After years of collapse, Venezuela’s wrecked housing market is suddenly attracting speculative interest — even as the country remains plagued by poverty, corruption, insecurity and political risk, The Telegraph reports.

When Venezuela President Nicolás Maduro was pushed out over the weekend, hedge fund manager Mike Alfred joked on X that he had snapped up a sprawling Caracas mansion for $115,000, “sight unseen.”

The post went viral.

Satire or not, the premise resonates with real estate agents who see opportunity in Venezuelan homes sitting on beaches like Playa Puerto Cruz on Margarita Island.

Today, however, such a luxury home outside Caracas might sit amid armed militias, routine blackouts, water shortages and endemic bribery. Healthcare is unreliable. Security is a selling point. Another uprising, or worse, remains possible.

But prices, estimated to have plummeted to less than 25% of homes’ original values, are irresistible for some.

Caracas apartments can sell for $20,000 to $100,000. Ocean-view properties on the Caribbean island of Margarita are advertised for under $50,000.

Agents say values are a fraction of pre-crisis levels after hyperinflation and political repression drove as many as eight million Venezuelans abroad.

“Millions of people were forced to sell for next to nothing,” said Venezuelan influencer Joseh Malon. “There are entire neighbourhoods of empty or abandoned homes.”

The bet is simple: if stability returns, prices could surge.

Some analysts forecast potential gains of 30% to 50% if sanctions ease and capital flows resume.

Risk consultancy Signum Global Advisors plans to bring investors to Venezuela this spring, citing a flood of inquiries since Maduro’s fall. Delegates are expected from oil, finance and infrastructure — not bargain-hunting retirees.

Economists remain skeptical. Oxford Economics says even optimistic scenarios leave Venezuela’s economy far below its 2013 peak for years, requiring sweeping improvements in governance, infrastructure and security.

Corruption is a major deterrent. Bribery is routine and barely hidden. Online forums are filled with warnings about land-title disputes and shakedowns.

Daily life is fragile. Power cuts are common. Water tanks are essential. Property listings tout barbed wire and reinforced locks.

If a rebound comes, many believe it will be driven less by foreign speculators than by wealthy Venezuelans returning home.

The risk is enormous. But so, some believe, is the upside.

As one Venezuelan put it, the Caribbean nation “has the biggest oil reserves in the world … rare-earth minerals, uranium, and gold. Venezuela is so rich in natural resources that, if well run, could really take off in a decade or so.”