The struggling UK sales market has propelled the nation ten places down the global house price index list, Knight Frank has revealed, and has been overtaken by a list of countries unknown previously for their perky housing markets.
A report last year from the Brookings Institution noted that while Santiago has enjoyed considerable economic growth in the past 20 years, and accounts for almost half of Chile’s gross domestic product, the city faces challenges to continued growth. Productivity gains have slowed in recent years, job creation is low and income inequality is high.
The Chilean economy has slowed in recent years, partly because of a steep drop in the price of copper, a key industry for Chile. After hitting a high in 2013, the gross domestic product has been declining since.
Demand has remained strong for high-end properties, but sales have slumped for mid- and lower-priced homes, agents said. This year the government also imposed stricter lending requirements, capping loans at 80 percent of the value of a home, which has dampened the domestic market, agents said.
Eclectic resort is the brainchild of Norwegian hotelier Alexander Vik.
Each of Viña Vik's 22 rooms has been individually designed by artists.
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Chile’s housing market took a slight hit during the global financial crisis of 2008, with home prices falling about 15 percent, but quickly recovered, with prices growing steadily since then, brokers said. The earthquake of February 2010 triggered massive investment in construction and infrastructure, which also raised home prices in Santiago, said Matt Ridgway, the owner and manager of Chile Investments, which assists international investors acquiring property in Chile.
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