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.
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This seems no different from the rest of the places around the world where the rich live.Nov 22nd, 2011 - 12:37 pm 0
'Surplus' disposable income has always been put into bricks and mortar.
This just says that the rich today have surplus cash just like the rich of yesterday. . . . what it might also say is that people are anticipating more inflation and are putting their money into 'things'.
Geoff, I don't even consider this a big news at all. Not sure, if you have ever been in la Dehesa, Lo Barnachea, and other similar boroughs east of Santiago, but considering some of these mansions, 6 million is nothing out of this world.Nov 22nd, 2011 - 01:16 pm 0
PS: The picture above is funny, it just shows an upper middle income home. Nothing to do with the mentioned 6 mio cases.