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Price of properties in Caracas

2 posts
Price of properties in Caracas

Can someone help me answer these questions, please.

1. What was an average house price of a house in Caracas before Feb 09 2018 ?

2. What is an average house price of a house in Caracas now, after Feb 09 2018?

Many thanks.

1 reply
Sea Island
4 posts
1. Re: Price of properties in Caracas

This article provides some information about current (5/3/18) property values in Caracas: https:/… They mention "Since September 2016, apartments lost 68% of their year-to-year value". In another article Carlos Alberto González , president of the Real Estate Chamber of Venezuela, talks about the current situation. (It's in Spanish). He mentions the current construction market due to lack of money and supplies is at a standstill. cim.org.ve/2017/… He also mentions that the average current price per square meter of real estate across ALL sectors is $300 per US.d.as an example 140 square meters equals 1,500 square feet. (140 x $300 = $42,000). But things are evolving rapidly there. Financing is basically unavailable so all transactions are in cash. The economy continues to contract so many with the economic means would like to sell out and leave a country with its future so uncertain. The government has a long history of taking land, farms, and businesses of all sorts and expropriating them for the good of the people. Rent control laws, and laws very favorable to tenants make renting property there problematic. People are unwilling to spend on a new home when their economic future is uncertain. All of this is putting an enormous downward pressure on prices. So there is a great deal of risk to purchase any real estate in the present environment. I would love to hear any comments from in-country persons regarding this.

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