WILLEMSTAD – Curaçao is facing a serious housing paradox: thousands of residents are struggling to find affordable accommodation while more than 9,000 homes across the island remain unoccupied or abandoned.
The situation is highlighted by Johan van Megesen in an opinion article titled “De Curaçaose woningcrisis: kijk eerst naar onszelf” (Curaçao's Housing Crisis: Let Us First Look at Ourselves), published on the website of Dutch Caribbean Economists, Economenclub.com.
Van Megesen argues that although foreign property buyers are frequently blamed for rising housing prices, Curaçao's own inability to bring existing properties back into use is a major structural problem that deserves greater attention.
According to figures cited in his article from Curaçao's most recent census, the island has more than 9,000 unoccupied or abandoned homes out of approximately 74,000 residential properties. That represents roughly 13 to 14 percent of the housing stock.
At the same time, Fundashon Kas Popular (FKP), the public housing foundation, reportedly has a waiting list of approximately 8,000 people seeking accommodation.
Van Megesen also points to at least 940 properties considered to be in such poor condition that they pose a danger to their surroundings.
The contrast raises questions about how effectively Curaçao manages its existing housing supply and whether public policy has focused too heavily on constructing new homes without adequately addressing properties that already exist.
Foreign investment has become a prominent issue in discussions about housing affordability. Dutch investors, American buyers and real estate developers are often accused of pushing local residents out of the market, particularly in desirable residential and tourist areas.
Van Megesen acknowledges that foreign demand can increase prices in popular neighborhoods. However, he refers to research by the Central Bank of Curaçao and Sint Maarten (CBCS) indicating that the statistical correlation between foreign buyers and overall housing affordability is relatively weak, at 0.243.
He also cites a CBCS survey in which residents rated foreign real estate investment as an important contributor to unaffordable housing, with a score of 4.07 out of five.
The economist's broader argument is that public perceptions about foreign buyers should not distract from domestic obstacles preventing thousands of properties from being sold, renovated or rented.
Among those obstacles are complicated inheritance arrangements, shortages of notaries, delays in government administration, legal disputes and deteriorating buildings that have remained vacant for years.
These problems reduce the number of homes effectively available to people seeking accommodation, even though the buildings continue to form part of the island's physical housing stock.
The figures do not necessarily mean that all 9,000 vacant properties could immediately become affordable homes. Some may require substantial investment, have unresolved ownership issues or be unsuitable for occupation.
Nevertheless, Van Megesen argues that restoring even part of this unused housing supply could make an important contribution to addressing Curaçao's shortage.
His analysis challenges policymakers to look beyond new construction projects and foreign ownership restrictions and develop practical measures to return existing properties to productive use.
For families waiting for affordable housing, the central question is no longer simply how many homes Curaçao can build, but also why so many existing homes remain unavailable.