Home Real Estate The 5 Most Expensive Places to Buy Property in Venezuela

The 5 Most Expensive Places to Buy Property in Venezuela

by Danny White

Venezuela has the highest inflation rates on the planet. Therefore, it is no coincidence that the housing market is a complete disaster. The bolivar is the most undervalued currency globally, so the owners try to close sales in dollars.

In recent years, millions of Venezuelans have migrated to other countries, and the number of properties for sale has increased. As a result, people trade or rent their houses and apartments for much less than what they are worth; some offers are even 50% below what they were worth before. However, there are some places where luxury prices are maintained. These are:

#5 Barquisimeto

Barquisimeto, in Lara State, is a very popular city to live in Venezuela. Therefore, although people can find reasonable prices if they do in-depth research, there are costly properties for the average Venezuelan. A two-bedroom apartment in the central area usually costs between $15,000 and $20,000, although more luxurious options exceed $30,000.

The houses are slightly more expensive according to their characteristics. A three-bedroom in the central zone can cost between $25,000 and $30,000, although the larger and more modern ones can sell for more than $50,000.

#4 Maracaibo

Property prices in Maracaibo are highly variable. As in all country’s cities, they can be higher or lower according to the area where they are located, but the average is $20,000 for three-bedroom apartments in the north of the city. In the southern zone, apartments can cost around $10,000.

As for houses, prices also vary a lot. There are some very luxurious that can cost more than $100,000 although the average is usually $30,000 for those with three bedrooms and two floors.

#3 Margarita

Margarita Island is part of Venezuela, specifically of the Nueva Esparta state, and it is a top-rated vacation destination for locals and tourists. On the island located in the Caribbean Sea, an apartment with two bedrooms, a pool, and a garden in a tourist complex can cost $21,000.

Although there are many simple apartments for lower prices, a large house with four bedrooms can cost twice as much, especially if it is close to the beach or the luxurious hotels in the area.

#2 Valencia

Valencia is one of the most important cities in the country, along with Caracas and Maracaibo. The price of the houses varies according to the area and the characteristics of the property. However, we can estimate a cost of $38,000 for a two-bedroom, 102-square-meter apartment. The more rooms the property has, the higher the price.

Large homes with more than four bedrooms, pools, and modern designs can exceed $100,000, but there are very few in the region. On average, modern three-bedroom houses in Valencia could cost $50,000.

#1 Caracas

Caracas is the capital of the country. Therefore, properties there tend to be more expensive. The price of a house typically ranges from $35,000 to $40,000. However, in upper-middle and middle-class areas, such as Altamira or Los Palos Grandes, they can cost up to $80,000.

As for apartments, prices typically range from $40,000 to $45,000 for large and modern, while a two-bedroom in a middle-class area can cost up to $35,000.

The average sale of properties is $500 per square meter. This information can help people estimate how much they would spend to acquire properties in Venezuela.