Venezuela Inspects Over 51,000 Buildings After Major Earthquakes

Venezuela's government has completed inspections of more than 51,124 buildings in the aftermath of the powerful magnitude 7.2 and 7.5 earthquakes that struck on June 24. Minister of Transport Francisco Garcés reported that the majority of these structures did not sustain severe damage.

The inspections, carried out by 3,071 inspectors, categorized buildings based on their habitability. A significant 58% received a green tag, indicating they are safe for occupancy. Another 23% were marked with a yellow tag, signifying a need for review and further assessment, while 18% were classified as red, denoting high risk.

In parallel, the government is actively engaged in repairing over 13,000 homes impacted by the seismic events. The latest official figures indicate that 41,624 households were affected. To further support the housing sector, both public and private banks will offer credits for home purchases, with government subsidies available for properties up to $100,000.

Additionally, Venezuela's parliament has approved a new leasing law aimed at revitalizing the real estate market post-earthquake. The World Bank estimates the direct physical damages from the earthquakes at $19.6 billion, warning that a slow reconstruction could hinder the country's economic recovery over the next decade.

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58% of the inspected buildings obtained the green label, which means they are safe to be occupied. Meanwhile, 23% obtained the yellow label (alert and review) and 18% red (high risk).