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El Tigre wakes up to oil boom and rising rents
The oil rebound in Venezuela is shifting its epicenter to the city of El Tigre, in Anzoátegui state, where a steady flow of companies and private jets is arriving while housing rents have risen 33% since the start of the year.
The oil rebound in Venezuela is shifting its epicenter to the city of El Tigre, in Anzoátegui state, where a steady flow of companies and private jets is arriving while housing rents have risen 33% since the start of the year.
The city of some 300,000 residents, historically tied to the extraction of heavy crude in the Orinoco Belt, is becoming the center of logistics and services for well rehabilitation. International and domestic firms are mobilizing equipment, machinery and technical personnel in anticipation of a resumption of operations following recent political and regulatory changes in the sector.
The growth in commercial activity is straining local infrastructure, which continues to suffer from limitations in electricity service, and is putting heavy pressure on the commercial and residential real estate market. The revival is directly benefiting oilfield service providers and contractors based in the area.
As for the macroeconomic outlook for the country, International Monetary Fund projections point to real gross domestic product growth of 4.0% in 2026 and 6.0% in 2027, figures that reflect a recovery after years of contraction, though they are contingent on the actual evolution of foreign investment and hydrocarbon output.