The Chilean economy has slowed in recent years, partly because of a steep drop in the price of copper, a key industry for Chile. After hitting a high in 2013, the gross domestic product has been declining since.
Demand has remained strong for high-end properties, but sales have slumped for mid- and lower-priced homes, agents said. This year the government also imposed stricter lending requirements, capping loans at 80 percent of the value of a home, which has dampened the domestic market, agents said.
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