The Real Deal Miami

International briefs

April 07, 2010 03:41PM

Rebuilding Chile could cost an estimated $30 billion

From the New York April issueMore Chilean property owners are coming forward to pursue legal action against their buildings’ developers, whom they allege built structures not sturdy enough to withstand the 8.8-point earthquake that ravaged the country in February. The demand has grown so great that a 300-person pro bono legal group called Legal Help Chile has formed to help property owners whose homes or investments were not properly constructed, according to the Santiago Times. “The program’s goal is to legally position the community, clear their doubts, indicate the paths they can follow or what institutions they can turn to,” Pablo Guerrero, president of Legal Help Chile, said. This news comes on the heels of Chilean President Sebastián Piñera’s announcement last month that rebuilding his country could cost as much as $30 billion, according to Bloomberg news. Click here for more real estate headlines from around the globe. Compiled by Amy Tennery