RIO DE JANEIRO, BRAZIL – Since the last quarter of last year, the real estate market has shown changes in trends when buying a home in Chile.
This is due to the various factors that have affected access to financing. In this way, those who were previously interested in buying a home in Chile during the first months of 2022 have shown greater interest in leasing.
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However, according to data from the real estate management platform TOCTOC, in March there was a rebound in the demand for buying new homes in Greater Santiago. In fact, the sale of this type of property increased by 40% compared to February.
“Today we see that there are several factors that generate a good scenario to invest in a property. On the one hand, mortgage rates had their first drop after a year. On the other hand, banks have already returned to giving 30-year loans, which adds to the fact that sales prices have stabilized”, comments the Chief Research Officer of TOCTOC, Daniel Serey.
Likewise, he adds that “it is also relevant to consider, especially for those people who are thinking of investing and then leasing, that at current prices, the percentage of profitability is in a range between 4% and 4.5%, which is a percentage optimum return expected in this market.”
TIPS TO FOLLOW BEFORE BUYING A HOME IN CHILE
Therefore, the real estate management platform TOCTOC provided some suggestions to have the most information when making the decision to buy a home in Chile:
1. Analyze the different financing possibilities: it is vital to define the budget you have for the purchase of the property. Also, check that the requirements to obtain the mortgage loan are met. In addition, it analyzes all the offers and rates offered by the different banks and that mortgage loans can be obtained at good rates and with more comfortable terms.
2. Be aware of the vacancy of the sector: it is advisable to take into account the vacancy and occupation of the sector, key indicators in prices in the medium term.
3. Analyze the added value of the sector: another piece of advice is to take into account whether the value of a home has been increasing or decreasing. This is expressed in the variation of the UF/m2. It is essential not to forget this indicator. Since it can be a relevant fact especially if the capital gain has gone down.
4.. Study the surroundings and the safety of the sector: it is important to take into account the characteristics of the environment, identify if it is consistent with what is expected and if it is safe. In this matter, TOCTOC maintains updated data provided by Carabineros. These reveal the crime rates of the sector, the level of security and the nearest police station.
5 Look at connectivity and nearby means of transport: one of the main factors is how the area is connected to others and how to get around.
6. Check the surrounding services, schools and hospitals: it is important to check the services of the sector. Also, look at what kind of businesses exist in the neighborhood, how many colleges and universities there are, and how close the medical centers are.
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