I read an interesting article in the November issue of a local business magazine, about the latest wave of foreign investments in the condominium projects. Apparently Venezuelan entrepreneurs are pumping money into the development of condos in Aruba.
Building condominium projects and malls is booming in Venezuela. Take as an example the Sambil Mall franchise. This company started by building the biggest mall under one roof in Latin America, in the capital, Caracas, a few years ago. Now-a-days Sambil has almost ten malls in the whole country and more malls are in the pipeline throughout the region. If you are curious, visit their site at: sambilmall.com. The page is in Spanish, but you can view the pictures of the projects they are working on.
The problem in Venezuela however, is the instability towards investors. Rules change frequently and not always in favor of the investor. The biggest hurdle for investors in Venezuela is converting the profits into dollars and getting it out of the country.
Aruba has an open economy which offers stability and opportunity for major investments. This is very attractive to many investors, including Venezuelans. Therefore, Venezuelans rank among the biggest investors in condominium projects in Aruba. Oceania Condo, The Cliff Aruba and Acqua Condominiums are examples of projects with Venezuelan investors.
I visited many sites in Venezuela with condos and malls and from what I’ve seen, expect these projects to be top notch.
Both Oceania Condo and The Cliff Aruba have the same people behind it: Pering Real Estate Developers, AIB Bank and 1st Option Real Estate