As I wrote a couple of months ago, the Peso is strengthening against foreign currencies, in part due to the fact that the markets now fully expect Sebastian Pinera to win the presidential election. We're seeing a reactivation of the economy in Chile, and the real estate market is finally showing signs of life.
As of today, the Peso is at $620, up from $650 2 months ago, and from a low of around $630 18 months ago. My view is that we're heading towards $550-580 within the next 12 months. This means that real estate in Chile for foreign buyers will become more expensive due to the exchange rate, and also because prices are likely to start slowly rising after 3 years of stagnation.
However, that doesn't mean there aren't good opportunities out there- you just have to look a little harder.
For example, I've been personally investing in a specific area of Santiago for the last 8 years. The tri-zone area of Parque Forestal - Barrio Lastarria - Bellas Artes has boomed in recent years, going from a slightly run down residential area in the city centre, to an arts and culture centre packed with bars, restaurants, galleries and cultural centres. Values have increased dramatically, and I fully expect them to keep rising. It's certainly getting harder to find bargains, but good deals are possible. If you want to see the largest gains, then buying an old apartment and renovating is without doubt the way to go.
We have an excellent opportunity to do that with this lovely old apartment, directly facing Parque Forestal. With 155m2 of space, there's huge potential to convert this property into a wonderful, modern apartment, which could be used either for yourself or as a profitable rental unit. Long-term rental demand is high in the area, and it could also be possible to rent as a beautiful AirBnB apartment.
We also have some incredible, fully renovated apartments in the same area- take a look at these stunning properties in Parque Forestal...
Incredible Apartment in Parque Forestal's Most Beautiful Building
Stunning Penthouse Apartment in Parque Forestal
We also have this wonderful apartment in a fantastic, central area of Providencia, one of Santiago's most desirable barrios. This apartment could do with a remodel, and it would become a truly amazing space for an individual, a couple or a family with kids. Due to it's excellent location in the heart of Providencia and just a couple of minutes walk from Metro Los Leones, it would also make an excellent furnished rental for either short-term visitors or longer-term, corporate renters.
For more information about these properties for sale in Chile, please don't hesitate to contact us. We have many more possibilities available, so if you don't see what you are looking for in our listings, please just let us know.