The Real Deal New York

Santiago’s luxurious enclave Vitacura sees prices double

Prices went up 50 percent in the past 10 years
January 13, 2018 04:59PM

(Credit: David Pozo/Wikimedia Commons, back; Pexels)

The neighborhood of Vitacura in the Chilean capital has long been the wealthiest part of the city, but now steady growth in prices has buyers of all sorts looking to move in.

Foodies, families and even tourists are pouring into the area, according to Mansion Global — the latter due to the numerous boutique hotels that have installed themselves in Vitacura.

For buyers, where the wealthy live, the best architecture follow. Homes in the area are built from celebrated architects including Richard Neutra, Emilio Duhart, Christian De Groote and Alberto Cruz.

A drawback is finding a home bigger than three bedrooms is a challenge: “Due to limited land and high prices, properties tend to be smaller in this area,” said Sotheby’s Yolanda Tejeda de Walker to Mansion Global.

Average two bedrooms are going to about $850,000 compared to a three bedroom at $1.2 million. In the event, buyers snag a larger home, the average price tag is almost double at $3 million. [Mansion Global] — Erin Hudson