The difficulties in accessing financing and the increase in property values have caused the national real estate market to experience a decrease in sales, a situation from which the cities of northern Chile have not been immune.
In this regard, economist Alfredo García indicated to El Día that the mortgage credit rate for this year shows a scenario of moderate changes. “Although an increase in the interest rate is expected, factors such as the country’s economic growth and controlled inflation could mitigate its impact,” said the expert.
In that sense, and according to a report by the consulting firm Tinsa, during the first half of the year, the northern macrozone – which covers from Arica to Coquimbo – showed a 5.6% drop in home sales compared to the previous half-year. . In this context, the commune of La Serena recorded the sale of 535 units, which represents a contraction of 17.2% compared to the previous semester. For its part, Coquimbo also experienced a decrease, although milder, with a drop of 4.1% and 516 units sold.
In this regard, Rocío Cáceres, head of the Real Estate Studies Unit at Tinsa, highlighted that, despite these results, the La Serena-Coquimbo conurbation led new home sales in the north of the country, reaching a 40.7% share with 1,051 units sold, surpassing Antofagasta, which had a 27.9% share. “In addition, only the Coquimbo market competes closely with Antofagasta, with a 27.5% share, driven by the housing market that has captured greater demand in the last year. This demand is mainly concentrated in the range of 2,000 to 3,000 UF, corresponding to units with a social integration subsidy in projects located in the south of the commune,” said Cáceres.
In fact, the housing market in Coquimbo showed a growth of 17.5% in one year and an increase of 8.3% compared to the previous semester. The commune of La Serena registered the sale of 535 housing units, which represents a contraction of 17.2% compared to the previous semester. EL DÍA reported that 236 units were sold in projects located, this time, in the eastern sector of the city.
Regarding the sale of apartments, in the conurbation there is a clear preference for this type of housing, with a 63.8% market share, although without reaching the levels of previous periods. Thus, in La Serena, 391 units were sold, which represents a decrease of 17% compared to the previous semester. Coquimbo, for its part, registered a variation of -12.5%, with 280 units sold. As in the housing market, 65% of apartment sales are concentrated in units with values between 2,000 and 3,000 UF. In this value range, apartments have an average surface area of 54 m² and houses 57 m².
Regarding new construction, nine new projects were entered into the conurbation this year, which represents a 43.8% drop compared to the previous semester, but an increase of 28.6% compared to the same semester in 2023. In the housing market, meanwhile, five new projects were entered, concentrating 63% of the total new units. “The decrease in the dynamism of the entry of projects, especially in apartments, is due to the fact that there is still a considerable stock of 5,442 units available, where 53.3% is concentrated in the range of 2,000 to 3,000 UF. We hope that this stock, which has historically been the most in demand in the area, will be gradually absorbed. We project a more positive second semester thanks to the initiatives underway and the drive of the mining sector and the proximity of the summer season,” concluded the Tinsa executive.
