La Guaira real estate prices surge following earthquake

The real estate market in La Guaira is experiencing a sharp increase in both rental and sales prices following the impact of a double earthquake in the region. María Teresa Brito, president of the La Guaira Chamber of Real Estate, reported a ‘disproportionate’ rise in costs as property owners attempt to capitalize on government-issued credits and subsidies.

Brito noted a 60% drop in available real estate inventory. She highlighted that the availability of state subsidies has driven demand toward properties valued at up to $100,000, causing prices to surge even in heavily affected areas.

Additionally, Brito criticized sellers for demanding high reservation fees, such as 10% advances, from families who have lost their homes and livelihoods due to the disaster. She urged owners to adapt to current supply and demand dynamics by accepting sales facilitated through government credit programs. Regarding infrastructure recovery, she noted that the ‘Plan Venezuela Renace’ has been moving quickly to deliver credits to condominium boards.