Forget Caracas . . . expensive and really not that desirable as a place to live. Instead, head east to the coastal Los Canales region where the forested countryside is crossed by a network of waterways. Here beachfront apartments or small villas can cost from as little as 74,000, or you can buy plots of land measuring 1,000sq m and suitable for building, right on the sands, for less than 44,000.

A larger sum of money, which in Venezuela means around 118,000, will get you a prime townhouse in a waterfront location with three bedrooms and three bathrooms on a decently sized plot, while 192,000 will put you in the height of detached luxury with five or more bedrooms, spa baths, large grounds and maybe a private mooring for your boat: compare that with the poky studios you'll find for the same price on the Costa del Sol.

South American countries are known to have volatile economies and governments but property consultant Phil Winstanley, who owns Best Beach Escapes and specialises in the Los Canales area, says the risks are overstated.

"Venezuela's a fantastic country, due to its stunning diversity and, of course, 1,700 miles of Caribbean coastline. It's very Caribbean in its attitude too, with a chilled-out beach culture, " he says. "Tourism is relatively new, hence there's no overdevelopment."

Winstanley explains that, since President Hugo Chavez came to power in 1999 there's been stronger economic growth and more private investment, leading to property rising by as much as 40% over the past few years. Alongside this there has been a drive to increase the numbers of overseas visitors.

This focus on tourism and investment is what encouraged Winstanley, and his partner, Cat Kitchiner, to settle here. The couple originally came out to visit with the intention of purchasing buyto-let property but, after experiencing the lifestyle and the welcome afforded to foreign investors, they decided to stay.

"We're the only proactive international agent on the mainland, and we deal mainly with beach and waterfront property, " says Winstanley, who predicts great things for the region. "It's still an earlyin opportunity and the market is set to grow incredibly."

One reason he believes that prices are ready to climb is the implementation of infrastructure improvements such as a new road network and the upgrading of two airports at nearby Barcelona and Higuerote, to take international flights.

Currently travellers connect via Caracas and the US, but Winstanley anticipates European airlines will start flying direct once demand picks up. Should that be the case you'll be able to access the area in around nine hours and property prices would rise.

The climate here is pretty good year-round. With temperatures often in the 30s, there's no hurricane season and even the rains really only affect the mountain areas rather than the coast. So when you're not soaking up the sun in your cut-price beachfront pad, you can rent it out to the locals who come from the city for long weekends or holidays.

According to Winstanley, the typical rental periods are the 12-week peak season from July to early September, and Christmas and Easter. "At these times it is impossible to get a hotel in many places, and so private rentals are strong, " he says. "Renting to the international market is quite new but if investors were to advertise their properties online it would be more than easy to generate income."

He estimates that you will make back a minimum of 265 a week for a standard apartment with most people renting for two to three weeks at a time. Very high-end property can pull in as much as 3,000 a month if you target your home at the European and North American business community, most of whom are in the region because of the oil industry and make good longterm tenants.

What will appeal to most buyers, however, is that, with property priced this low, you won't necessarily need to let strangers sit by your pool or have access to your sea views.

Los Canales is a Caribbean bolt-hole you might even be able to keep all to yourself.

For further information contact Best Beach Escapes: 0058-416 3297930; www. bestbeachescapes. com.

BUYERS' GUIDE TO VENEZUELA

>> There are no restrictions on foreign ownership of property, and all you need to buy is a valid passport and a tourist visa, which lasts three months.

>> If you plan on staying longer you need a cedula . . . an ID card that normally lasts for five years, and is renewable.

>> Venezuela is a cash-based society, so you'll need to arrange finance in Ireland and have the money transferred into a local account to pay the deposit (15 to 20%). You can't import more than 7,600 so, to complete the purchase, you need a legal contract detailing the timescale to the date of completion. The balance is then transferred into the vendor's account on the date.

>> Final documents can be signed in your home country. Once the buyer and seller have signed the respective contracts and the registrar has notarised them, the final balance is paid and the purchase is complete.