Bargain seekers and international property speculators in Venezuela seek cheap houses, land, flats, and houses. Many international customers seek retirement houses, second homes, land for sale, bank-owned property, properties to rent, and second homes in foreign countries. With a large local population in need of homes, Venezuela provides overseas purchasers with simple exit options. However, let’s take a look into the reasons why we find cheap houses for sale there and discuss the cheap houses for sale in Venezuela.
Cheap Houses for Sale in Venezuela
Venezuela is one of the most developing countries in South America. There are multiple reasons for this: its rich resources, an abundance of natural resources, and the active political sector.
Venezuelan real estate or housing market has many outstanding features that attract foreign home buyers too. The affordability rate is comparatively high, so people with lower budgets also prefer to buy homes in Venezuela. Despite this fact, some issues affect the real estate business of Venezuela, like the uncertainty of the economy, rising prices, erosion of currency value due to inflation, etc.
However, the country’s economy has started to recover from all these hitches that have weakened it in recent years. The government is taking effective measures to make the housing industry more stable and strong by removing economic barriers, promoting Venezuelan’s native industries, reducing the cost of importing goods, etc.
If you are also interested in buying a house in Venezuela, get ready to explore your opportunities. Today many real estate agencies are involved in selling homes at affordable prices. These firms have professional teams that can guide you through the whole process, like finding the right property for investment or residence, etc.
You have to connect with them, and they will provide your assistance happily. Take advantage of this golden opportunity Venezuela is offering today!
What is the Procedure for Purchasing a Home in Venezuela?
You will need to select local agents to assist you with the procedure and translation. They will assist you in preparing paperwork, which is purchase intent. An option to buy is then suggested — this is a legally binding agreement for both the buyer and the seller.
It also helpfully locks in the price, which is crucial in the present hyperinflationary situation. At this time, a deposit of around 20% to 30% will be required.
Any foreigner with a valid passport, a suitable visa, and a Tax Information Registry can purchase property in Venezuela (TIR). The TIR is a fiscal identity card that you may obtain free from any Tax Administration office, the SENIAT (Tax institution), or a lawyer. Foreigners can also acquire indirectly, either via local or international firms.
After the final document is signed, it is notarized by a notary public, and the buyer is now the legal owner, with the seller handing over the title or deed. The Certificate of Encumbrances is not required by law, but buyers commonly use and request it. All this goes through the Real Estate Brokerage and Advisory Commission of the Venezuelan Real Estate Chamber.
How is the procedure then?
Find the Venezuelan Embassy or Consulate in your area. Apply for a one-year transit visa, which will provide you with an ID number and allow you to get a naturalization certificate (ID CARD).
After that, you can apply for a tax ID (RIF), create a bank account, and do business at notaries and registrar offices. Without a bank account, you must trade in cash, which is expensive and difficult to get.
On a tourist visa, you cannot () accomplish this.
Why is Real Estate Cheap in Venezuela?
Venezuela is one of the Latin American countries that pique the curiosity of investors the most. Far from ruling out the country as an appealing investment destination, its current tough economic, political, and social circumstances have made it a location where the investment return in the mid-to-long term is substantially higher than in virtually any other country.
Venezuela has reached rock bottom, which implies it is prudent to bet on a medium- or long-term economic recovery, even if no political reform occurs. In reality, before the coronavirus crisis, Venezuela was already taking small and timid economic deregulation in quest of progressive reform.
Real estate is cheap because, at this point, the economic situation is contracted. In that sense, people sell their real estate at a crazy price because many want to emigrate and leave nothing in the country. That is where many investors can see this land as a great real estate opportunity.
Worth about Buying Property in Venezuela
Venezuela has a wide range of landscapes and towns, ranging from the financial potential of the capital, Caracas, to the oil and agricultural potential of Zulia, to vacation spots such as Margarita Island and Falcon. Venezuela has a wide range of investment options in various areas, all with high return expectations.
On the other hand, it is critical to note that US sanctions do not ban transactions between persons using Venezuelan assets. As a result, the real estate market has the highest prospective investment returns and the most worldwide legal certainty.
Because of the country’s present economic position, many organizations lack the cash flow or economic resources to maintain and develop the full potential of the infrastructure available in many sectors of the economy.
Shopping malls, agricultural fields, fish and shrimp farms, residential and office complexes, industrial plants, and property in very strategic positions in the core of the country’s major cities are examples of this potential.
What are the Cheapest Places to Find Houses for Sale in Venezuela?
Venezuela is now known for selling luxurious houses at rock-bottom prices. While there are expensive cities for the typical Venezuelan, there are also certain regions where you may purchase a house or apartment without paying a fortune, particularly in rural villages. However, let’s check out some places:
This state is also part of the Los Andes Mountains, and while it is not as touristic as Mérida, it is a popular holiday destination. Buying a property in the central and more popular locations can be pricey since they are generally utilized as hotels or “posadas.” However, it is easy to obtain a very affordable house or apartment in many tiny communities. Some of them might cost up to $10,000, although there are less expensive choices.
Táchira is another state in Venezuela’s Andes known for its inexpensive home prices. Property prices are greater in San Cristóbal, the capital. However, people can discover bargains in tiny communities, particularly those near the Colombian border. An apartment in the capital can cost more than $30,000, yet a basic property on the city’s outskirts might cost less than $10,000.
Falcón is a state in Venezuela’s northwest that borders the Caribbean Sea to the north. Because of its beaches and natural parks, the entire region is immensely attractive. Punto Fijo, is the city’s main and most significant metropolitan core. It is a fantastic place to invest due to the inexpensive property expenses, with a 2-bedroom apartment costing under $9,000 on average.
However, there are certain drawbacks that residents coming to Falcón must cope with, such as water system issues and electricity outages that can last up to 40 hours or more in succession.
Mérida is a state in Venezuela’s Los Andes region. It is a popular tourist attraction and the ideal place for residents to spend their leisure time. Despite its tourist significance, it has become one of the cheapest areas to buy a home. Houses and flats in the state’s major city tend to be a little more costly, but individuals may locate homes for approximately $15,000 or less in smaller towns.
Other effects that make houses so cheap
Another factor to consider is the country’s significant exodus. Many people of all types (workers, professionals, new and seasoned entrepreneurs) leave the nation searching for better prospects.
This has even prompted some to sell their valuables (ranging from automobiles to real estate) at exorbitantly low rates to earn adequate funds to begin a new life in another nation. As a result, there is an oversupply of supply in the real estate market at auction prices. Thus, prices go up and down not just by the crisis.
Frequently Asked Questions
What types of houses are in Venezuela?
In Venezuela, real estate may be relatively inexpensive. For example, a beachfront condominium apartment on famous Margarita Island may be purchased for $70,000, while you can purchase a three-bedroom house for less than $100,000. Larger homes, on the other hand, can command substantially greater prices.
How much is a house in Venezuela in us dollars?
The average could be between $9.000-and $80.000. It all depends on the state you are buying.
Is real estate cheap in Venezuela?
Compared to all countries around, we could say yes! It is cheap and worth it.
Can a foreigner buy a house in Venezuela?
Any foreigner with valid travel documents, a visitor visa, and a TIR (Tax Information Registry) can purchase property in Venezuela (TIR). The realtor should mediate all talks between the buyer and the vendor of the property.
Is it good to live in Venezuela?
Venezuela is one of Latin America’s most popular ex-pat destinations, and for a good reason. When most of the standard criteria for rating a location take into account, Venezuela does admirably. However, Venezuela is still a terrific location to live in for the most part.
Venezuela is the perfect storm for the forward-thinking investor. There are excellent lands in the country’s major cities with current market values of $130/m2 while their value was $500/m2 only five years ago.
The regulatory framework for leasing varies depending on whether the sector is office or industry, commerce, or residential.
Caracas has the lowest cost per square meter of any Latin American capital. While it is over $2,000 in Buenos Aires and approximately $1200 in Bogota, it is now around $500 in Caracas. In other locations, like Maracaibo and Valencia, a square meter might cost as little as $150.
A three-bedroom, 120-square-meter room in Caracas’ upper-middle-class neighborhood may cost approximately $200,000. The price has dropped to around $60,000. It is much more striking in other cities, like Maracaibo. An apartment with the same features in a AAA zone can cost $50,000. In a middle-class zone, it can cost as much as $15,000.
According to numerous specialists in the Venezuelan real estate market, independent of a political shift, the real estate market earmarked for housing should witness a revaluation of at least 600 percent of its present value. The reassessment of assets designated for office, industrial, and commercial usage is between 400 and 500 percent.
These levels of profitability through renting are nearly unprecedented around the globe. However, you will need an experienced ally who can provide first-rate legal and financial guidance. It is to ensure the legal security of the property and the investment in general. This is because part of the profit is exactly in the correct risk management.
Sheena Whitlock, a property expert, and blogger with over 15 years of experience in the field. The knowledge and skills Sheena has acquired during her career have given her invaluable insight into the property management business.
She has done her Property Development BSc (Hons) from the University of Portsmouth and completed her Master’s Degrees in Property Management from the University of Chicago.
As a professional, she has spent time working for various companies as a property management officer and currently works at Asset Info Hub where she shares her knowledge and experience on various property matters with people around the world, questioning their queries via blogging and virtual consulting services.