A study on the prices of residential real estate in Latin America found that
Buenos Aires is the fourth most expensive city in the region.
Also that the average price of real estate rose 3% in nominal dollars and fell 4% in real local currency in all the countries analyzed, between March and September 2022.
This means that the amount needed to purchase a square meter rose in banknote dollars and in inflation-adjusted US dollars, but fell in inflation-adjusted local currency.
The cities with the most expensive square meter are
Montevideo (US$3,146), Santiago de Chile (US$2,915), Mexico City (US$2,531) and Buenos Aires (US$2,362)
.
Meanwhile, those with the lowest values are Bogotá (US$1,051 per m2), Quito (US$1,202), Córdoba (US$1,311) and Rosario (US$1,455), according to the study.
The data is included in the Real Estate Survey of Latin America (RIAL) carried out periodically by the company Navent (through its Zonaprop brand) and the Di Tella University.
The study reports the price per square meter of apartments in neighborhoods of
14 cities in 9 Latin American countries
, which are comparable to what in Buenos Aires are
Barrio Norte, Belgrano, Caballito and Recoleta.
The computation is made from
the price requested
in real estate classifieds pages.
That is to say,
they are not transaction prices
, but the prices requested by the seller, as they arise from the notices on the web, which correspond to certain neighborhoods, in which young professionals typically live.
"In those cities where prices are usually expressed in local currency, they are converted to dollars using the average exchange rate for the month. In the case of Chile, the average value of the Unidad de Fomento reported by the Central Bank of Chile", reported the study in its methodology.
To convert the prices of Argentina to pesos, since September 2019 the MEP exchange rate
(electronic means of payment)
is used, which arises from the intermediation of bonds in the stock market.
This is the most accurate measure of the free and legal exchange rate, analysts say.
Measured
in nominal dollars, the city in which there was a higher percentage increase in price is the Mexican Guadalajara (16.8%)
.
Although Monterrey also appreciated 13.4%.
Whereas, the greatest falls occurred in Bogotá, Colombia (-5.1%),
Buenos Aires (-2.4%)
and Rosario (-2.4%).
In Brazil, also the city of Rio de Janeiro, the square meter fell 0.6% in dollar bills.
When analyzing the behavior of prices in
real local currency,
the cities with the highest increases were Guadalajara (3.9%) and Monterrey (0.9%).
While
the biggest falls were in Santiago de Chile (-9.9%), Buenos Aires (-9.4%) and Rosario (-9.3%).
Regarding
the situation of
prices so far this year, the downward trend in the local market continued
, according to surveys by Mercado Libre, the platform that also publishes real estate classified ads.
In March, according to these records, there was a year-on-year drop in prices in CABA and its surroundings: in the City it fell 7.3%;
in GBA North, 4.8%;
in GBA South, 2.5%;
and in GBA West, 6.7%.
"In addition, prices in AMBA stabilized, with a slight recovery in properties located in the North zone of the GBA, specifically in neighborhoods such as Pilar, Escobar and Tigre and in the South zone, of the GBA such as Berazategui," they indicated.
NE
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