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Apartments with patios and terraces: why a simple grill can boost the value of a property - Infobae
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Departamentos con patios y terrazas: por qué una simple parrilla puede hacer disparar el valor de una propiedad
Los espacios exteriores ganaron protagonismo en el mercado inmobiliario porteño. Su valoración influye en las decisiones de compra y alquiler, al punto de que las propiedades sin conexión con áreas al aire libre son más difíciles de vender. El quiebre que significó la pandemia
www.infobae.com
December 24, 2024
Outdoor spaces have gained prominence in the Buenos Aires real estate market. Their value influences purchase and rental decisions, to the point that properties without connections to outdoor areas are more difficult to sell. The pandemic has brought about a disruption
By Jose Luis Cieri
Apartments with patios and terraces offer a "homely feel" and a feeling of openness, especially when they have a good view, a feature that is increasingly valued in the market.
In the city of Buenos Aires, apartments with terraces, patios and balconies have gained significant importance in the real estate market, both for purchase and for rent.
These outdoor spaces have become a highly valued attribute, especially after the pandemic, when the need for open and private areas of the home became a priority for many people. And even more so if they also have a grill.
According to Iuri Izrastzoff , from Izrastzoff Inmobiliaria, the main attraction of these properties is the possibility of enjoying an environment that combines the advantages of an apartment with the feeling of spaciousness and connection with the exterior of the houses. “People often look for the possibility of living in an apartment with a home-like feel . If it has a good view, all the better, because they have the feeling of openness that an apartment with a view of the building in front doesn’t give you,” he explained.
Increase in prices and bullish quote
The impact of having your own terrace or balcony is directly reflected in the prices. According to Izrastzoff, balcony square meters are usually valued at half the price of covered square meters, and terrace square meters, due to their scarcity and utility, can reach almost the same value as covered square meters.During the pandemic lockdown, these spaces were key and set a precedent for current constructions. Some developments even modified original designs, giving up closed areas to add open square meters with a grill.
Sebastián Beigel , from Beigel Bienes Raíces, agrees with this assessment and added that, before the pandemic, balconies represented up to 50% of the value of m2, while terraces and patios on upper floors reached 30%; however, after the pandemic, these spaces increased their value, and are now equal to the price of covered m2.
Sales speed and increasing demand
The presence of terraces or patios also influences the speed at which properties are sold.Izrastzoff added: “Smaller units with terraces tend to sell faster than those with similar features but without this attribute. In the case of larger units, although the market is smaller, properties with terraces also have a greater chance of selling.
The grill on the balcony or terrace of the apartment is a plus that a large part of the demand values.
Beigel, meanwhile, reinforced this idea by pointing out that homes with private terraces are more attractive options for families and people who prioritize comfort, as long as they are well priced.
The pandemic marked a turning point in demand for these properties. Since then, apartments without balconies have experienced a significant drop in demand.
“Even if it is not always used on a daily basis, since the pandemic, having an outdoor space is almost perceived as a requirement in the face of the possibility of facing a new health crisis and returning to confinement,” said Izrastzoff. Beigel also observed a change in the priorities of buyers, who now value more the possibility of enjoying the outdoors from the comfort of their home.
Quality of life and buyer perception
The presence of terraces and balconies not only impacts price and demand, but also buyers' perception of quality of life.“These spaces allow you to enjoy the outdoors, natural light and connection with the environment without leaving home, which provides a feeling of spaciousness, privacy and versatility,” Beigel described.
The connection with the outside is not only key for the view, it also provides great natural light to the home.
The quality of life also depends on the general condition of the building and the apartment.
“You can have a terrace, but if the building is not in good condition, it will affect the sale price. A new unit with a terrace is perceived as being of higher quality,” Izrastzoff explained.
Prices in key neighborhoods of CABA
The value of apartments with private terraces or patios varies considerably depending on the neighborhood and the specific characteristics of the property. In Recoleta , for example, prices range between USD 2,300 and USD 3,000 per m2, although in exclusive areas such as Avenida Alvear they can reach up to USD 5,000 per m2.In the case of brand new properties, prices can reach USD 4,500 per square meter.
In Palermo Chico , used apartments have prices starting at USD 3,000 per square meter, while in projects under construction they can reach USD 6,000 per m2.
These areas are heavily used at this time of year.
Location within the neighborhood also plays a crucial role in demand and prices. For example, in Recoleta, the highest demand is concentrated in the area between Avenida Santa Fe and Avenida del Libertador, while areas such as Santa Fe towards Córdoba have seen a decline in buyer interest.
Renovations and status of properties
Another factor that influences prices is the condition of the properties. According to Izrastzoff, the demand for apartments in very good condition or renovated has increased, as the cost of renovations has reached historic levels. “Today we know how much a used apartment costs per square meter, but it is very difficult to determine the price of a renovated apartment,” he explained.
This has led buyers to prioritise move-in ready properties, especially in a context where renovation costs are uncertain. The value of m2 to be renovated exceeds USD 700 and construction costs have risen by 145% year-on-year.
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