The temptation of the supply of luxury homes at a good price in Venezuela due to the crisis

"I never imagined we would live in such a house."

Who speaks is the new satisfied owner of an apartment in Chuao, one of the most sought after areas of Caracas.

After years of hard work in the audiovisual sector and saved a large part of the sums paid, Germán was able to embark on the purchase of the apartment in which he dreams that his wife and son will spend the next years .

They are 3 bedrooms and 136 square meters on a high floor of a building whose design has received architectural awards during their construction.

But the best, without a doubt, is its price, unthinkable in Venezuela before the crisis.

"In the beginning, they announced it at $ 200,000 or $ 250,000, but over time it went down, we bought it for $ 56,000," says this buyer.

As soon as the renovations already ordered have been completed, Germán and his family will move to their new home.

Today, few people in Venezuela can afford to own a home, but, as the example of Germán shows, for those who can, there are "very good opportunities on the market".

"I decided to stay in the country and hope it is our home to have a good time."

Reason for the sale: "They leave and do not come back"

Houses, also luxury ones, are today at very low prices in Venezuela.

A two-room apartment, with pool and garden, located in a tourist complex in Isla Margarita, in the Caribbean Sea, now costs 21,000 USD, less than many cars in the United States.

The owners of a 100 square meter apartment in El Paraíso, another residential area of ​​Caracas, are asking for 36 000 USD. They give furniture and appliances.

For a house of 150 square meters with 3 bedrooms in the urbanization Colinas del Bello Monte, a residential area of ​​Caracas, its owners ask 70 000 USD.

They lowered their expectations a lot. When they put it on sale, the price was $ 250,000.

The reason for the handover is the same as that which motivated many other owners of Venezuela. It appears in the advertisement in which a buyer is searched through WhatsApp groups: "They leave and do not return".

According to United Nations figures, more than three million Venezuelans have left the country in search of opportunities in recent years.

Mbad emigration has left a country with fewer inhabitants and more and more empty homes.

So, prices have dropped.

According to Roberto Orta, president of the Metropolitan Chamber of Commerce, "prices have steadily dropped from 50% to 75% in the last 4 years".

"If in the main cities of Latin America, the price per square meter is about $ 1,500, it is now $ 500 in Caracas," Orta explains during a conversation with BBC Mundo.

"In some cases, the cost of their construction already exceeds their value in the market," he adds.

Loss of trustworthy

Exodus is not the only cause.

"The decline in the purchasing power of Venezuelans, the lack of bank loans and the political situation, with actions against private property, have led to a loss of confidence in the country," said Orta.

However, something seems to change lately.

Electricity problems in recent days have further crippled activity, but industry professionals have already detected a phenomenon in which many sellers sell, defeating trades that earn commissions.

They call it "Guaidó effect".

The Venezuelan opposition leader and president of the National Assembly, Juan Guaidó, invoked the Constitution and was sworn in on Jan. 23 as president charged with what he sees as a "usurpation" from Nicolás Maduro.

He accuses Guaidó of being "a puppet" in the service of a "coup plan" orchestrated by the United States government.

There are many who believe that, with their new leadership, the opposition will succeed this time in getting Maduro out of power.

Orta says that "before expectations of change continue to lower prices and that there is even a slight increase."

"Many people who have left the country and have taken the time to sell their homes would be willing to come back."

Return?

This is the case of Virginia, a Venezuelan doctor who went to Spain a year ago.

Since then, he has reduced several times the price of the spacious apartment he has left in El Hatillo, a beautiful tourist village on the outskirts of Caracas.

She expected to receive US $ 200,000, but the only buyer who appeared did not offer more than 80,000 euros and eventually gave up.

Last month, on the occasion of the appearance of Guaidó on the scene, several people were interested in their property, but it is now she who is not clear.

"Something good could be about to happen and, if that happens, maybe we could go back to Venezuela or maybe the house would be revalued."

Orta, however, meets expectations, including vis-à-vis potential foreign buyers: "Those who invest in Venezuela can now make big profits, but the increase will not be immediate."

* The names of the owners mentioned in this notice have been modified to protect their identity.