2 Bedroom Apartments on Margarita Island

Property reference

prunt5

Prices from
EUR 110,303

Bedrooms:	2	Tenure:	Freehold
Bathrooms:		Property age:	New

Porlamar ~ Margarita Island ~ Caribbean

6% Guaranteed Rental income

2 Bedroom apartments from only �110,303 - �111,384

LOCATION

La Isla Margarita, known as the "Pearl of the Caribbean", is a mountainous tropical Caribbean island located 38km off the north shore of Venezuela situated west of Trinidad and Tobago and south of Grenada, only 11 degrees north of the equator. This tax free Island is the most southerly of the Caribbean Islands overshadowed by its �big boy� neighbours, such as the Bahamas, St Lucia, Trinidad & Tobago, Barbados and Jamaica. The island is located under the hurricane belt and therefore is not affected by severe storms or hurricanes. On Saint Margarita Island it is still possible to own a piece of paradise at a very affordable price compared to other Caribbean islands. Margarita is very similar to the Dominican Republic, however Margarita Island has a much higher standard of infrastructure in place
The island is tax free and duty free. The low cost of living on the island is unbelievable. A full tank of petrol costs only �1.50 and a bottle of alcahol ie Gordons Gin costs �2!
Visitors today will be surprised by the development on the island. The governor has encouraged the infrastructural progress of the island with newly built roads, modern shopping centres and excellent tourist facilities such as aquaparks and theme parks. Large investments from the Venezuelan government mean that the island is much further advanced from a tourist�s points of view than many other islands in the Caribbean.

The number of visitors to Margarita is increasing every year. At least 60% of Margarita�s tourism comes from Venezuela�s mainland, therefore the island does not rely on American or European tourism to keep up revenues. At present the tourism from the UK has increased significantly with regular flights and package holidays to the island throughout the year. Margarita welcomes many English, Scandinavians, Germans, Canadians, Italians, Brazilians and now the interest in visiting this beauty has attracted many Irish tourists too.

At present there is a significant deficit of accommodation on the island to cater for the growing tourist market (approx 11,000 units), hotels and holiday apartments remain at full occupancy for at least 130 days of the year. Peak season on the island covers the summer months of June, July and August, December and January, Carnival in February and Easter. A 2 bedroom apartments will rent for approximately �80 to �100 per night

Porlamar

Is the largest city and commercial hub of the Island. Here you will find numerous shops, bars, restaurants and banks. The main attraction is the very impressive �Sambil�, a modern shopping complex. Here you can shop to you hearts content in designer shops such as Tommy Hilfiger, Timberland, Dexter, Dolce & Vita, plus many more, and all duty free, You will also find restaurants offering all types of cuisine and a very modern cinema offering all the latest �block-busters�

Porlamar has modern buildings and sophisticated boutiques offering the very best in clothing and decorations. Bodegones (delicatessens) full with fine wines and exquisite food imported from all over the world. The Free Market Conjeros with handcraft stores, picturesque kiosks and restaurants offers French, Italian, Japanese and International dishes as well as local ones.

THE RESIDENCE

An exclusive development of 24 apartments frontline to Margarita Golf Course. Hoyo 17 is a small complex of 24 two bedroom apartments situated just outside the main city of Porlamar only 200 metres from a private sandy beach. The complex offers a prime location facing frontline onto Margarita�s Golf Course with stunning views onto the fairways. The development offers direct access onto the golf course and to local beach

Hoyo 17 offers 2 bedroom 2 bathroom apartments with private parking for only �110,000 with a rental guarantee of 6% for 4 years. The properties are situated in an exclusive residential area next to Porlamar which will attract short term and long term tenants. The apartments will be managed and rented out for owners throughout the year. Owners can avail of an 6% guaranteed rent on the purchase price per year with 6 weeks personal use off season. Another option for purchasers is to sign up a more flexible rental contract with the management company and pay a 15% commission on yearly rental income during the weeks they want to rent their property.

All apartments come with air conditioning and balconies and benefit from views of the golf course. Furniture packages are available from the developers upon completion for an extra �7,000. The complex will be complete by October 2008.

When purchasing a property in Margarita there is very little extra costs investors need to budget for as there is no stamp duty or purchase tax as it is a tax free island. The same applies for selling property on Margarita, there is no local capital gains tax. However, owners must be responsible for paying capital gains tax in Ireland on any profit from the sale. Purchasers need to allow for approximately 3,000 euros for legal fees and title deed registration when purchasing a property and the same sum applies when selling the property.

On a yearly basis owners will be responsible for paying property insurance, condominium fees and local municipality fees such as water charges and rubbish collection

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