The middle/upper-middle class segments of the real estate market have gone no-bid, and investment property owners with mortgages to service are getting desperate.
To give you an idea, Iím renting a spacious 3-bedroom, 2000 square foot luxury apartment in a new(ish) development that was completed during the real estate boom a few years ago. Itís costing me a whopping $60/night.
The complex is a ghost town. Iíve seen four human beings in as many days, and as I stand on the terrace surveying the other units, most of what I see is vacant.
Property owners Iíve spoken to say that they donít want to rent to locals under a long-term lease because the locals canít pay. And when they stop paying, the government makes eviction very difficult.
This makes their market of potential lessees quite small, hence cheap prices.
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