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Prices of apartments in santiago have risen by 6% in the past year and anticipates new increase

Disclaimer: This article is translated from Precio de los departamentos en Santiago suben 6% en un año y anticipan nuevas alzas from Capitalizarme.

Vitacura, Las Condes, Lo Barnechea and Providencia are the most expensive neighbourhoods, according to a survey by GFK Adimark.

Real estate market in Santiago Metropolitan Region continues to show dynamism and rise in prices. In the last 12 months, the average price of apartments is 72.5 UF / m2, which represents an increase of 6%.

The manager of territorial studies of GFK Adimark, Javier Varleta, has commented that the normative changes of last time have caused the prices to grow.

“Now real estate companies must develop smaller projects, which makes per square meters even more costly. There is no signal that price will come down in the medium term. ” said Varleta.

Vitacura, Las Condes, Lo Barnechea and Providencia are the most expensive communities with values above 90 UF / m2.

At the end of March 2019 there were 35,406 offers of apartments (immediate delivery + under construction) on the market, which represents an increase of 1.5% compared to the previous quarter. Meanwhile total sales (immediate delivery + under construction) reached 7,533 units, which is a drop of -5.1%.

Varleta indicates that lower sales is not a bad signal for the industry, which “shows the market is healthy”.

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