María José Borquez, owner of Borquez & Asociados, agreed that most transactions are domestic, with many city buyers seeking homes in the south of Chile (particularly Patagonia), where she has seen a 20 percent increase in queries over the past four years, and a similar trend in pricing. “There’s a lot of interest in different types of property and they have all increased value,” she said, but noted the current trend is “to be near a lake or a beach.”
“It’s similar to what happened in the United States or elsewhere: People are moving to have a lifestyle near nature because the pandemic showed they can do remote work,” she said. “They have been interested in Patagonia for the last 20 years and they continue to be interested in Patagonia.”
For those buying in the Santiago market, Mr. González said, families seeking home and garden space are homing in on affluent neighborhoods with good schools in the eastern part of the city, and those buying within the city limits are looking for apartments.
Aside from buying on the border of Argentina, there are no restrictions on foreigners buying properties in Chile, said Cristián Mena, a partner in the Santiago law firm Mena Alessandri & Asociados.
Foreign buyers must acquire a tax ID, which is readily available, Mr. Mena said. After the buyer and seller settle on a price and delivery timeline, he said, “all other stipulations, which must be reflected on a public deed, are usually entrusted to an attorney.”
The purchase agreement is part of the public deed and witnessed by an notary, who also oversees escrow and deed registration.
Mr. Mena said that a straightforward transaction can take four to six weeks from contract to title transfer, and estimated allowing another two to four weeks for any pre-existing or pending mortgages to be resolved.