New Residential Opportunity Venezuela
New Residential Opportunity in Venezuela
New Residential Opportunity in Venezuela
Beatriz Yilo of CBRE Venezuela states “These projects all start from the same premise-‘Lets’s absorb bolivars.'” Building large scale apartments or corporate office towers might seem like an odd investment in an economy in deep recession, shortage of products, and inflation, but companies are building to protect the value of revenue earned in the Bolivar currency. Las Mercedes was neighborhood developed in the 1950’s. The neighborhood started as a residential zone that is now filled with restaurants and bars, also has potential for real estate development.
How Bolivars Affect New Residential Opportunity in Venezuela
President Nicolas Maduro sells US dollars at 10 bolivars each for priority goods such as food and medicine, less important items go for around 660 bolivars. Some are receiving 1,100 bolivars on the black market. Venezuelan currency has lost 91% of its value in the last two years. For this in Venezuela residential opportunity is rarely feasible due to little financing available for construction or purchase. The middle-class spending power has been limited due to inflation. “People have a long-term vision, who want to invest because they see the countries going change,” Chacao Mayor Ramon Muchacho.
Income of Residential Opportunity in Venezuela
People of Venezuela are looking for residential opportunity in the means of needing a home. The opportunity for income for the people of Venezuela is low. Families are joining together to afford a living quarters. Investors that are building apartment complexes are going with larger scale dwellings to hold multiple families. The residential opportunity in Venezuela in out there, it is a matter of what investors are going to take on the opportunity.
