In the north of the country, midway between Arica and La Serena lies the number one place to invest in Chile: Antofagasta. An easy choice for first place, Antofagasta boasts the highest GDP per capita in Chile and registers third on the Human Development Index for the country.
Antofagasta’s economy is almost exclusively in the mining sector, mainly in copper.
The Antofagasta city area is mainly populated by mine workers. In Chile, mine workers and executives work mostly on temporary assignments and then return to their homes either on the weekends or once their project has been completed. The floating population of Antofagasta is about the same size as the actual population of the city.
During these temporary assignments, the businessmen who populate Antofagasta are on business travel—expenses included for all living costs. The city is a property renter’s paradise; the corporate market is a goldmine (should we say copper mine?) in itself here. The delicate timing of the projects, in conjunction with the wealth of the mines, has caused demand and prices for rental and timeshare properties to skyrocket, with no signs of slowing down anytime soon.
Other investors have taken note, and, within the last decade, there has been a huge increase in the number of hotels, specialty stores, highrises, and other housing projects in the region. Increased foreign investment in Antofagasta has served to increase the wealth of the mines, which in turn create more projects to generate even more interest, and the cycle continues.
Antofagasta offers a market overflowing almost exclusively with the coveted corporate traveler. No matter what you’re looking to do: start a business, sit on land for resale, or run a short-term rental property, Antofagasta is a good bet. This city caters to the very wealthy and highly educated population of Chile and most closely emulates that of Santiago’s market development.