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Chile Real Estate: Los Lagos, Region X Property
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Chile Real Estate and Property

This real estate trend review should be taken as simply that. It will be a brief overview of each of the major areas, with a few pieces of key information that foreigners or expats in Chile can use as a jumping off point to making more comprehensive investigation of the ones they are interested in knowing more about. We will start in the North, and work our way South.

Osorno and Puyehue Real Estate
The northern Most area of interest to foreigners will be the Osorno area, and in particular the area East of Osorno about 40 mins near the boarder with Argentina. This is known as the Puyehue or Entra Lagos (between the lakes) area and includes the termas de Puyehue resort (Puyehue hot springs), the Puyehue national park, Antillanca ski resort, and the town of Entra Lagos.  

General price ranges: 8 million to 30 million per hectare
Home price ranges: 40 million to 200 million pesos
Real Estate Market Movement: steady
Chile Real Estate Notes: This area has been traditional old money, and generates a lot of interest because of how near it is to Osorno and the Argentina ski resort of Bariloche about 3 hours away by car.

Lake Llanquihue, Puerto Varas and Frutillar Real Estate

As one of the oldest resort destinations in Chile, this area nearly speaks for itself. High growth, good infrastructure, small towns that have now become more than summer resorts. Please read our section on Puerto Varas Real Estate for more information. Frutillar Real Estate is likely the market with the most potential for growth now that the the Teatro del Lagos is officially open and construction has begun on a new five star hotel. The Patagonia Virgin project continues on course, including the planned 18 hole Golf Course. Other communities around the lake to investigate would be Ensenada and Puerto Octay.

Lake Llanquihue  Land General Price Range: 10 million to 80 million pesos, 5,000 square meters
Lake Llanquihue Home Prices: 50 million to 600 million pesos
Lake Llanquihue Real Estate Market Movement: high
Lake Llanquihue, Chile Real Estate Notes: This entire lake has great infrastructure, with most locations around Lake Llanquihue less than an hour from the airports in Osorno or Puerto Montt, shopping in both cities, and a well connected bus service as the route 5 or Pan-American highway passes both Frutillar and Puerto Varas making for a quick trip to major cities in about 40 mins or less. Prices are appreciating, keep an eye out for growing pains in terms of infrastructure in Puerto Varas when selecting property.  It might be growing too fast in certain areas (e.g. downtown parking). 10 -15% price apreciation is common for properties around the lake.

Puerto Montt Real Estate and Property
Puerto Montt is industrial, generally blue collar and professionals. It is more of an investment destination than a living destination. Most people with money that can escape, do escape to live in Puerto Varas or other communities. It does bare mentioning however for investors, as the regional capital and the largest city north of the greater Patagonia it will always grow.

Puerto Montt Land General Prices: 10 million to 50 million pesos, per 5,000 square meters
Puerto Montt Home Prices: 20 million to 100 million pesos
Puerto Montt Real Estate Market Movement: High
Puerto Montt Real Estate Notes:
Be careful about the neighborhoods you pick here. Puerto Montt does have some crime issues (still southern chile however), but more importantly class perception is everything and property purchased in the wrong part of this city may or may not be valuable, simply because of cultural economic bias issues associated with the area. Get help when selecting real estate for purchase in Puerto Montt. On the up side, a new international airport was just expanded for the second time and daily direct flights from other countries are slated to begin soon.

Futueleufu Real Estate and Northern Patagonia Real Estate
Futaleufu real estate market and the whole of the Northern section of the Patagonia have suffered some setbacks in recent years. At one time Futaleufu was simply the hotest real estate market in Chile for foreigners looking to get back to nature. It still is in many ways. The growth of land prices in Futaleufu cooled dramatically between the Chaiten Volcano erupting, the economic crisis that slowed foreign investor speculation. Still, this is one of the most beautiful places on the planet, that will easily hold its own against the Aspen Colorado or Swiss Alps.

Futaleufu Real Estate Land prices: 10 million to 30 million per hectare
Futaleufu Home prices: 20 million to 80 million
Futaleufu Real Estate Movement: Stagnate, but recovering
Futaleufu and Patagonia Real Estate notes: The more you move out from the town of Futaleufu, prices should drop. Be aware that much of that price difference is in direct proportion to access to services and just access to properties. This is remote location, and one must still drive through Argentina, take a ferry, or fly to access the North of Chile. There are no roads directly from Puerto Montt to Futaleufu. Still, there may be some great deals, and interest has returned from foreign investors. Prices have weathered the storm well.

Again, all of the above is simply brief descriptions and notes on real estate in Southern Chile and the Patagonia. It only applies to the Lakes districts, and foreigners looking to buy real estate in the Los Lagos region of Chile should do much much more homework. The most important homework is to visit in person first, and get to know the communities. The next most important homework for buying real estate in Chile is to get help. Don't try to buy on your own.
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