Euro Inmobiliaria has purchased land in Coquimbo for over US$ 10 million to add new phases to its coastal project.

The company Euro Inmobiliaria, linked to entrepreneurs Alejandro Ruiz and Jorge Cruzat, has completed the acquisition of a plot of land exceeding 64,000 square meters (m2), located on Avenida Los Pescadores in Coquimbo, in a transaction valued at approximately 240,000 UF, equivalent to just over US$10 million. The real estate market in the area has experienced a new boost since late 2021, driven by migration due to remote work following the pandemic and investment in multifamily buildings (intended for rental), factors that have spurred demand. Residential and tourist development has been evident with the rise in vertical construction facing the sea and in surrounding areas.

Currently, there are four residential projects for sale in the sector, marketing apartments of approximately 60 m2, with prices close to 70 UF/m2, indicating active demand for both primary residences and second homes associated with tourism use. Additionally, the scarcity of large plots of land with sea frontage, a factor that industry experts highlight, has reinforced the appeal of such assets for real estate developers. In this context, Euro Inmobiliaria finalized the purchase of the new land (in a transaction led by Colliers), which is located 400 meters from Route 5 and 180 meters from Avenida Costanera.

From Euro Inmobiliaria, it was stated that the purchase will allow them to continue their residential project Marina Pacífico, which is in its final stage, with its last units for sale. This initiative, they asserted, has shown remarkable commercial performance, establishing itself - according to the company - as a highly successful sales project in the sector. “We are very pleased to continue developing projects in Coquimbo, a city where we see sustained demand for housing.

Marina Pacífico has received a very good reception, and this purchase allows us to project new phases in the sector, consolidating our presence and Euro Inmobiliaria's commitment to continue leading the real estate development of the coastal area,” said Andrés Dávalos, Commercial Manager of Euro Inmobiliaria. Currently, the holding Grupo Euro highlighted that it has approved preliminary projects and is advancing in the development of new residential phases in the sector. “Our focus is to continue enhancing this real estate hub, developing projects that raise the standard of the sector and reinforce our position as one of the main players in residential development in the area,” added the executive.

According to an analysis by Colliers, the area has undergone a sustained process of urban expansion, with an increasing supply of housing projects, services, commerce, and tourist and gastronomic facilities, establishing itself as one of the most attractive real estate hubs on the coastal edge of Coquimbo. Regarding the sold land, they highlighted that it has very favorable conditions for housing and tourism projects, not only due to its direct proximity to the sea but also because of its connectivity and its integration into a sector that is fully developing, noted Sergio Correa, Real Estate Manager of the intermediary. He added that the asset generated significant interest in the market, mainly due to its location, scale, and development potential.

“The combination of size, coastal frontage, and an urban environment in consolidation creates an appeal that is hard to find in today's market,” affirmed the executive.