Photo via unesco.

Buenos Aires City is great, and people want to live in great cities. Therefore, people want to live in Buenos Aires. Consequently, housing in Buenos Aires has become more expensive.

How expensive is it? Exactly US$2,842 the square meter (in average), according a study conducted by the Center for Financial Research (CIF) of the Universidad Torcuato Di Tella’s Business School and Navent (Zonaprop). It’s fair to say that this is an average of the square meter price in the city: go offer that much for a property in Puerto Madero, see how the realtor reacts.

The study reported that the square meter in the city was 28.4% more expensive than the average Latin American City. However, there’s a silver lining: it’s not the most expensive of them all. Rio de Janeiro tops the list, with a price of US$ 3,961 per square meter. Santiago de Chile follows suit, at US$ 3,352, while Montevideo closes the podium at $2.933. After Buenos Aires comes São Paulo, at US$ 2.645, and México City, at US$ 2.315.

The two other major Argentine cities that made the list were Rosario and Córdoba: they placed ninth and tenth, respectively, with costs per square meter of US$ 1.828 and US$ 1.741.

The study also found that housing prices have increased across the region. In September, the average price per square meter in Latin America went up by 8.2% in US$, compared to the report issued by the institutions in March.

It should also be noted that, not shockingly, the Venezuelan capital city of Caracas has the lowest cost per square meter in Latin America, at US$ 512. However, due to the country’s recent economic instability caused by unusual (to say the least) political turmoil, that figure was not factored into the study’s average for Latin America.