Chile Forum

SANTIAGO BOASTS CHEAP RESIDENTIAL RENT

(February 13, 2007) Santiago is the 2nd cheapest city in Latin America to rent a centrally located apartment, according to a recent study by the Global Property Guide. Asunción and Tegucigalpa, Honduras tied as having the region’s cheapest residential rent.

The study surveyed the principle cities of countries around the globe and compared the rate of a centrally located apartment measuring 120 square meters (1,300 square feet).

While the study found that a centrally located, 120 square meter apartment went for around US$500 a month in Santiago, that price significantly increased in the eastern parts of the city including Providencia, Las Condes, and Vitacura.

A similarly sized apartment in London, the most expensive city in the world to rent an apartment, goes for an average of US$13,800 a month. New York came in 2nd on the list with an average monthly price of US$12,000, and Monaco came in third at US$7,800.

The survey also praised Chile’s residential property laws, and Chilean governmental officials said that many countries around the world were studying the way Chile managed its urban housing policy.

SOURCE: EL MERCURIO
By Nathan Crooks (editor@santiagotimes.cl)