Isla Margarita - Affordable Caribbean Paradise

News reaches us that Formula One Grand Prix are coming to the exclusive Caribbean Island of Margarita!

Plans for a new F1 racetrack near the Airport have been given the green light. It´s believed the FIA have invested in the project and it will host a new round of the F1 schedule. For an island population of approximately 350,000, it will be a shock when 100,000+ race fans turn up to follow the Grand Prix circus. See Wikipedia

We doubt the Island will have ever experienced such a huge flush of wealthy tourists, and hotel accomodation is going to be at a serious premium. Just another reason we see little Margarita as the BEST property investment in the Americas.

Property in the Caribbean has always been at a premium, at least the prices say so, but not Margarita Island. A duty free paradise, just off the north coast of Venezuela. it boasts some of the best beaches and climate in the region, 300 sun days a year, only a small rainy season* and no hurricanes!

The reason we mention ´Duty Free´ because it has become a shopping haven for those looking for luxury goods items at bargain prices, but it goes further than that. Petrol prices are less than 10p a gallon, no joking! All the good things in life, things heavily taxed, are ridiculously cheap! Including some property!

Oct 07 - Venezuela announces it is way ahead of schedule in acheiving the UN Millenium Goals program, aimed at reducing ´Poverty , Disease and Illiteracy ´in it´s country by 50%. Extreme poverty rate is below 8%. Current literacy rate is over 96%.

New Flights announced from Toronto with Air Canada (4 flights a week).

Nov 07 -  Venezuela, the world´s sixth-largest oil exporter, is ready to pump 33,000 barrels a day of oil and 15 million cubic feet a day of natural gas from the Corocoro field abandoned by ConocoPhillips, Exterran Holdings Inc. said.

Exterran unit Hanover of Venezuela CA built and installed an "intermediate production facility" to pump the fluids while construction continues, spokesman Rick Goins said on Monday in an interview from Houston. The facility will start up "very soon."

The Corocoro project, off the northeast coast of Venezuela near Trinidad, will produce the country´s first barrels of offshore oil. It was operated by ConocoPhillips until June 26, when the company abandoned its projects in Venezuela because the government demanded control over heavy oil production and refining ventures.

The project will boost Venezuela´s production from its September level of 2.42 million barrels a day, according to a Bloomberg estimate.

Eni SpA, Italy´s biggest oil company, has a 26 percent stake in the Corocoro project.

* Rainy Season - Margarita has two wet periods, one at the end of November/December and a brief one in May/June. Each one is a couple of weeks and rain tends to come in brief but torrential showers. Generally speaking, if you see it about to rain, wait under cover for 20 minutes and return to beautiful sunshine.

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