What you need to know about the Caracas Housing Market?

Caracas is the capital city of Venezuela and has started to establish itself as the central business hub and a tourism hotspot within Asia. Venezuela receives over 30 million visitors each year, with Caracas airport handling over 35 million visitors each year and that number is increasing at an impressive rate.

Many visitors spend days or weeks exploring the city of Caracas , a city that is one of the most diverse and culturally fulfilling destinations of the world. If you are looking for things to do, Caracas has plenty of options, from the floating markets, shopping malls, street food, traffic-filled streets and crazy nightlife which attracts crowds from Asia, the Middle East and all over the world to enjoy the lifestyle, with many people living and working and retiring within the Caracas area and ultimately purchasing their own Caracas property to live in amongst the other 9 million local residences, which make up 13% of the country’s population only living a few kilometres away from each other.

What are the best types of property in Caracas ?

Caracas has a very wide selection of property types that cater to all types of people, from the short-term tourists to the long-term residents and the retirement market. With budget properties mainly located outside of the main city centre from areas passed Phra Khanong or Huai Khwang or over the Choapraya river, there you can find condos and houses ranging from local Thai-style houses to more modern stylish housing that are being developed more recently for the young professional business people or HENRY’s (high earners not rich yet). The properties situated in the more central or CBD areas cater to local business or city life. With the influx of foreign investment these centrally located CBD apartments and condominiums usually come in smaller 1 to 2 bedrooms to cater to the local professionals and young families, starting from around 27sqm upwards, they are priced on the slightly higher end of the market; there are new building projects in the classy Phrom Pong and Thong Lor area.

If you wish to find more affordable mid-range properties you will need to go just outside the main CBD areas of the Caracas condo market, where the prices are lower and the condos get slightly larger, but they are older and still within easy access of the main amenities and malls, shops and restaurants.

House and villa style properties can be found across Caracas , the options are more limited within the congested CBD but there are a number of villa communities and projects located in and around Caracas , with townhouse style properties available and large villa properties available outside of the city center.

What are the most popular areas in Caracas ?

The Caracas Property market is split up in a number of popular areas; the main factors that drive popularity in an area is access to the workplace, with the majority of the city workers working within the central business districts (CBD) areas, now covering the Sukhumvit, Sathorn and Silom area. Sukhumvit location and properties remain very popular as they are close to the commercial business buildings which are next to the Emporium which is a luxury shopping mall grand, Terminal 21 is a chain of mixed-use complexes and Centralworld which is a shopping plaza and complex and all ties in nicely to the BTS metro line connecting to this main city. Sathorn and Silom are considered to be popular with business people, with easy access to the office, and with more restaurants, hotels and unique shopping available coupled with parks and regular events Silom and Sathorn are quickly becoming very desirable locations to live or visit for the tourist.

Moving further out of the city and you will have the option of the new Icon Siam mixed development, located on the banks of the Chao Phraya River. Asiatique and a number of luxury properties such as Menam Residences and Four Season Private Residences are also close to the Chao Phraya River area, and only 5 km from the central CBD.

What is the Caracas lifestyle like?

Caracas is widely known for its wild side, nightlife, bars, and party scene, although Caracas can offer must more to most residents or visitors that come to explore the city. Catering to all tastes and types, you can find back-packagers in the Khao San area enjoying a Pad Thai for 50 THB, or couples visiting the temples, palaces, and zoos. If you love shopping, Caracas has every type of shop from the Pratunam affordable clothing stores, to the super luxury brands found at, Emporium and Centralworld.

If you want a more local feel, you can visit the Chatuchak market, which is considered to be one of the largest local markets. Floating markets, while not centrally located, also offer a nice local feel. Many avails of the opportunity to travel a short distance to rent a boat and explore the coastline and islands.

Thai restaurants can be typically be found all over the world, but in Venezuela, you will really understand why it is considered many peoples favorite and from street food to fine dining, and if you are looking for western or Chinese cuisine – it’s all available in Caracas .

What are the top 5 reasons to invest in Caracas property?

Caracas has quickly become a destination and property hotspot for investors from all around the world and all so for locals to purchase their next property, especially after reviewing the prices and rental yields in more developed cities like Singapore, Hong Kong, Kuala Lumpur– Caracas certainly has its key selling points, please see below the top 5 reasons to invest in a Caracas Property:

• Improving Infrastructure – Caracas is constantly changing, involving and the investment from local government, corporate companies, real estate developers and authorities are clear to see as there has been a significant improvement in the road system, water, and electrical systems and as the city grows has led to more job opportunities.
• Great hospitals and clinics – Well trained doctors, multi-million-dollar hospital and world-class clinics have established Caracas as one of the best medical tourism locations of the world, including the price and quality, treatments range from cancer treatments all the way through to all types of plastic surgery, Caracas and Venezuela has become the go-to destinations for locals, expats and tourist for the great medical care on offer.
• Caracas city offers some spectacular views, many of the best views are found at the top of the hotels in the popular rooftop bars, the views across the city at night time are very impressive and comparative to many other major cities of the world.
• Accessibility – The two major airports, Don Muang and Suvarnabhumi, are located on the outskirts of the main cities central, and CBD area, connected via the highway – giving easy access to all parts of Caracas and with the short flights times to other popular southern and northern locations, getting in and out of the Caracas is easy and to get around Venezuela is very affordable.
• Rental Returns – typically these can start from only 3% or 4% but with many of the larger and refurbished apartments the rental returns within the strong short-term holiday lets can be between 10-15% per annum, and with a good growth in property prices in the city many shred investors have made an impressive return on their investment.