MercoPress. South Atlantic News Agency

Chile’s market for luxury homes booming and immune to the global crisis

Buyers are willing to pay as much as six million dollars, according to real estate agents

The market for luxury housing in Chile seems to be immune to the global crisis since there are families willing to disburse up to six million dollars to purchase the house or condo of their dream according to a report in Santiago’s El Mercurio.

These houses mostly located in the posh areas of Santiago such as Vitacura, Lo Barnechea, Las Condes and La Reina have ample green surroundings, several bedrooms, gardens, parking lots and shared spaces for leisure and other activities.

According to the sales manager of Portalinmobiliario.com Jose Ignacio Calle, the profile of the clients that purchase these properties is mostly “entrepreneurs, top executives who are looking for the type of comfort and amenities provided by this type of housing”.

Rosy Salazar from Golden Propiedades said that her clients are looking for “modern homes, with ample social spaces, plenty of green and gardens and abundant parking capacity for visitors”.

Obviously “all bedrooms must be in suite, the condos must have a pool, gym, playing ground for the kids”, added Salazar.

As to how the luxury housing market has been operating in the last twelve months, Calle said that “it has been a good year for the real estate market and therefore this particular niche has grown strongly. Yet there is a good supply of old houses and new projects”.

However Salazar said that in the few last months “there are a lot of people looking for good houses, but they are taking their time to make their minds up…I’d say the market is moving at a slower rhythm”.

Nevertheless prospects are good: “the public is aware of how the housing market is moving, particularly since next year could be a crisis year. But real estate protects investors’ money. People prefer to put their money in housing instead of the stock exchange, to mention an option” concluded Salazar.