Here’s the most surprising place for a construction boom

The city of Caracas is defying all expectation

TRD WEEKEND EDITION /
Jun.June 23, 2018 09:13 AM

Despite inflation running over 20,000 percent, money is still working in Venezuela, albeit in an unexpected way.

With a lack of alternatives thanks to cash and currency-exchange controls, the country’s wealthy are turning to investing in real estate and funding a spate of new ground-up construction in Caracas, according to Bloomberg.

“Investors are wisely deciding to invest in brick,” developer Alfred Scheer of Vantage Latin America told Bloomberg. “We trust that a political change will come sooner or later and we want to be prepared.”

That attitude is behind the construction boom of about 72 ongoing projects in the Caracas neighborhood of Las Mercedes.

The problem, however, is finding buyers. At one high-end condo project, for example, a four-bedroom unit is asking for 1.1 trillion bolivars–a figure that’s about 411 times the average person’s monthly salary. [Bloomberg]Erin Hudson


Related Articles

arrow_forward_ios
The Thurgood Marshall Courthouse in Lower Manhattan (Credit: iStock)

Housing court could get a lot more political under reform plan

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

A rendering of  280 Meeker Avenue CW Realty Management CEO Cheskie Weisz (CW Realty Management)

CW Realty to bring mixed-use project to troubled Williamsburg site

 561 Greenwich Street (Credit: Google Maps)

Trinity Church to construct another Hudson Square office tower

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

WeWork employees speak up to management, NY condo buyers can stay anonymous after all

WeWork employees speak up to management, NY condo buyers can stay anonymous after all

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb CEO Brian Chesky and Jersey City Mayor Steve Fulop (Credit: Twitter, iStock, Airbnb)

Stakes are high as Jersey City residents vote on Airbnb

arrow_forward_ios