Bolivia has Sucre as the constitutional capital, while the seat of the government is La Paz. Spanish is the main language, while another 36 languages are also spoken in this country and had been recognized as official languages. Bolivia is ranked twenty-eighth largest in the world with a land area of nearly 1,010,000 sq. km. and the population of the country is about 10 million.
The lowest GDP per capita in entire South America prevails in Bolivia, in spite of rich natural resources, particularly petroleum and gas reserves. In fact, the natural gas reserves of Bolivia are the second largest in South America. Poverty levels hover around 60%. The annual growth rate was around 2.5% in the beginning of the decade. However, the political upheavals had stunted the growth of Bolivia severely in the last 7-8 years. Tourism industry had been growing in this decade slowly, contributing to some economic growth and Bolivia real estate activity.
Real estate in Bolivia is expected to grow in the coming decade strongly due to the low property prices, compared to other Latin American countries. However, international real estate investors had not fully realized or appreciated the potential of Bolivia real estate for sale and Bolivia rentals. The main reason is that Bolivia is a mountainous country, further hidden by larger countries like Brazil, Argentina, Chile, Paraguay, and Peru. The Andes Mountains attract adventure tourists and visitors that like the old Inca ruins Biking on the Death Road from Yungas, the origin of the Amazon Basin is the favorite sport of thrill seekers in Bolivia.
However, the tourists who prefer beaches and resorts head to these other countries. Hence, the Bolivia real estate listings had not come to the attention of international real estate investors in a serious manner. Bolivia property prices cost less than half the amount for the same type in the United States, which is unknown to many foreigners.
The land reform policy implemented by Evo Morales elected as President of Bolivia in 2005 had somewhat complicated the prospects of Bolivia real estate listings. The new policy requires that large estates be broken up and the small parcels redistributed to the impoverished citizens of Bolivia. This reform was necessary to change the situation, where about 10% of the population owned around 90% of the landed property of Bolivia.
However, the new regulation does not affect business buildings and properties below 12,000 acres. Hence, buying Bolivia real estate for sale or investing in Bolivia rentals is not a difficult proposition. Any local citizen or a foreigner could purchase a condominium or a nice house for less than $50,000. Still, financing options are very limited and cash transactions are the general norm. A home with built-in area of 1,200 sq. ft. on a lot of 8,000 sq. ft., situated 3 miles away from the Central Plaza of Santa Cruz city, costs only about $60,000. Could there be better investment options for international real estate investors than such Bolivia real estate for sale and Bolivia rentals? What is required is a long-term investment approach.
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