The economic crisis in Venezuela has also impacted the real estate sector. A huge number of Venezuelans migrate each year, leaving their houses or apartments. This, alongside the low demand for property, has caused costs to drop considerably.
Venezuela is currently characterized by offering luxury properties at meager prices. While there are costly cities for the average Venezuelan, there are also some areas where it is possible to buy a house or apartment without spending enormous amounts of money -especially in small towns. Let’s see some of the cheapest places to buy property in Venezuela.
Merida.
Mérida is a state in Los Andes of Venezuela. It is a highly touristic area, being the ideal destination for locals to spend their holidays. However, despite its value for tourism, it has become one of the cheapest places to buy a property. In the state’s capital city, houses and apartments tend to be a bit more expensive, but people can find properties that cost around $15,000 or less in smaller towns.
Trujillo.
The state of Táchira also belongs to Los Andes and, although it is not as touristy as Mérida, it is also a trendy place during the vacation period. In the central and more popular areas, buying a property can be expensive, as they are usually used as hotels or “posadas”. However, in many of its small towns, it is possible to find a very cheap house or apartment. Some of them can cost around $10,000, and there are modest alternatives for lower prices.
Táchira.
Táchira is another state in the Venezuelan Andes that is characterized by its low housing prices. In San Cristóbal, its capital, the properties have a higher price. But again, people can find meager prices in small towns, especially those closer to the Colombian border. An apartment in the capital can exceed $30,000, but a modest house on the city’s outskirts can be under $10,000.
Falcón.
Falcón is a state in the northwest of Venezuela that borders the Caribbean Sea to the north. The entire territory is very popular due to its beaches and natural parks. Punto Fijo, its largest and most important urban center, is a magnificent city to invest in because of the low property costs since a 2-bedroom apartment can be purchased at $9,000 on average. However, there are some pain points that people moving to Falcón must deal with: there are problems in the water system and electrical failures that can last up to 40 hours or more in a row.
Costa Oriental del Lago.
The Costa Oriental del Lago is a coastal area belonging to the Zulia State. It is struggling with crime, high food costs, poor electricity systems, and water shortages that have caused housing prices there to drop considerably. In Cabimas, an oil city, a house can cost less than $5,000. Meanwhile, in Santa Rita and Miranda, houses and apartments are for sale at $2,000 or less.
In Venezuela, the average sale price for houses and apartments is $500 per square meter, being the cheapest in Latin America – countries in the south of the continent average the sale of houses and apartments at $1,500 per square meter.