Venezuelan government looks to seize homes of Venezuelans living abroad: report

Venezuelan leader Nicolás Maduro ordered a census this month to look at how many homes in Venezuela are empty, the Miami Herald reported

Miami /
Sep.September 26, 2019 12:30 PM
Venezuelan leader Nicolás Maduro and the city of Caracas (Credit: Wikipedia, iStock)

Venezuelan leader Nicolás Maduro and the city of Caracas (Credit: Wikipedia, iStock)

The Venezuelan government is looking to seize the homes of Venezuelans living abroad as it seeks to capitalize on the four million people who have left the impoverished country.

Venezuelan leader Nicolás Maduro ordered a census this month to look at how many homes in Venezuela are empty, according to the Miami Herald.

In the last two decades, the Venezuelan government has seized billions of dollars in land and other assets of private companies, the Herald reported. Dozens of buildings have already been taken over by groups that support the regime.

There are concerns among Venezuelans that there is a government program called “Locate Your House,” where groups backed by the government are identifying vacant properties.

Earlier this decade, many Venezuelans bought properties in South Florida, especially in Doral and Coral Gables’ Cocoplum neighborhood. Between 2012 and 2015, condo buyers from Venezuela represented roughly 25 percent of Latin American real estate sales in Miami, according to Craig Studnicky, principal and owner of ISG. In February, he said that figure was essentially down to 1 percent.

Some of the country’s top officials have purchased condos and high-end real estate in South Florida, including units at the Porsche Design Tower in Sunny Isles Beach, and multi-million dollar houses in Cocoplum. Some of those assets have been seized by the U.S. government as part of a money laundering investigation.

[Miami Herald] — Keith Larsen


Related Articles

arrow_forward_ios
Stephen Schwarzman with the site (Getty, Google Maps)

Blackstone pays $21M for Doral industrial dev site

Blackstone pays $21M for Doral industrial dev site
Axonic's Clayton DeGiacinto and Jonathan Shechtman with 10000 Northwest 45th Terrace, Doral (Google Maps)

Axonic Properties pays $37M for bulk purchase of Doral condos

Axonic Properties pays $37M for bulk purchase of Doral condos
Costco CEO Craig Jelinek and 8300 Park Boulevard, Miami (Costco, Google Maps, iStock)

Costco sells site near Doral to Trammell Crow for $19M

Costco sells site near Doral to Trammell Crow for $19M
Mario Oliva of Banesco USA & 3155 Northwest 77th Avenue, Doral (Banesco, Google Maps)

Banesco USA pays $12M for new HQ in Doral

Banesco USA pays $12M for new HQ in Doral
Masoud Shojaee with rendering of Sanctuary at Doral and pictured with daughter Lilibet Shojaee (Shoma Group)

Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records

Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
1910 Northwest 97th Avenue, Doral and GLP's Alan Yang (Google Maps)

GCP pays $16M for Doral warehouse

GCP pays $16M for Doral warehouse
Miguel Alcivar, Wayne Ramoski, Gian Rodriguez, Dominic Montazemi and Skylar Stein of Cushman & Wakefield

MG3 buys former Miami Herald printing facility for $12M

MG3 buys former Miami Herald printing facility for $12M
The DoubleTree at 10250 Northwest 19th Street and Larry Beame (Credit: Google Maps)

Doral DoubleTree owner sues architect for $4M, alleging design errors

Doral DoubleTree owner sues architect for $4M, alleging design errors
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...