardens with walkways.

The developments architecture has been designed to create attractive accommodation, with the aim of satisfying the demanding requirements of the rental market on Margarita Island which currently suffers from a deficit of over 5,000 holiday rentals. Completion is estimated for October 2007. All maintenance, repair services, security, cleaning, gardening, common areas, and rentals will be managed for owners. All freehold property is priced in euros to avoid any currency fluctuations with the local Bolívar although U.S. dollars are widely accepted. Prices start at

Residential Complex Viento y Agua is situated 30 minutes from the airport of Porlamar which offers direct flights available from London Heathrow and Manchester Airports. Scheduled 40 minute flights are also available with a number of airlines via Caracas Airport in Venezuela whilst the express ferry service connects the mainland, Caracas (La Guaira) to the island and costs around $80 round-trip.

Known for its reputation as an island getaway, Margarita Island offers the same amenities as its Caribbean neighbours:, excellent white sand beaches, watersports, natural parks, golf courses, but all at a fraction of the price. Property on Margarita Island is generally far less expensive than similar Caribbean luxury property and real estate on Margarita Island has really started to gather pace with figures showing that capital growth is around 35% and the reason why new off-plan property developments on the increase.

A low cost of living and with oil being its main export, fuel is ridiculously cheap with a full 4×4 tank costing a driver somewhere around £1.50 in total. Margarita Island is tax free and duty free so any property gains are liability to local capital gains tax.

Whether you fly into Margarita and stay for its shopping, beaches and mountains or travel by boat to some of the more remote islands for spectacular diving and fishing, Venezuela’s offshore islands have something for everyone. Here it is still possible to own a piece of paradise at a very affordable price. They are the best of the Caribbean.

Viento y Agua apartment prices start from €55,000 rising to 169000 for a three bedroom property. Investors have the option to enter into a two year guaranteed rental income contract offering 8% of the purchase price per year with 1 month of private usage included. Viento y Agua will be managed for owners and rented out for at least 150 days of the year with approximate rental rates of $60 to $100 per night.

The properties come with fitted kitchens, fitted bathrooms and tiled floors. Furniture packages are available for owners and start from approximately €5,000 depending on the size of the property.

On the market with Imoinvest International, for more details on the Viento y Agua Apartments on Margarita Island, Venezuela click here.

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