National language: Castilian
Area: 756,096.3 km2
Population: 17,402,630 (2012)
GDP (PPP): 2011 estimate
Total: $299.786 billion
Per capita: $17,380
Located within South America, Chile is officially known as the 'Republic of Chile'. It is bordered by Peru in the north, Bolivia in the northeast, Drake Passage in the south and Argentina in the east. The Pacific Ocean lies to the country's west while the Andes Mountains lie to its east. A lot of people believe that Chile is the narrowest country in the world. However, this isn't true as there are many countries that have a smaller width than that of Chile. Nonetheless, it still remains the longest country globally, from north to south.
Property prices are rising quite strongly in Santiago, Chile's capital. The average "real" price of a new house in Greater Santiago rose by around 9% y-o-y to January 2013, according to the Chilean Chamber of Construction (CChC). New apartment prices in Central Santiago enjoyed 10.8% growth during the year to January 2013, also in real terms. Western and Eastern Santiago both had lower price growth of around 7.9% and 10.7%, respectively. Southern Santiago had the highest price increase of 11.7%.
Chile's real estate market saw real house prices increasing by 30% from 2004 to 2012, and even during the global financial crisis of 2009, there was only a small average price decline of 0.9% from May to August. The 2010 Chile earthquake of February 27, 2010 also limited annual house price growth to around 1.5% to 4% from March to December. In 2011 and 2012, house prices saw y-o-y increases of 8.7% and 5.7%, respectively, due to Chile's relatively strong economic growth.