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Economy & Business - November-December 2012 (ISSN 1741-7430)
CHILE: No bubble here, says Piñera government
On 19 December Chile’s finance minister, Felipe Larraín, “categorically” denied a property bubble in the country. A few weeks later (on 3 January), Housing Minister Rodrigo Pérez warned in congressional testimony that “false signals” in the country about a property bubble could prevent the newly emerging lower middle class from getting a foot on the property ladder and punish the estimated 17% of Chilean families already with mortgages, by making their repayments go up. With elections approaching in late 2013, the last thing the government led by President Sebastián Piñera needs is a self-fulfilling property market crash.
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