Real Estate is Hot in Chile
Real Estate is still hot in…Chile.
Where? No, not the spicy food. The country on the South Pacific coast in South America. It appears this is a gem of a country with special and popular destinations.
More specifically these are the specialty resort areas in Chile. The relaxation of bank loans and interest rates have helped restore some interest in the real estate market again, after the large fall in values recently.
Maipo Canyon is a prime international real estate destination. The Maipo River Valley in the Andean Mountains is a favourite weekender resort for the residents of Santiago, Chile’s capital about a 50 minute drive away. For example, a luxury and self sufficient 3 bedroom wooden house, built by craftsmen, with its own spring water supply, view of the Andes Mountains and River on 3 acres sells for $630,000. And oh, yes, this is wine country.
How about Vina del Mar, a Meditteranean feel ocean-side resort style town about 2 hours away from Santiago.
Property prices have retracted by about 40% said Rodrigo Orlandi of FAF International in Santiago. But judging from the interest from international buyers, these areas are very much in demand now. The interest rate cuts is in part creating a leveling off of prices.
Charles Spencer from Spencer Global Consulting notes similarly. He represents international buyers and advices them on their real estate purchases; noting that most of the buyers are international executives working and living in Santiago’s multi-national companies.
A few years ago, an apartment with an ocean view in Viña del Mar would have cost 80 million to 100 million pesos ($148,000 to $185,000). Now, some apartments sell for as little as 50 million pesos ($93,000), while houses in the area cost 70 million to 100 million pesos ($130,000 to $185,000).
Read more from the New York Times Real Estate.
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Hi there,
I guess there are quite a lot of people interested as you said. Anyway people seem to be moving a lot recently and as the financial crisis slowly comes to an end, people surely are more open to settle down somewhere cheaper and better. Chile has awesome nature, good wine and lovely people to offer. Most of the civilised western countries suffer from stress related problems, lack of natural places and a general unrelaxed lifestyle. Those are other aspects why people would move to Chile I guess and this will definitely get more over time. Good article! Thank you for sharing your informations
Best regards
Tobi