Depends what you are looking for in Venezuela. You can go google margarita and find a load of resellers in the UK pushing apart-hotels and lying about a new formula one track - come on - F1??? dont hold ur breath!!!!
There is and always has been good money in property in Venezuela. One of the problems though is the currency - you have to change your money into Bolivares (BsF). If you do this through a bank you get a far lower rate than if you use the black market. So the black market is the way to go. I have changed a lot over the years through a lawyer in Caracas who has good contacts in the stock exchange. he is also very trustworthy and well known.
Or, you can ask how much the vendor will accept in hard currency and only change the remainder.
Caracas, Valencia, Maracaibo and Puerto la Cruz are the big property areas in the peninsula.
Porlamar is the number one area in Margarita for rental - the local rental market is very healthy with Venezuelans flocking to the island for long weekend and during the holidays - their is a constant demand. Unfortunately most agents in Europe dont know(care?) about this and push off-plan condos which will most likely never be resold. A lot of these off-plan developments are way over-priced as well. I spoke to a big agent there about purchasing and he wouldnt give me a bolivar price because I was European!!! I had to buy at a higher euro price even though the real price was on his website!!!
Resales in Margarita are a good bet with rentals from European holiday makers paid in hard currency outside the country. The cost for laundry, housekeeping etc is very low in comparison to the rental potential.
Playa el Agua in the north of margarita is great - I love the place - so cheap. Very friendly, relaxed. Not too developed and the hotels there arent too intrusive - no gigantic high rises. Plenty of tourists around. I was there in February and met a lot of Scandinavians, Dutch, Germans so seems to be increasing in popularity with them.
I would market the peninsula if I thought people would buy it - and I do believe there are some excellent investments there but I just dont see expats chosing mainland Venezuela over an off-plan elsewhere with accompanying glossy brochure.
Caracas has a terrible reputation although I have never had any problems there. Commercial property does extremely well in Caracas - very good rental returns on small offices which can be picked up pretty cheap.
Puerto la Cruz is a nice holiday destination - more upmarket than Margarita in my opinion - everyone has a boat instead of a car to get from their villas to the restaurant. A little bit artificial but pleasant and some amazing apartments. Off-plan here is still very viable beleive it or not. It is, for now, almost exclusively locals who purchase there.
There is also Morrocoy - an archipelago 3 hours drive west of Caracas which is absolutely beautiful - very cheap resale apartments, lots of rental potential, but you are renting to the local market so need a bit of local knowledge and a local agent to take care of things.