Fri, Sep 21, 2018 - Page 7 News List

FEATURE: Ghost properties legacy of Venezuela’s migration crisis


Three years ago, asphyxiated by Venezuela’s economic meltdown, Francisco Rojas and his wife, Elena, packed up four suitcases with the barest of essentials and walked out of their Caracas apartment.

It has remained empty ever since.

Toothbrushes are still perched on the bathroom sink, the refrigerator runs with only ice and tomato sauce inside and the bar is empty except for a lone bottle of rum.

Deserted homes, desolate apartment blocks and stagnant markets for renters and buyers are yet another disheartening byproduct of the South American country’s dire economic straits, which have prompted a mass exodus.

Elena, 33, was offered a job in Ecuador and there was no looking back. She can now earn as much in one month as she did in four years in Caracas.

When the couple left Venezuela, they simply locked the doors to the apartment rather than selling it, even though the money would have helped. Bought for US$100,000 in 2014, their home had already lost half of its value.

“We wanted to see how things would go. Now that we’re established, it would be absurd to sell,” Francisco, a 28-year-old sports journalist, told reporters from Guayaquil, Ecuador’s most populous city.

In Venezuela, apartment blocks have turned into ghost buildings.

Lights are never turned on, parking spaces remain empty and mailboxes are jammed with letters that are never claimed. The crisis has sparked a new business: management of deserted homes.

Such services include the payment of public services bills, representation at condo meetings and even the switching on of lights at various times to ward off burglars.

According to the UN, about 1.6 million Venezuelans have fled the nation since 2015 and a total of 2.3 million live abroad — about 7.5 percent of the total population of 30.6 million.

The Rojases were tired of the insecurity, the lack of food and medicine and the inflation — predicted by the IMF to reach a staggering 1 million percent this year — that rendered their salaries practically worthless.

However, hope springs eternal, even for those who have already left.

“If the situation improves, we’ll see if we return to Venezuela or sell the apartment,” Francisco said.

Right now, it is not a sellers’ market.

Roberto Orta, president of the Metropolitan Chamber of Real Estate in Caracas, said properties have lost 70 to 80 percent of their value over the past five years.

“An apartment that cost [US]$170,000 is worth no more than [US]$70,000 today. Someone offers [US]$50,000 and the owner prefers to leave it locked,” real-estate broker Carolina Quintero told reporters.

Mariana Garcia, a 41-year-old accountant who last year fled with her husband and two children, said her house “lost more than half its value,” but they held onto it.

“We locked the house, [left it] intact, and left with just two suitcases,” she said from the US, where her husband accepted a job offer after first emigrating to Ecuador.

“Even if you have money, there’s nothing to buy or there’s no water,” Garcia said, adding that she and her family took off before it was too late, worried that as international airlines shut down, they could be stranded in Venezuela.

As well as a reluctance to sell, homeowners who have moved abroad do not want to rent their properties for fear of being unable to reclaim them from tenants, as authorities often prevent evictions, even in the case of rental contract violations.

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