The New York Times

Buying a property in their home country was once unthinkable for Carlos Peñalver, a Venezuelan electrician who left for the United States four years ago as Venezuela's economy began to falter. The capture of President Nicolás Maduro changed the landscape enough for Peñalver to start calling real estate agents. Shortly after, he closed on a three-bedroom apartment in the eastern port city of Puerto Ordaz. Days later, prices had already risen. Fewer properties were available. "I was lucky," said Peñalver, 26. It is still early in what could become a post-Maduro era in the South American country, marked by authoritarian rule, economic collapse, and mass migration. The possibility of political freedom and economic improvement has sparked excitement among Venezuelans at home and abroad. That optimism has fueled a surge of interest in the real estate market, as expatriates, some of whom have accumulated savings abroad, consider returning or at least investing for the first time in years, according to real estate agents, who have seen a rise in inquiries. However, those calls have not yet translated into a sales boom. There is no official data tracking the real estate market's evolution since Maduro's removal on January 3. But interviews with more than a dozen real estate agents, industry leaders, owners, and potential buyers suggest the market has begun to shift, with prices rising in anticipation of a buying spree. "What's at play here are the expectations of change," said Asdrúbal Oliveros, a veteran Venezuelan economist. Many brokers described listings that remained unsold after price increases. Hopes are partly fueled by changes in Venezuela's oil sector, the backbone of the economy. Last month, Venezuelan lawmakers approved new regulations aimed at attracting foreign investment, increasing the potential for greater production and growth. Still, foreign oil companies remain cautious after years of state expropriations, and recent measures are unlikely to unleash an immediate wave of investment. And even in the best-case scenario, any significant improvement in oil production would likely take years to materialize. "People had a purely emotional perception, without a rational basis, that their properties were worth more," said Pablo González, president of the Venezuelan Real Estate Chamber. "Can it be that it turns into reality?" added González. "I think it can be, but we have to let economic events unfold." For years, the Venezuelan real estate market has been practically paralyzed, as hyperinflation destroyed purchasing power and banks abandoned long-term credit. Expropriations under a socialist-inspired government, primarily of large farms and heavy industry, but also of private homes and apartment buildings, precarious private property. For many who stayed in Venezuela during those turbulent years and sometimes fell into poverty, buying a home remains out of reach, especially with recently inflated prices. Luisa Rojas, 42, an administrator in the city of Valencia, said she would like to move from her aging apartment to a newer one, but cannot afford it. "The instability of the country makes it impossible to plan," she said. According to real estate agents, perceptions like this have reduced the market mainly to expatriates. Still, agents across Venezuela—from the capital and oil regions to beach destinations and smaller cities—reported price increases ranging from 20 to as much as 50 percent in some areas. In Ciudad Guayana, in the east of the country, Diogelis Pocaterra, a real estate agent, said a townhouse that was listed for $55,000 two years ago had gone up to $85,000, "just for the fact of Maduro's detention." Brokers say they have received an avalanche of inquiries from potential buyers, often attracted by former "opportunity properties," valued for their amenities at bargain prices. But those lower-priced homes have practically disappeared, agents say, as sellers withdraw their properties from the market. "There are a lot of people who have contacted the real estate agency thinking that there are still properties on offer that were once apartments with sea views, furnished for $18,000 and $20,000," said Pocaterra. "That no longer exists." In Cumaná, the capital of the coastal state of Sucre, Adriana Rodríguez, a broker, said prices have increased by about 20 percent since early January, while about 80 percent of listings have been put on hold awaiting clearer economic signals. "I've spent about 25 days with about 5 clients I haven't found anything for, and they ask me every day," she said, adding that they complain about the high asking prices. "People who see social media, clients who see those posts say they are crazy prices." In highly touristy regions, such as Margarita Island, agents estimate that about 80 percent of current inquiries come from Venezuelans living abroad, with more limited interest from foreign buyers. "This moment is not conducive to these exaggerated increases," said Pocaterra. "These processes take time, and that's what we have to understand and make our owners understand, who get carried away by the news, feelings, and euphoria."