Saturday 17th May- Inspection Trip Isla Margarita

Posted on May 19, 2008. Filed under: Isla Margarita | Tags: , , , |

Writen 06.20 am Sunday 18th May 2009

Again an other early morning due to the time difference, although lack of a decent amount of sleep after sampling the local night life and the great Cuba Libre’s on offer here on the Isla margarita.

Yesterday (Saturday 17th May 200 8) I spent my day viewing the local area to the Caracola beach and spa resort Isla Margarita Venezuela. The day started with a trip to the site of the 80,000 sq m plot where Caracola Beach and Spa resort will be built. Although currently the plot is still scrub land I could see the potential the development has, currently the beach is not ideal, but once the developer gets in there and adds the break waters to stop the extra sand he is going to add to the site washing away, there is no reason why this beach can’t look as spectacular as any other in the Caribbean (unfortunately the photos I took today aren’t showing the site and the area to it’s best as the weather was overcast even though I still managed to burn my shoulders). Located on the beach Caracola beach & Spa resort is the only new development on in the area which can be beach front, as it is the only available plot within 3 km. There is also a triangle shaped plot next to the development site which the developer has first option on, he is looking to have this plot developed as a casino, although the developer is not into running a casino so he will bring in a specialised Casino operator to run it.

I spent about 10minutes at the site, to be honest there is not that much too see at the moment as construction hasn’t started yet. At the front of the plot is the beach area and sea and where the landscaped gardens, pools etc will be, at the rear of the site is a road and the other side of the road id a supermarket, to the right of the development is a hotel/apartments and to the left is Caracola beach and opposite the Caracola beach is a lagoon which is protected. The road that runs between Caracola beach and the lagoon is closed at night to allow joggers, horses & their riders and cyclists to use the road exclusively. When we drove along this road during the day it was very empty with a good number of joggers making use of it.

We drove along the coast road for about 5/10 minutes and came across, Fishermans cove, which is a delightful (as the name suggests) Fishermans haunt, currently the area is a little scruffy but charming and there are plans to make a Fishermans museum. Our next stop was Concorde beach, where we stopped for a paddle and a drink, this beach was busy with locals (always a good sign), there are currently a few beach bars/ restaurants, a really relaxing place. Polarmar’s Marina Concorde is the place where locals go for windsurfing, waterskiing and sailing. The calm waters make this beach popular with young families. Its location offers the convenience of being close to town.

We then headed through Pampater a vibrant town, with plenty of shops including some designer brands such as Tommy Hilfiger and also high street brands that we would recognise in the UK and of course a wide variety of local shops as well (I don’t know why but looking at the shops in differently countries always fascinates me, something to do with being a female I suppose).

Pampatar is one of the most ancient settings on Isla Margarita. Pampatar has been a fishing village since its foundation around 1530. Spaniards settled here because of it’s strategic location, a deep water-calm port and wealth produced by the existence of a natural salt flat mine.

Our next stop was the Lighthouse Faro Punta Ballena just along the coast, this involved a drive through what seemed like an older more traditional part of town with a small white church (Iglesia del Cristo del buen Viaje), a castle (El Castillo de San Carlos Borromeo), and brightly painted houses. I climbed the stairs of the light house to take advantage of the fantastic views along the coast, to the right salt flats and back to the left view of the Hilton and the Caracola site and the rest of the coast line, definitely worth the climb to the top. The Fara Punta Ballena Lighthouse is located high on a promontary at the easternmost point of the Isla Margarita.

Next stop lunch and a quick look at another beach again which was busy with locals. The rest of the day was left for a long relaxing long lunch and back to the hotel for a relax in the pool.

In the evening we sampled the local night life, in the area there are a couple of nightclubs/bars, in the close vicinity to where Caracola Beach and Spa resort is going to be built. Although the clubs are the sort you can find in other tourist areas around the world, they were full of what seemed to be locals or Venezuelans here on there holidays not the usually British crowd. The atmosphere in the club was friendly and everyone was getting on have fun, the music was a mixture of 80’s cheesy classics, up to date stuff we have in the UK and Marengue the local music, which is great and everyone loved.

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3 Responses to “Saturday 17th May- Inspection Trip Isla Margarita”

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I came across this site while looking through
websites about Caracola, the inspection trip
sounds great! I am thinking about buying one
of the apartments, and was hoping to get your
opinion after your visit??? I won’t be able to
go visit so if I decide to go ahead I will be
buying off plan, so any advice would be very
much appreciated!! Sarah (Ireland)

Sarah
May 22, 2008

Hi Sarah, thanks for your comment.

I would suggest this development as a really good investment opportunity, as currently you would be getting right at the beginning; this development has just been launched. Therefore you will get the best price, the most capital growth and have the best selection of units.

Isla Margarita has good scope for investment as currently it has an occupancy rate of 82% and a lack of good quality hotels, the Hilton which I stayed in is a 5* hotel but is 15 years old it has been kept well but is not super luxurious, you can tell it is 15 years old. There is currently a short fall of 11,000 hotel rooms, currently the main tourists are from Venezuela, but we travelled from Frankfurt to Isla Margarita and there were plenty of German’s going to the island.

Caracola is going to be the best apart-hotel on the island, so it will attract lots of visitors. The developer is offering a rental return of 7% (net of all costs) for 10 years and if the occupancy rate goes over 75% the rental return will increase to 8.25%. This is also backed by a bond, which is an insurance policy the developer has taken out to ensure that the rental return rate of 7% is met if for some reason they don’t get the required occupancy rate to support the 7% rental return. The rental & management company has a proven track record.

The development has a good payment plan of 3000 euros reservation, then 30% deposit (minus the 3000 euros already paid) then 70% on completion. The developer is currently in talks with a bank for non status mortgages to be approved.

Isla Margarita is outside the hurricane belt. In my opinion is this is a good area to invest in, it does need some work and a little tidying up but the potential is great. The location of the site is ideal as there is no where along the coast with in 3km to the right of the development that can be built on, the developer also has first refusal on the triangle shaped piece of land next to the development where he is considering building a casino, past that it is just Caracola beach and the lagoon which is protected.

The infrastructure is great, the roads are in really good condition and there are plenty of shopping facilities in nearby towns and a fantastic shopping mall located about 10 minutes from the site. It is easy to travel around the island, and visit other beaches or the lagoons, mangroves and eco areas. There is also night life about 10 minutes from the development which was lively and has a friendly feel to it.

Currently the beach is a little pebbly but the developer is going to import sand and construct break waters to prevent the sand from washing away.

Isla Margarita is a lot drier than the Dominican Republic the only other Caribbean Island I have visited, and it has areas which are bit more like desert. There is currently one 18 hole golf course on the island which has a 5* hotel attached to it. The images of which can be seen on my flickr account along with other photos from my inspection trip http://www.flickr.com/photos/26604003@N03/

If you would like further information about International Horizons or Caracola Beach & Spa Resort please call: 0044 (0)845 6522452

Or if you have any specific questions please email me at info@internationalhorizons.co.uk or add another comment to the blog

internationalhorizons
May 23, 2008

Hi the non status mortgages you talk about will this be a over 10 years or 20 years
Euge

Euge
July 23, 2008

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