Real Estates News

	Vina del Mar Chile

Vina del Mar is a bit of enigma on the Central Chile coast.

It started as a rather to live, industrial, to study,

to work, to visit this community to the larger city

of Valparaiso (10 mins away), and in recent years

has exploded in to the THE place to live and vacation

in the central region and work in others cities like

Casablanca, Santiago. It is a bit reminiscent of

Cannes or Montecarlo, mediterranean Coast j

ust with more apartment buildings. Like everywhere

in the World, when a small beach town explodes

with development so also does the real estate prices

(or is that the other way around), but so cheap than

in Europe exclusives cities (Marbella, Spain; Nize,

France; etc). Regardless, Vina del Mar has

grown from a weekend destination for the rich of

Santiago, in to its own city complete with malls

and a subway train that connects Valparaiso-Viña

del Mar-Quilpué (Zoo)-Villa Alemana (artesanal beer i

ndustries)-Limache. It still only sports a pollution

of around 350,000 people.

Expat or Foreign community in Vina del Mar

There has likely always been some sort of

Expat or Foreign community in Vina del Mar.

The port of Valparaiso has been a stop on the

shipping lanes around South America for hundreds

of years.

Only now however has the Vina del Mar real

estate market started drawing large scale

international attention from the Expat community

as a nice alternative to the more noisy and

crowed Santiago. The selection of bars and restaurants

along the boardwalk of Vina are starting to reflect

this influx of foreigners to Chile. There are an important

population likes foreigners University students that are

living in this city all the year.

Shopping in Vina Del Mar

Every major store chain in Chile has at least one

franchise in Vina del Mar. In fact, you can

find in this city this chains stores: Ripley, Jumbo,

Paris, Lider, and the rest of the usual suspects

found in any city in Chile.

The real estate market in Vina Del Mar

A middle of the road apartment across the

street from the ocean with a view will start

at around 100 to 500 million Chilean pesos

(about $200,000 to $1,350,000 US). There

are cheaper options available in Vina

del Mar, if we think in the mediterranean

casinos cities with properties value from

(1,000,000 USD to 5,000,000 USD till 140 sq mts)

but you will likely also walk a bit more

to get to the ocean. Some new buildings

are springing up along the coast, this does

not seem to be taking any wind out of

the sales of the local real estate prices.

Much of the best locations have already

been built on directly in front of the ocean,

and ocean frontage is limited in Viña del Mar.

Now the race is on to build even better

and more luxurious buildings, slightly back

from the front line buildings, but slightly

above the existing buildings in hope of

convincing new buyers that the second line

buildings are just as desirable. In truth, they

are only one block furtherer away and the view

is perhaps even better from most.

Buying Real Estate in Vina Del Mar, Chile

The Vina del Mar real estate market is an

extremely mature market by Chilean

standards. Prices are competitive from

building to building, and within the same

building. Real estate agents for the most

part are extremely professional as the

competition is fierce. Many of the new

apartments in Vina are simply sold direct

from the companies building them, and

issues of commission are not an issue.

A walk around Vina will yield more than a

few billboards advertising new projects,

and at the base of most building sites you

will find sales office.

Some Tips for Buying property in Vina Del Mar, Chile

Trust but verify in the Chilean real estate

market. The nature of the market is

such that you should apply the basic

rules of real estate. Essentially, trust but

verify. Just because a sales rep or real

estate agent tells you something, does

not mean it is true. Agents telling you

what you want to hear in Latin America

is a serious problem of Latin culture for

the Expat or Foreigner shopping for real

estate, and Vina del Mar is no different.

Have a title search conducted, checking

carefully any leans, restrictions on the

sale of the property, issues with common

expenses for the building and maintenance.

Contracts should for the most part be

very stock boiler plate sales / purchase

agreements that must be signed in

front of a Chilean Notary Public, but

when buying in to a building or more

importantly buying direct from an

owner make sure you have an attorney

examine the contracts as with any property

in Chile. The same real estate laws of Chile

apply to apartments, regardless if a big company

is selling it.

The Future of Vina Del Mar, Chile

The big move in the real estate market

in Vina is really related to the way

the town has transformed from a weekend

or summer resort destination in to

a year around destination. Ten years

ago it would be common for a building

to be completely empty during the

week. Now, expect to find most

buildings to be occupied by more

permanent residents at around 50%

or better year around. The summer

months have about a 100% occupancy

rate, especially around the new year

celebration that has grown in to a

Chilean tradition of synchronized fireworks

between the cities up and down the

Central Chile coast (Vina is in the middle).

When looking to buy or rent, plan for

winter months when people from Santiago

are more inclined to let that expensive second

summer home go for a better price.

Indice/Index

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