Property Management

Venezuela Opens Door For RE/MAX in South America

country on the sixth continent to host the RE/MAX real estate franchise. Two Spaniards, Juan and Ivonne Barrichina are converting their independent office to RE/MAX Isla Margarita on the vacation "mecca" -- Margarita Island, just off the north coast of Venezuela. The official opening is slated for mid-January. The two also expect to open a RE/MAX office by Feb. 1, in Caracas, Venezuela"s capital and largest city, with a population of two million. The Barrichinas are originally from Madrid, Spain, a country where more than 65 RE/MAX offices have opened since 1994. As RE/MAX pioneers in Venezuela, the Barrichinas see great opportunity. Margarita Island, a city of 250,000 permanent residents, swells to more than a million people in times of heavy tourism. It is a favorite vacation destination for residents of Caracas, which is just 30 minutes from the island by plane. The Barrichinas already are involved in property development on the island. The RE/MAX office provides an ideal avenue for worldwide marketing of these and other properties, which range from small condominium units for as low as $50,000 (U.S.) to mansions exceeding $1 million (U.S.). "They"ve been investing in the area since 1993," says Patrick Murphy, president/CEO, RE/MAX of the Caribbean Basin. " They"ve been in the area a long time and know the property development business on Margarita Island.." Selling real estate in Venezuela presents some challenges. Foremost is the current interest rate ­ about 82 percent for home purchases. "If you don"t have cash, you can"t buy anything right now," says Juan Barrichina, who has a background in sales and banking.

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