Off-Recinto Housing & Real Estate

There are several very large housing developements (we're talking scores or hundreds of homes), on the hill overlooking the CTIO compound (at left is the view looking up from the temporary Gemini parking lot).


(Note- there was a government program to encourage home ownership, allowing citizens to buy a home before the end of 1999 without paying taxes on the purchase (?), partly accounting for the impressive amount of new home construction, during my visit)

The sales office for one developement we visited (El Campanario, Tel 224-786) is up Raul Bitran street, directly opposite the Universidad De La Serena <see map>.

We toured one of the Campanario homes- they are 140 sq m (1440 sq ft) 4br, 3 bath duplexes with very small yards, packed close together.

Prices were "UF 2.2"- UF is an bank value which varies weekly with current exchange and inflation rates- at the time of this doc, the value was about 15,000,000 Chile pesos per UF, or about $30,000 $US per UF, so that these units were priced approx $66,000 $US each- consult newspapers or banks for current UF valuation.

Personnel on-site indicated that the developement company would carry purchase price on-loan for one year, at which time the purchaser would need to pay off the remaining purchase price in full, or obtain a bank loan.

Banco de Chile indicated that foreign nationals could obtain mortgage financing, only for the length of their in-country work contract. Only wages, not assets, are considered in applying for a loan. They would not quote interest rates- "they change all the time"...

These duplexes are also being leased by Amenabar for $660/mo(?). Amenabar requires 1 month rent, 1 month security, plus 50% one-time commission, up front.


Nearby subdivision- UF 3200, 130 sq meters CLP $350-$400,000/mo rent (Amenabar)


Some property prices, from the window of a real-estate office in Vicuna-

Divide prices by 500 for approx $US, or use the currency converter
2.5 acres/hectare
100sq meters = 1060 sq ft
4000 sq meters = approx 1 acre