It seems to generate a good healthy discussion when a new area is brought to the table so I thought I would throw this one to the lions!

Margarita is emerging now on the overseas property market as a good "entry level" product for the Caribbean. Prices are 70% cheaper than other Caribbean islands, the beaches are superb (yes ive been) cost of living is unbelievable, flights are pretty good and improving all the time, established tourism market, mainly Canadian & European.

What are your thoughts...


R

As you know or will find out soon, Chavez is going to put hefty taxes on second homes in Venezuela. This also applies to Margarita which is part of Venezuela.

Venezuela is quickly becoming a comunist country, this also implies confiscation of property owned by foreigners..

Avoid.

WOW Catara, that is a bold statement

Are these your opinions or are you quoting fact? I know Venezuela is a bit unpredictable but I also know that they are activly encourgaing foreign investment (perhaps so they can snatch it off you after you have paid ) It is a beautiful island with a real South American feel to it. It is also a safer island than many other Caribbean islands.

I have very close ties with one of Venezuelas largest construction companies, I think this is a great punt but that is what makes this industry so enjoyable! It would be very boring if we all bought the same place wouldnt it!

Cheers

R

Go to

http://news.yahoo.com/s/ap/20070122/ap_on_...venezuela_us_18

It is written that: "Criticizing excessive consumption and self-indulgence, Chavez also announced plans in his broadcast to raise domestic gasoline prices and approve a new tax on luxury goods such as private yachts, second homes and extravagant automobiles."

It clearly states the plans to put a new tax on second homes.

I agree that Margarita Island is an excellent option, if Chavez plans do not materialize.

Interesting article. thanks for posting the link.

I think the tax on the second home refers to Venezuelans, it is not clear if this will effect foreign owners, guess we will have to wait & see. It is of course a worry that I might have to pay $3 to fill my car up instead of the $2 it cost me last time (no, I am not joking!!)

I agree that this is more a gamble than many opportunities out there, I also think the rewards are potentially fantastic.

A Caribbean beach front condo in Porlamar, next the Hilton hotel, right on the beach overlooking the Marina....£50,000

Only time will tell if that is £50,000 well spent

R

R

Im interested in the Condo as Im new to Condo investing.

Ive reserved on a 5 star resort in Morocco a beach front (nothing at all in front) Condo. The resort has 2 18 hole golf courses ON SITE, not down the road, plus a large yatch marina and about 9 hotels, many shops etc. Its backed by the Government so in very much an upscale exclusive resort.

The price is £75000, for 50m2.

Could you give me a run down of yours as Im trying to see what value this Moroccan one offers.

Margarita is growing so fast, many new developments on te island, including plans for a F1 track and disney world theme park. We have seen the changes over the past 4 years and the prices booming, hundreds of new companies opening here and many touristic atractions finance by the goverment. We truly believe in Margarita.

looked at it a few years ago....but in recent years Mr.Chavez has not given me much confidence that i will get to keep it long term...

i would definetly go there for a holiday, but as for buying..i think not.....i would prefer something abit further up, with a more established rental market......although all those latino chica's is an appealing selling point......


thats just me.....others will still buy there and probaly do ok as long as they actually get to keep it......i mean if the some of the oil companies get shafted, what hope has the ordinary joe got!!!!!!

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