Margarita Island's cited for investment

Thursday, 17, Apr 2008 07:38

The Margarita Islands, off the coast of Venezuela have been identified for their investment potential and comparatively low prices.

While buyers tend to focus their attention on a handful of established destinations - including France, Spain, eastern Europe and America - the trio of tiny islands could prove attractive.

That is according to the Association of International Property Professionals (AIPP), which argues price is the key draw.

"The scenery and the beaches are very nice and comparable to other places in the Caribbean and the real attraction is the prices, which are a fraction of what you would pay in Barbados or other popular destinations," said Justin Figgins, overseas director at the AIPP.

However, there are drawbacks to investment on the islands.

"The biggest negative is accessibility. Margarita Island is not as accessible as other Caribbean islands," added Mr Figgins.

The Margarita Island's are the largest islands of the Nueva Esparta state in Venezuela, situated in the Caribbean Sea, off the northeastern coast of the country.

The state also contains two other smaller islands: Coche; and Cubagua.

The capital is La Asunción, located in a river valley of the same name. Primary industries on the island include tourism, fishing and construction.

Its population of all three islands is approximately 420,000.