The City of Buenos Aires is the fourth most expensive city in Latin America to buy real estate, according to a study published by Torcuato Di Tella University yesterday. On average, a square meter in the City costs US $2,659 and only Montevideo (US $2,910), Santiago de Chile (US $3,269) and Río De Janeiro (a whopping US $4,079) are more expensive.
However, it’s fair to clarify that the City’s prices vary significantly depending on the neighborhood. The going rate of US $5,297 per square meter in Puerto Madero for example definitely impacts the final average. The other neighborhoods that have higher prices than the average are Las Cañitas (US $3,169), Palermo (US $2,957), Recoleta (US $2,946) Nuñez (US $2,706) and Belgrano (US $2,696).
Other neighborhoods in the Southern area of the City such as Parque Patricios, Nueva Pompeya and Constitución would place in the 10th or 11th place, had they been surveyed on their own, as the cost of the square meter there is less than US $1,800, way below the going average.
The high prices — at least in comparison to other Latin American cities — don’t seem to have had a lot of influence on the decisions people looking to buy real estate make in Buenos Aires. According to the City’s Notaries Association, the number of property deeds signed in April increased by 20.5 percent, compared to the same month last year. The government’s plan to boost mortgage credits played an important role in this.
The university explained that it determined the prices in Argentina based on properties being advertised by people or real estate companies, rather than the final transaction price. The other Argentine cities featured in the study are Rosario, in Santa Fe and Córdoba, in their eponymous provinces, which ended up at the 9th and 10th place with average prices of US $1,612 and AR $1,542 per square meter, respectively.
Unsurprisingly Caracas, the Venezuelan capital, placed last by a large margin, with an average cost of US$ 840 per square meter. With a country in turmoil and skyrocketing inflation — among several, several other economic problems — it’s probably safe to say that it’s not a “great time” to buy at the moment.