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Learn more about the Chile property market through trends and average prices.
Chile is a country situated along the western seaboard of South America. It is a country of geographical extremes – from deserts in the north to snow-capped volcanoes, lakes, fjords, and forests in the south. It also boasts a vibrant culture and rich history and is known as the most stable and prosperous nation in South America.
In recent decades, Chile has one of the fastest-growing economies in Latin America, which has allowed the country to significantly reduce its poverty rate. Due to Chile’s robust economy and stability, it has become a popular destination for foreign property investment. In addition to its strong economic force, the government has invested heavily in infrastructure and construction as a part of the recovery strategy from the global financial crisis of 2008. This has pushed up property prices in the country, making its property market even more attractive to foreign investors.
Chile has a population of over 18 million people spread across a total area of 756,950 square kilometers, with Santiago, its capital, as the most populous city. Santiago is ranked as the 2nd best city for business and the 3rd best city in terms of quality of life in Latin America. Surrounded by mountains on all sides, this expanding metropolis that boasts one of the most dazzling backdrops of any capital city on the planet. It has an intriguing mix of the old and the new, with grand architecture, interesting museums, world-class restaurants, and an atmospheric historic center. Some of the most popular attractions in the city are Plaza de Armas, Parque Metropolitano, and the Museum of Human Rights. The most popular neighborhoods are Vitacura, Las Condes, Lo Barnechea, and Providencia.
Just an hour’s drive away from Santiago is Viña del Mar, one of the most important destinations in Chile that lies in a beautiful spot on the Pacific Coast. Its main draw is the beautiful beaches, but it is also home to the beautiful gardens of La Quinta Vergara and a castle built on a small rock outcropping along the beach known as Castillo Wulff.
Along with Santiago and Viña del Mar, Valparaíso, Chile’s main port and a thriving maritime city, is also popular. It offers a fascinating mix of Victorian architecture and bohemian bars along a coastline of sheer cliffs. Packed with history, Valparaíso is listed as a UNESCO World Heritage Site since it presents a mesmerizing example of late 19th-century architectural development in Latin America. Some highlights in this city are Valparaíso Natural History Museum, Valparaíso Fine Arts Museum, and Casa La Sebastian (a museum devoted to the famous Chilean poet Pablo Neruda).
With the increasing demand for residential and commercial property, numerous different types of property catering to all budgets and preference are available. From large houses to small apartments, buyers are free to choose what suits them best.
Apartments in Chile are usually located in central areas in large cities. Apartments in large cities, such as Santiago, are usually built in modern, high-rise buildings. Small apartments usually offer studio or one to two-rooms, while large apartments offer more space with three-rooms or more. Some apartments in Chile offer basic amenities, such as parking spaces and 24-hour security systems, while others may provide swimming pools and gyms in addition to the basic amenities.
Houses are common in the countryside, small towns, and wine regions, though they are also available in large cities. There are different types of houses, with different sizes and styles. Most houses have a modern design, though there are also traditional and colonial-style houses. Houses in Chile offer residents lots of space and privacy.
Both furnished and unfurnished options are available. Unfurnished apartments come with limited appliances and furniture, usually only ovens, hobs, light fittings, and a bed or couch. Furnished apartments are fully stocked, sometimes even with cutlery, crockery, and cooking utensils.
Office and commercial property for sale are available as well and are commonly situated within central areas.
Chile is a modern country with the lowest level of corruption in Latin America, as well as the lowest level of poverty, the strongest economy, and the highest standard of living. It has an efficient public transport system, well-maintained infrastructure, clean cities, and high-speed internet. When compared to other countries in Latin America, the living cost is certainly one of the more expensive but is still relatively affordable for most expats. As little as $1,500 per month is enough to cover all basic needs, while $2,500 to $3,000 a month can provide a good quality lifestyle in the city center.
The official currency in Chile is the Chilean Peso (CLP). 1 USD is equivalent to approximately 773 CLP. Credit cards, particularly Visa and MasterCard, are widely accepted. ATMs (known as redbancs) are widely available across the country.
The largest religion in Chile is Christianity, but there are also small communities of Mormon and Baháʼí Faith. Chileans are seen as more formal than others in Latin America. The customary form of greeting between men is handshaking, while women usually greet friends with a kiss on the cheek on informal occasions. The official language is Spanish, but Mapudungun, Rapa Nui, and Aymara are also spoken by a small percentage of people. English is not widely spoken, so it is advisable to learn some common Spanish phrases before traveling to Chile.
A number of visa types are available for foreigners who want to live in Chile long-term. The most common type is a temporary resident visa, which is valid for a maximum of one year. There are several categories of temporary residence visas, including professional visa, contract work visa, independent worker visa, investor visa, and retirement and periodic income visa.