(openPR) - Could the left’s victories in recent Latin American elections pose a serious threat to foreign property buyers?
President Hugo Chavez in Venezuela openly tolerates property rights violations. In Altos Mirandinos, 683 ‘property invasions’ were recorded in 2005 in which houses were simply seized by squatters.
Evo Morales, Bolivia’s first indigenous president, and Ecuador’s Rafael Correa, have both expressed strong admiration for Chavez, who has promised to transform Venezuela from a capitalist to a socialist state.
With the re-election of Chavez and Lula da Silva in Brazil, and the victories of Correa in Ecuador and Evo Morales in Bolivia, Latin America has moved firmly to the left.
Other leftist presidents include Michelle Bachelet (Chile), Alan Garcia (Peru), Daniel Ortega (Nicaragua), Nestor Kirchner (Argentina), Tabaré Vázquez (Uruguay).
Yet despite the sweeping victories of the left, neither Morales nor Correa are as extreme as Chavez, notes a new report out this week (see globalpropertyguide.com//articleread.php?article_id=73&cid=) published by the Global Property Guide.
Property markets in many Latin American countries are doing well. Except in Venezuela, the newly elected socialist governments seem relatively benign, and unlikely to pose much of a threat to property investors.
Some countries are even seeing real estate booms. Nicaragua, Argentina and Uruguay offer high yields and good location, at significantly lower prices than in developed countries.
“The political pendulum swings one way, then it swings another,” says Matthew Pollock, publisher of the Global Property Guide. “These leftist victories are temporary. When President Bush, goes the world will breathe easier, and tensions will ease everywhere.”
“The outlook for residential property in Latin America remains very positive, especially as Latin America increasingly obtains access to US markets, and as the circle of countries in which US retirees are willing to settle widens.”
The Global Property Guide is a research publication and web site (www.globalpropertyguide.com) for the high net worth investor in residential property – providing information about the process and benefits of buying property in any country in the entire world.
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