Natalia Muscatelli
02/24/2020 - 18:31
- Clarín.com
- Economy
- Economy
At the pace of a real estate market virtually paralyzed by the economic crisis, the garage market showed a growth in supply levels. In the city of Buenos Aires, this availability increased by 20%, while (in a comparison with two other countries in the region) the sale prices were the most expensive and profitability, the lowest.
These conclusions were part of an analysis of Mercado Libre Inmuebles on the behavior of the garage market in the capitals of Argentina, Chile and Uruguay.
According to the data analyzed by the platform, the offer of garages in the last year registered an increase of 40% in Santiago, 13% in Montevideo and 20% in Buenos Aires. The report denotes that in the case of Chile, the offer is much more concentrated in the capital than in the rest of the countries. While in Santiago, the first 5 communes represent 91.6% of the total, in Montevideo it corresponds to 65.7% and Buenos Aires only 48%.
On the other hand, in terms of demand, there was an average increase of 59% in the three markets analyzed. In Buenos Aires the increase in inter-annual demand was 46% while in Montevideo and Santiago, the growth was 64% and 69% respectively.
In terms of profitability, in general terms, according to the report, it is more profitable to invest in garages than in an apartment in all the markets analyzed. The center of Montevideo had the highest profitability level in the region with 6.6% annually, followed by Vitacura and Ñuñoa in Santiago de Chile with 6.0% and 5.8% respectively. While the lowest returns were recorded in the Argentine capital, in the neighborhoods of Nuñez (2.3%), Belgrano (2.6%) and Palermo (2.6%).
Despite the growth of the garage market in the 3 capitals, there is a downward trend in rental prices in dollars of these properties. "This situation is associated with the depreciation of local currencies against the dollar, the economic situation of 2019 marked by the slowdown and also by a growing trend in the increase in supply that makes prices tend to fall," said the work .
In terms of sale prices, the Núñez neighborhood (Buenos Aires) leads the ranking of the most expensive neighborhoods in the region with an average value of US $ 29,535 for the last quarter of 2019. This is followed by Palermo with US $ 27,960 and Santiago Centro (Santiago de Chile) with US $ 27,643.
Among the rental values, Santiago Centro proved to be the most expensive sector among the three countries compared, with an average monthly value of US $ 97, followed by Carretas in Montevideo with US $ 94 and Providencia in Chile with US $ 92. In opposition, The cheapest neighborhoods were concentrated in Buenos Aires, largely motivated by the exchange rate factor . Boedo has the lowest value next to San Cristóbal and Monserrat with a cost of 48, 49 and 50 dollars respectively.
Analyzing in particular the Buenos Aires market, the values are very different: it records the region's most expensive prices for sale and cheaper for rent . On the one hand, Núñez and Palermo are the most expensive neighborhoods in Buenos Aires for the sale of garages with an average value of US $ 29,535 and US $ 27,960 respectively. In itself, the cheapest monthly rental prices in the region are 48, 49 and 50 dollars in Boedo, San Cristóbal and Monserrat respectively.
Belgrano, Palermo and San Nicolás occupy the podium of neighborhoods with more garages offered. In relation to demand, Palermo is the area most sought after by users, followed by Belgrano and Villa Urquiza. However, Villa Devoto and Villa del Parque, were the neighborhoods that showed the highest year-on-year growth, with an increase of 98.8% and 95.8% respectively.
Regarding profitability in CABA, the podium is led by Flores with 3.3% followed by Balvanera and San Nicolás with a profitability of 3.1%. In terms of dollar prices, there is a downward trend for both rent and sale. On average the price of car rental during 2019, had a negative variation of 21%, while for sale the variation was 5.2%.
