Venezuela enacts special lease law following earthquakes

Following the double earthquake on June 24, the Venezuelan government has introduced a Special Lease Regime Law to address the housing emergency. The law aims to utilize vacant properties in Caracas to provide housing for citizens in La Guaira, the coastal state most severely affected by the seismic events.

While the National Assembly approved the law in record time, it does not repeal existing legislation from 2012. Legal experts and property owners have expressed concerns regarding the lack of specific regulations and the absence of guarantees for rental payments. This uncertainty has led to hesitation among landlords to enter the market, even with vacant properties.

In the local construction sector, independent masons report a shift in work availability. While government contracts dominate large-scale projects, independent workers are primarily focused on residential repairs, such as crack filling and waterproofing. Some workers noted that the economic crisis has limited the ability of private citizens to afford these essential repairs.