Chile Real Estate News and Information

Entire building, Sector La Matriz

2007-10-09T15:09:00.000-07:00

There is a large, 2000m2, early 20th century building currently for sale in the Matriz area of Valparaiso. The area is undergoing significant regeneration after a gas explosion destroyed nearby building and woke the government up to the requirements of the area. One block away is a large scale loft-apartment project, something that will significantly aid in the regeneration process.

This particular building would also be suitable for a loft project. It is in structurally sound condition, having had the structure reinforced with steel beams.

The roof affords stunning views of the hills and it would be possible to build two floors higher, allowing for views of the bay and the port. I have photos should you be interested.

Lot, Cerro Alegre, Valparaiso

2007-10-09T15:06:00.000-07:00

This lot of 400m2 is available after a house burned down. It is over-valued but the owners are desperate to sell and would accept a much lower offer. it is located up a small alley and you could build in the region of 600-800m2.

Santiago Residential House

2007-10-09T14:49:00.000-07:00

This house is typical of much of the architecture in Providencia. Of reinforced concrete construction, the house shows late art-deco and early modernist touches, particularly in the wood-work in the house. It has around 300m2, 5 bedrooms, living room, dining room, large kitchen front garden, back patio and ample parking.

It is located on Manuel Montt, a quiet residential area 10 minutes walk to Providencia and the metro and is valued at 140 million pesos (us$280,000)

Santiago House

2007-10-09T14:33:00.000-07:00

The following property in Santiago is just off Providencia on a street with a number of bars and restaurants. It is an excellent location. It would be best suited converted to either offices or restored and rented as a commercial locale.

The property has around 500m2 and requires renovating (non-structural). A roof terrace was enclosed that could re-opened and the back garden was also roofed over. Recovering the garden would also allow natural sunlight to enter the basement rooms, creating more space.

There is parking for 3 cars.

The house is on the market for 150 million pesos.

Santiago Centro: More than just office space

2007-08-27T13:06:00.000-07:00

The centre of Santiago, long seen as just a place to work, has undergone a huge transformation over the last few years. In 1990, just 10,000m2 of living space was constructed. In 2006, that figure rose to 1 million m2.
(source: www.portalinmobilario.com)

Loft Conversions in Chile

The centre of Santiago is home to some of Chile's most beautiful architecture. Parts of Santiago Centro, Barrio Brasil, Barrio Lastarria and Barrio Concha y Toro are stunningly beautiful and rival even Buenos Aires for their European architectural styles, with art nouveau and art deco masterpieces abounding.

These areas have become run down over the past few decades but life is being breathed in the barrios, with new bars, art galleries and restaurants being opened and increased investment in new construction. It is obvious that the area has the potential to gentrify, as has been seen in city centres around the world.

Unfortunately, many of the city's most spectacular buildings are being torn down in order to build high rise residential towers which, despite the obvious lack of quality, are rapidly being sold to young professionals and investors. There have been a few loft conversion projects of historical buildings in the area and this is something that must be further encouraged in order to save more of Santiago's architectural heritage.

At Pacific Five, our desire is to be at the forefront of this type of construction. We are personally experienced in the renovation of historically important buildings and we work alongside architects who are also highly experienced in loft conversion projects. Our aim is to create high quality living spaces for young professionals who aspire to more than just 2.3m high ceilings and cheap kitchens.

We firmly believe that we can save some of Chile's most beautiful architecture, offer high quality loft conversions and return healthy profits to investors. We invest our own money into projects in order to show the faith we hold in this market and our abilities.

Both Santiago and Valparaiso offer excellent opportunities in the conversion of older buildings. Please contact us through Pacific Five, Chile Real Estate Consulting and we will be happy to provide further details.

For more information (in Spanish) and photos of the area of Santiago suitable for loft conversion projects please visit this website and particularly this site.

Office Space in Santiago

2007-08-27T11:46:00.000-07:00

Office space in Santiago is currently at its highest ever level of occupancy at around 99%. This is the highest rate in all Latin America. Other cities in the region suffer from far lower occupancy rates: Lima (93.4%), Buenos Aires (98.1%), Bogota(98.7%), Ciudad de Mexico (95.3%) and Sao Paulo (95.4%).

Investing in office space can be an excellent option in Santiago. An expanding economy, safe investment environment, respected financial institutions and lack of corruption make Chile an attractive base for many foreign multinationals and local companies. Rental returns of over 10% can be expected.

(source: Colliers International Chile)

House in Viña del Mar

2007-07-31T15:58:00.000-07:00

This is another house on Cerro Castillo. It is an English style house and was renovated as new 4 years ago. The house is in excellent condition and has around 300m2 of interior space. It has 4 bedrooms, 4 bathrooms, huge living room and dining room, office, den, garden with swimming pool and space for 2 cars.

The asking price is 190 million pesos (us$380,000) negotiable.

Master bedroom

Ensuite bathroom

Bedroom

Swimming pool

Living room

Stained glass windows

House in Viña del Mar

2007-07-31T15:26:00.000-07:00

This property in Viña del Mar is in the city's most exclusive neighbourhood, Cerro Castillo. Cerro Castillo has long been home to Viña´s wealthy. The official summer residence of the President of Chile is in this area, as is the local police HQ, meaning that the crime rate is virtually zero.

The house is priced at 120 million pesos (us$240,000) negotiable. It has around 230m2 of indoor space, 4 bedrooms upstairs, another bedroom downstairs, a large living room, dining room, large kitchen and 3 bathrooms. There is parquet flooring throughout.

There is a good sized back garden, a front garden (with a large lemon tree) and space for 3 cars. The house also has a large roof terrace that has been roofed over. It would be very easy to recover the terrace, which would afford excellent views over the Pacific.

The house is in ok condition but would need modernising. 10-20 million pesos would need to be spent to bring it up to a good standard.

Entrance porch/car parking

Kitchen

Dining/living room

Living room

Downstairs bathroom

Back patio/garden

Upstairs bedroom

View from master bedroom (view from recovered terrace would be much better)

Upstairs distribution area

Large Apartment in Viña del Mar

2007-07-12T15:33:00.000-07:00

This large 3 bedroom apartment is in Viña's most exclusive beach front development. Completed in 1996, the complex has 4 identical, luxury towers just across the road from the beach and 5 minutes walk to the mall (shops, supermarkets and cinemas).

The apartment on the 8th floor has 140m2, 3 bedrooms, 2 bathrooms (1 en-suite), living and dining room, large kitchen and radiator central heating. it comes with 2 parking spaces and 2 very large storage rooms.

The complex has 2 swimming pools and a gym.

Asking price: 175 million pesos (us$340,000)

Viña del Mar Information

2007-07-12T15:19:00.001-07:00

Viña del Mar is, and has always been, Chile´s favourite and largest sea-side resort. Known as the 'Garden City' for its abundant green spaces, it was originally a city where wealthy people from Santiago and also Valparaiso had second homes and beach side houses and apartments. This hasn't changed much in the last 100 years.

What has changed is the infrastructure. Viña, now, is a fully functioning city in its own right. It has 2 large shopping malls, many large supermarkets and all the major shops from Santiago have offices and locales in the city. Viña has excellent restaurants, great shopping and is perfectly livable all year round. it also has a very large casino in a beautiful old mansion. It is Valparaiso's smarter sister city-not as much charm but better infrastructure.

There are many real estate options, from large houses on the exclusive Cerro Castillo to beach front apartments with incredible views out over the Pacific. During the summer months of January and February, the city is packed-driving and shopping can be slightly stressful for the less patient among us but the masses are not completely overwhelming and you can live your daily life without problems. Outside of these months, the city is quiet and relaxed, despite being a year round home for almost 300,000 people.

Viña is, and will always be, Chile's most desirable large resort city for the country's expanding middle class. At just an hour and a half from Santiago, it is within easy reach for day trips and weekends away.

Photos of Viña courtesy of Yahoo Travel

Renovated House on Cerro Alegre/Concepcion

2007-07-11T11:46:00.000-07:00

This house of around 210m2 on Calle Templeman has been completely renovated and is in perfect condition. It has 2 main bedrooms and a guest bedroom and bathroom at the back of the house. Separate living dining rooms, large kitchen and very large laundry room. Large internal patio. Sea view from main bedroom.

Asking price: 130 million pesos (us$250,000)

House on Cerro Alegre, Valparaiso

2007-07-11T11:29:00.000-07:00

This house is on Lautauro Rosas, Valparaiso's most expensive street. It has around 270m2 of covered space-living room, dining room, large main dining room, large kitchen, maid's quarters, large internal patio, 4 bedrooms and another large semi-underground living room/bedroom. There is ample storage space.

The house has original features such as the fireplace and chandeliers included in the price of 90 million pesos (us$175,000). The house would need a further 10-25 million pesos (us$20,000-45,000) in modernisation (depending on the budget and needs of the new owner).

Hall

Living room

Patio

Dining room

Large Property on Cerro Alegre

2007-07-11T10:54:00.000-07:00

This huge property has around 800-900m2 of space divided into 2 levels. The house is located next to the Casa Crucero, one of Valpo's most famous sights on Cerro Alegre.

The American owner has spent years slowly renovating the property and has now tired of the job! The majority of the important work (electrical and plumbing) is done and all that is needed is for a new owner to decide what to use the property for.

The upper level is completely habitable and downstairs is 2-3 huge open spaces with 2 internal patios giving natural light. There is a small garden and also space for 2-3 cars.

Possibilities are: Sub-dividing and creating separate apartments, a restaurant or a small convention and events centre.

Asking price is 320 million pesos (us$610,000) negotiable.

Upstairs-the part of the house that is finished

View from the terrace

Veranda

One of Valparaiso's most famous sights is right next door

Downstairs-very open and light

House on Cerro Alegre, Valparaiso

2007-07-10T15:47:00.000-07:00

The house pictured in the one of the left. The one on the right is identical in layout and at the same price.

This house is around 175m2 covered space with a small patio of around 5m2. It has 2 very large bedrooms, 1 large bathroom upstairs and a small bathroom downstairs. The living room and dining room are quite large and receive a lot of light from the front of the house. The rear section of the house receives light from the internal patio. The kitchen is a good size.

The house requires renovating although it is in a generally decent state. The asking price is 50 million pesos (us$98,000) and would require a further 10-25 million pesos in renovations in order to turn it into a modern and more livable house (renovation costs obviously depend on the owner and how much s/he wishes to invest).

The house is on Alte Montt, on Cerro Alegre, a safe neighbourhood 5-10 minutes walk from Valparaiso's best restaurants, bars, tourist attractions and the UNESCO World Heritage Site area.

Dining and living rooms

Staircase to first floor

Internal patio

Master bedroom

Second bedroom

upstairs bathroom

Upstairs corridor

View from master bedroom window

Valparaiso Information

2007-07-08T09:45:00.000-07:00

Valparaiso is, simply put, one of South America's most unique and spectacular cities. It's a ramshackle jumble of brightly coloured houses and mansions literally clinging to the hills. In 2003 the city was declared a UNESCO World Heritage Site due to its 100 year old still-functioning funicular lifts, crazy Victorian architecture and intangible cultural heritage.

Valparaiso was once the most important port city in South America, an essential stop off for ships heading north to the West Coast of the USA. The city was the financial and cultural heart of Chile and during the 1800s Valparaiso was, to all intents and purposes, a British city. This is obvious in the archictecture of the city, particularly the former British enclaves of Cerros Alegre and Concepion.

Due to the opening of the Panama Canal in 1914, Valparaiso entered a period of decline that it is only now starting to come out from. The city is one of Chile's poorest but this is rapidly changing. Many Chileans are starting to realise what they have on their doorstep; a spectacularly beautiful city and a potential tourism goldmine.

From being ignored just a few short years ago, Valparaiso is now attracting more and more local and international tourists. The city plays host to over 50 international cruise liners between the months of October and March and out of season tourism is also increasing. Valparaiso is now home to some of Chile's finest boutique hotels and restaurants and its old mansions are being converted in trendy loft style apartments, something that many people would have found unthinkable five or six years ago.

And there is still a long way to go for the city. For anyone that has seen the regeneration of historical city centres in Europe,the USA or Buenos Aires in Argentina, it is obvious that the potential in Valparaiso is enormous. Many Chileans still have their doubts but more and more are beginning to understand what Valparaiso could be: One of South America's biggest tourist attractions and an off-beat cultural heart for Chile.

Below are some photos of the city.

Reñaca Information

2007-07-07T13:40:00.000-07:00

Reñaca is a small resort a little further up the coast than Viña del Mar. It is fast becoming another suburb of Viña and, as such, has lost some of its appeal. It has always been a more exclusive resort than Viña, where the wealthy had holiday apartments, but this exclusivity is rapidly being eroded and the town is becoming more and more a standard middle-class retreat. The upside of this is that the infrastructure of the town has improved vastly in recent years. Reñaca now has banks, restaurants, a post office and supermarkets- all things that have made the town more livable all year round rather than just a summer retreat.

New apartment blocks and mini-condominiums are springing up and infrastructure is improving, although access roads are not-leading to the same summer traffic chaos seen in Viña itself.

Still, Reñaca has far more charm than Viña. It has some excellent restaurants and bars and the beach is far and away the most beautiful and clean in the Viña area of the coast.

Reñaca is about 1 hour and 45 minutes from Santiago Centre and 1 hour and a half from the airport, mostly along perfectly maintained motorways and urban roads.

Apartments in Reñaca

2007-07-07T13:11:00.000-07:00

The Mirador del Mar is a new tower that is currently in its last stages of construction. Apartments have been finished since January 2007 and the finishing touches are being put to the gardens.

We saw a two bedroom apartment of 65m2 with a 14m2 terrace on the 18th floor. Both bedrooms had large, en-suite bathrooms and the bedrooms themselves were of a decent size-enough room for a queen size bed and night tables. The living room and kitchen were separated by the kitchen counter. The kitchen came fully equipped with microwave, electric oven, gas hob and dishwasher.

The quality of the finishings throughout was of a pretty decent standard-certainly above average-and ceiling height was around 20cm more than usual in new construction.

The balcony/terrace was large and offered amazing views out over the Pacific.

The apartment had central radiator heating.

The apartment costs 70 million pesos (us$137,000) and the price included an underground parking space and storage room.

The building itself had extensive facilities, including a decently equipped gym and both a heated indoor and outdoor swimming pool.

There are also 1 and 3 bedroom apartments available. The 1 bedroom properties cost 48 million pesos (us$93,000), including parking space and storage room.

How to Buy Real Estate in Chile

2007-07-07T12:49:00.000-07:00

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Below is a guide to the process and cost of buying real estate in Chile. It is not designed to be exhaustive nor 100% spot on in terms of costs. These can vary from case to case. However, the guide will give you a good idea as to how to go about buying property here.

If you are interested in buying property in Chile, please visit our sister-site www.pacificfive.co.uk

The Process and Cost of Buying Real Estate in Chile.

Chile is not a stereotypically corrupt South American country. In fact, it ranks with Transparency International as having the same levels of corruption as the US and Belgium and lower than Spain. However, if you do not speak good Spanish and do not know the local business customs, buying a property in Chile is likely to be a frustrating process. Although there are obviously exceptions, real estate agents in Chile have a terrible reputation. They can be highly unprofessional and often make you feel as if they are doing you a favour! Arranging appointments and getting the agent to keep them is sometimes a challenge. If you're short on time or simply don't have the patience to deal with these people then we can take the hassle out of the process.

We are experienced in buying real estate in Chile. Not only have we bought property for ourselves but we have also successfully assisted others (including Chilean friends!) navigate the process of buying property here in Chile.

An outline of the process and costs is below. All prices are in Chilean Pesos. The exchange rate is around us$1=530 pesos and £1=1035 pesos. For the sake of simplifying the numbers it is easier to assume us$=500 pesos and £1=1000. For example, 100,000,000 Chilean Pesos is around us$200,000 or £100,000.

Lawyer's fees: When buying real estate in Chile, your lawyer is the most important person in the process. The lawyers we work with and recommend are highly experienced and work with some of Chile's most important companies and individuals. We trust them implicitly.

The first job of the lawyer is to conduct a title search. The cost of this is around 50,000-100,000 pesos. This can take a couple of days or sometimes longer. The reason for the difference in price and time scale is that the lawyer must check the titles for the last 10 years, checking for debts and other legal issues. If the property has had just one owner in the last 10 years then the title search will be very quick (assuming no legal issue turns up with that one owner). If the property has had 20 different owners in 10 years, the lawyer will have far more work to do in order to establish whether the title is clean or not.

Assuming the title is clean, you then move on to the next step in the process. It is common to leave a deposit for the property before actually signing the final purchase contract. This is called the promesa de compra-venta and is used as a sign of good faith between the buyer and seller. There is no convention as to the amount required, but around 10 million pesos is usually enough. This is done by leaving a cheque with a Public Notary-it is not cashed. The lawyer will write a short contract to ensure that everything is legal. At the same time, the lawyer will be writing the escritura or the final purchase contract. Most lawyers have a minimum charge of 500,000 pesos to do this. If you're buying a 50 million pesos property this works out at 1%. However, it is not common for a lawyer to charge 1% on a 500 million peso contract-the price for writing the contract would be less than 1%. It's up to the lawyer to decide exactly how much to charge.

So, lawyer's fees should be in the region of 100,000 pesos plus a maximum of 1% of the value of the property.

*It should be noted that in some cases, the seller will agree to share the costs of the lawyer. However, this is a point of negotiation. If the seller refuses to split the cost, the buyer must pay the entire fee.

Notary fees: The notary is the person who legalises all the documents in the purchase process. The notary makes unofficial documents official and charges handsomely for the priviledge! It is also the notary's job to hold onto the funds for the purchase of the property until they need to be released. Notaries in Chile take their job very seriously and there is no risk in leaving your money with them. In actual fact, you will not leave any physical cash with the notary-you will leave a cheque under 'instruction'. i.e. Waiting for the time to pass the cheque to the seller at the time of signing the contract.

Notary fees vary from around 150,000 to 350,000 pesos depending on the price of the property.

Real Estate Agent's Commission: Agents charge 4% commission. 2% is paid by the seller and 2% by the buyer.

Inscription at the Property Registry: When you sign the final purchase contract you do not officially own your property. You'll get the keys to the property and the seller will no longer be allowed to enter the property but the purchase is not complete until it is registered with the Conservador de Bienes Raices. The cost of this is either 0.2% or 0.3% (less than 1%), depending on the region of the country. There is a maximum payment of around 350,000 pesos.

In all, the total cost of buying a 100,000,000 peso property should come to around 103,500,000 pesos. i.e. around 3-4% of the price of the property.

So that is the basic process should you wish to buy real estate in Chile. If you require assistance with finding or buying a property in Chile than please get in touch with us. Our contact info can be found at www.pacificfive.co.uk

Buying Real Estate in Chile

2007-06-20T12:55:00.000-07:00

If you are interested in buying property in Chile please go to www.pacificfive.co.uk

There are many reasons why to invest in Chile. The Central Region of Chile and specifically the area around Valparaiso and Viña del Mar offers by far the best lifestyle and investment opportunities in Chile. From converting Victorian mansions in Valparaiso into loft apartments, buying raw land or 1 hectare plots in private communities or luxury apartments with stunning views over the Pacific Ocean, Chile has everything an intelligent investor is looking for.

The Central Region has Chile's best schools, best bars and restaurants, best sporting facilities and you can lie on the beach one day and be climbing an Andean peak the next. South America's premier ski resort, Portillo is just a short drive away. Chile's only major international airport is never more than two hours drive and the pulsing capital city, Santiago, with excellent museums, theatres and the opera is also very close by.

The Chilean Central Coast has it all. Come and join us!

-Chile is an anomaly in Latin America:

∑ It is a country that boasts a stable and growing economy (6-8% per year). The boom and bust cycles of other countries in the region do not apply to Chile
∑ It has levels of corruption that are judged by Transparency International (www.transparency.org) to be lower than Spain and at the same level as in Belgium and the USA.
∑ The police force is honest, unbribable and widely respected.
∑ It has a large and growing middle class fueling demand for second homes
∑ It has one of the most open and investment friendly economies in the world-there are very few restrictions on foreign investments and foreign and local corporations are treated equally
∑ It has a respected legal system
∑ It has highly respected financial institutions backed by a competent, democratic government
∑ Chile’s Standard and Poor’s Credit Rating is “A”, the highest in Latin America
∑ Many major international corporations have their Latin American bases in Chile
∑ Low import duties and numerous free trade agreements mean than imported goods are often cheaper than in the USA or Europe
∑ The privatised communications network is well managed and reliable
∑ Real estate is still excellent value and significantly cheaper than in Europe and the USA
∑ Construction costs are low (us$500-800/m2)
∑ Mortgages are available to a large percentage of the population and the government provides subsidies to help lower income families pay a deposit on a property
∑ Immigration law is simple and easy to follow

Other reasons as to why Chile is such a great country to move to or in which to invest are:

∑ Cost of living is 25-40% lower than in the USA or Europe
∑ Chileans are honest and hardworking
∑ It is one of the world’s most geographically diverse and beautiful countries. Chile stretches the distance of Norway to Nigeria and contains some of the most breathtaking scenery imaginable: from desert, lush valleys, volcanoes, the incomparable Patagonia and the ever present Andes and Pacific Ocean offering stunning vistas at every turn
∑ Chile is a safe country-the risk of terrorism or kidnapping is virtually nil and crime levels are lower than in an other South American country
∑ Foreign and local tourism is increasing every year
∑ Excellent restaurants and world class wines

www.pacificfive.co.uk