07th July 2006

Howzat for a holiday home

Who's buying where and why? This week: Cricketer Michael Vaughan on Margarita Island

WHO'S BUYING THERE?
THE Ashes-winning England cricket captain Michael Vaughan - he of the troublesome knee which is awaiting a fourth operation.

So, he may welcome a bolthole to hobble to with his wife Nichola and their two children after next year's World cup in the West Indies.

WHERE IS IT?
PART of Venezuela, Margarita is the most southerly Caribbean island, 12 miles off Venezuela's north-eastern coast and a short plane hop from Barbados.

Scheduled or charter flights from Britain take around ten hours and cost from £365 return.

WHAT HAS MICHAEL BOUGHT?
A THREE-BEDROOM villa in Piedra Negra in the north of the island. On an estate of ranch-style houses, it will be ready from next summer and costs from £199,000 through 1st-4-Villas Ltd

The homes are set on a guarded, beachside resort overlooking the Caribbean and are surrounded by gardens, communal pools, tennis courts and BBQ areas.

'It all happened so easily.' says Vaughan. 'We're going to be holidaying in one of the most beautiful places in the world.'

WHAT ELSE CAN YOU BUY?
1st-4-Villas is selling 114 villas from £79,950, with a guaranteed 6 per cent rental income for the first year, on a new development in Musipan in the south.

They are next to a big theme park and near the island's windsurfing mecca, El Yaque.

Budget £8,000 for fittings (all properties come unfurnished), and add £1,090 for legal fees and £82 annual property tax.

WHY WOULD YOU BUY ON MARGARITA?
FOR a taste of Caribbean island life without fear of hurricanes or taxes - Margarita is a duty-free haven. It's cheap, with property prices around 50 percent lower than those on neighbouring islands, but they are rising by at least 20 per cent a year.

This is due to improved accessibility from Europe, investment in the infrastructure and high tourist demand. The desert-like climate means year-round tourism.

And you can fill up your hire car with a tank of unleaded petrol for a ridiculously low 68p.

WHERE CAN I FIND OUT MORE?
1st-4-Villas, Old Town Hall Buildings, Castle Street, Lisburn Tel: 0870 7669267