ESPACIO PUBLICITARIO
CARACAS, Monday May 08, 2006 | Update
 
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Real estate prices in Caracas up 17 percent
  NUEVOMEDIA
Monday May 08, 2006  11:37 AM

The low supply of houses in Venezuela continues to push up the prices, while low social interest rates on loans and government direct subsidies are encouraging an unmet demand.

During the first quarter, real estate prices in the Caracas Metropolitan area remained on the high. Preliminary figures disclosed by market research firm Organización Akros show that in the first three months prices jumped some 9.42-17 percent.

The increase in the Baruta municipality was 17 percent; in Libertador municipality, 13.85 percent; in Sucre municipality, 13.34 percent and 9.42 percent in Chacao. El Hatillo municipality was the only area where prices decreased -with a fall of 2.04 percent.

Based on such increase, the price per square meter ranges from VEB 1.18 million (USD 550) to VEB 2.6 million (USD 1,200). At the end of 2005, prices were at VEB 1.03 million (USD 480) and VEB 2.46 million (USD 1,145).

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