Under conditions of soaring prices and exchange controls Venezuelan businesses purchase high-end real estate for the purpose to protect the value of revenue, Reuters reports.
Luxury real estate is being built in Caracas municipality of Chacao, home to the capital's financial district and embassies, in Las Mercedes, a residential zone now filled with restaurants and bars.
Total square footage of premium office space in Chacao and Las Mercedes is expected to increase by nearly 50% by the end of 2017, according to data provided by real estate services firm CBRE Group Inc. At the same time, the cost of renting or buying such space has grew by a factor of 15 in the last two years.
