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Greater Concepcion Property Sales Down 40% Due to High Prices: Values ​​Continue to Rise

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Greater Concepcion property sales fell by 40% in August 2022, according to a report by the Chilean Chamber of Construction. This is due to high funding costs.

Greater Concepcion (Bio-Bio region) property sales fell by 40% in August due to higher funding costs.

The cycle will only begin to recover in late 2023, as expected by the Chilean Chamber of Construction.

The real estate sector is one of the most sensitive to economic ups and downs, and this sector is no exception. Since the end of 2021, it has shown a sustained decline in sales, August 2022 was no exception .

real estate report created by Chilean Construction Chamber It marks the lowest supply since 2016, reaching 4,811 units. During the month of August, in the Gran Concepcion he sold over 2,000 homes, of which 1,700 were apartments.

Chairman of the Real Estate Committee of the Local Union, Orlando Rabanal asserted that the industry is still going through a complicated moment due to a variety of factors that have occurred over the past two years.

value continues to rise

As such, people feel their purchasing options are limited, and real estate companies postpone the execution of new projects and phases, affecting supply.

Despite this panorama, there are still projects in the final stages of construction, less affected by the increased costs affecting the sector, managers have inventory and it could be a good time to access I emphasized that it will be shipped by courier. He admitted that prices continue to rise.

The economic outlook is expected to become more positive from the second half of next year, according to an analysis by the Chilean Chamber of Construction. “Cycle Change” which will lead to an increase in demand and encourage the start of new projects.

Source: Biobiochile

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