How much would you pay for this old house?

Buying a house in Antigua is a proposition beyond the economic means of most Guatemalans, sometimes, even so for foreigners. On June 15th I told you that Antigua’s building code does not allow for two or more floors houses, and because Antigua can not grow beyond its original 10×10 block grid (maybe a little more), real estate is in very high demand. Thus, the price of real estate has gone to the sky. Real estate in Antigua can be as expensive as in California or New York.

You ask yourself, so what is the big deal? Well, if you consider we are talking about a tiny town in the mountain range of Central America, Guatemala to more specific, a third world country, with all the problems in justice, education, public transportation, infrastructure, safety, et-cetera. Then, it becomes obvious the real estate is over valued. But, the laws of supply and demand pay little respect to reason.

In real estate they are three laws you have to follow to make your best purchase: location, location, location. We all heard it before. The house on this photo is exactly two blocks from the Parque Central (main square), which is reason enough to make this house into a very expensive proposition. If you are still interested in having an idea about the prices of real estate in Antigua, visit the two main realtors: Carstens and Casa Nova.

So, how much would you pay for this old house?

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