MercoPress. South Atlantic News Agency

Real estate prices fall in 90% of Buenos Aires

Home rentals in Buenos Aires have gone up by 69% and supply remains limited

According to a survey published by Buenos Aires' daily Ámbito, 90% of Buenos Aires' areas recorded a drop in the sale price of real estate property in September of 2022 when compared to the previous month.

The study carried out by the website Zonaprop showed that since 2019 the total drop amounted to 20.1% and 4.9% so far in 2022.

In this scenario, the number of transactions went up from 2021 figures, Zonaprop's research showed. The average value of a square meter in the Argentine capital stands on average at US$ 2,238, 0.7% less than in the previous month. It was the 18th consecutive monthly decrease of at least 0.5%. Brand new units tend to fall less, the research also detected.

According to the publication, a studio apartment in CABA costs US$ 96,830, while a two-room apartment of 50 square meters sells for US$ 117,058 and a three-room apartment of 70 square meters is worth US$ 165,050, depending on the part of town. A square meter in the exclusive Puerto Madero sells for US$ 5,578 while the same surface is available for US$1,078/m2 in Villa Lugano.

The research also showed that 55% of Buenos Aires' property is for rental. According to Zonaprop, the trend has been unchanged since 2019. The study also showed a partial reverse in the trend stemming from the COVID-19 pandemic days.

Rentals are up, due to the difficulties in accessing home ownership, although rental prices are also increasing above inflation, the study found. Prices have gone up by 69% and supply remains limited.