Original title: does real estate really value? Venezuelan capital housing depreciated 7-8 to become landlord abandoning the house and fleeing the motherland
On Sept. 20, as Venezuela's economy continued to deteriorate, a large number of residents in the capital, Caracas, abandoned their homes and fled. The wave of immigrants turned parts of the capital into ghost towns. Local residents said many of the houses were empty and the owners and tenants left. This phenomenon is common throughout the country. The recession has depressed the property market, and most local real estate depreciated by 7-8. Hyperinflation has made homeowners reluctant to settle in local currency, and the dollar has been available only on the black market since 2003. Many homeowners can't sell their houses, they can only leave their houses and flee to neighboring countries. Since 2015, about 1 million 600 thousand Venezuelan people have fled the country. Media reports say about 87% of Venezuelan people live in poverty.
Editor in chief: Yu Pengfei
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