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Change in trend?: prices of used apartments in CABA break a streak of declines that had been going on for more than four years - infobae
Source:
www.infobae.com
September 18, 2023
By: José Luis Cieri
Prices of homes for sale show slight signs of recovery. Which are the Buenos Aires neighborhoods where the reversal is most evident?
Values stopped falling and are going through an expected rebound effect. The opportunity market is still valid but experts expect housing prices to rise further in 2024 (Photo: Getty Images)
After a prolonged downward trend in the prices of used apartments in the Autonomous city of Buenos Aires, the latest data indicate a significant change. According to private monitoring reports, the last quarter showed an increase that puts an end to 17 consecutive quarters of declines in the values of these properties.
According to the Real Estate Report, the increase recorded was moderate, with an average increase of 2%. However, this change is significant, as it breaks a downward trend that had continued for more than four years.
This change in price direction could be influenced by a gradual recovery in demand in the real estate market. Furthermore, the current political context and expectations for the near future could be contributing to this change in trend.
The valuations of 2 and 3-bedroom apartments accumulated an increase that had not occurred since pre-pandemic. Although the values are still below 2019 and we are still facing a scenario of opportunity.
Germán Gómez Picasso , from Reporte Inmobiliario, highlighted to Infobae that “What was already seen before with values in the interior and Greater Buenos Aires is being replicated in CABA, where values for sale have been rising slightly. The improvement in demand and the floor of values made them stop falling.”
This also coincides with times when there is a recovery in the number of purchase and sale operations according to what the Buenos Aires College of Notaries reveals: until last July, 19,263 deeds were formalized, an average of 2,751 deeds per month, the best record since 2018 To the date.
Source: Real Estate Report
"On the other hand, we see that even if they don't sell, the owners prefer to wait for prices to improve in the medium term; many are already saying at this price I won't sell," Gómez Picasso clarified.
Fernando Pérez , from Coldwell Banker Desiderio Group, told Infobae that Parque Rivadavia and its surroundings in Caballito represent a relevant case study. “After three years of decline in property values, the price per square meter is starting to increase very slightly.”
Private reports that include more than 50 projects in the south of Caballito, located between Del Barco Centenera streets and Rivadavia, La Plata and Directorio avenues, corroborate this trend, according to experts in the field.”
Directorio Avenue at 700, near Rivadavia Park, in Caballito
In this part of Buenos Aires there are used 1 bedroom apartments from USD 75,000 and 2 bedroom apartments from $110,000.
“Prices increased approximately 1.5% this last time, offsetting the drop of almost 2% last year. A situation that indicates that we have technically reached a floor in values,” added Pérez.
During this last quarter, seven neighborhoods slightly lowered their prices, 26 raised them and 3 remained unchanged. Palermo (USD 2,315 per m2), Recoleta-Retiro (USD 2,375), Recoleta (USD 2,160) and Belgrano C and R (USD 2,060 and USD 2,055) are at the head of the areas where the highest value of the metro is concentrated. Buenos Aires square, outside of Puerto Madero, which exceeds USD 4,800 in used property.
“Families that relocate, people who want to stay in their usual neighborhood (whether expanding or shrinking in m2) and investors who have savings in their cushion are the ones driving the current demand,” Pérez explained.
Sofía Moñino , from Martín Pinus Real Estate, told Infobae : “We see a reactivation in the premium segment, especially in the last semester, which was interrupted in the days after the PASO and gained strength again after the “The price of the blue dollar returned to approximately $730.”
Specialists maintain that it is a good time to invest in real estate and beyond some short turbulence, values tend to rise more pronounced by 2024.
“90% of Buenos Aires neighborhoods in August showed an increase in publication value compared to July. “It is great news after 4 years,” concluded Moñino.
www.buysellba.com
Source:
¿Cambio de tendencia?: los precios de departamentos usados en CABA rompen una racha de descensos que llevaba más de cuatro años
Los precios de viviendas en venta muestran leves signos de recuperación. Cuáles son los barrios porteños donde la reversión es más evidente
www.infobae.com
September 18, 2023
By: José Luis Cieri
Prices of homes for sale show slight signs of recovery. Which are the Buenos Aires neighborhoods where the reversal is most evident?
Values stopped falling and are going through an expected rebound effect. The opportunity market is still valid but experts expect housing prices to rise further in 2024 (Photo: Getty Images)
After a prolonged downward trend in the prices of used apartments in the Autonomous city of Buenos Aires, the latest data indicate a significant change. According to private monitoring reports, the last quarter showed an increase that puts an end to 17 consecutive quarters of declines in the values of these properties.
According to the Real Estate Report, the increase recorded was moderate, with an average increase of 2%. However, this change is significant, as it breaks a downward trend that had continued for more than four years.
This change in price direction could be influenced by a gradual recovery in demand in the real estate market. Furthermore, the current political context and expectations for the near future could be contributing to this change in trend.
The valuations of 2 and 3-bedroom apartments accumulated an increase that had not occurred since pre-pandemic. Although the values are still below 2019 and we are still facing a scenario of opportunity.
Germán Gómez Picasso , from Reporte Inmobiliario, highlighted to Infobae that “What was already seen before with values in the interior and Greater Buenos Aires is being replicated in CABA, where values for sale have been rising slightly. The improvement in demand and the floor of values made them stop falling.”
This also coincides with times when there is a recovery in the number of purchase and sale operations according to what the Buenos Aires College of Notaries reveals: until last July, 19,263 deeds were formalized, an average of 2,751 deeds per month, the best record since 2018 To the date.
Source: Real Estate Report
"On the other hand, we see that even if they don't sell, the owners prefer to wait for prices to improve in the medium term; many are already saying at this price I won't sell," Gómez Picasso clarified.
Caballito, is valued and other areas too
Prices of homes for sale are showing a reversal of trend, a highly anticipated change in the real estate sector.Fernando Pérez , from Coldwell Banker Desiderio Group, told Infobae that Parque Rivadavia and its surroundings in Caballito represent a relevant case study. “After three years of decline in property values, the price per square meter is starting to increase very slightly.”
Private reports that include more than 50 projects in the south of Caballito, located between Del Barco Centenera streets and Rivadavia, La Plata and Directorio avenues, corroborate this trend, according to experts in the field.”
Directorio Avenue at 700, near Rivadavia Park, in Caballito
In this part of Buenos Aires there are used 1 bedroom apartments from USD 75,000 and 2 bedroom apartments from $110,000.
Which homes appreciated the most
The brand new apartments, the premium developments, which generally have quality amenities and construction details and good locations on main arteries with great present or potential.“Prices increased approximately 1.5% this last time, offsetting the drop of almost 2% last year. A situation that indicates that we have technically reached a floor in values,” added Pérez.
During this last quarter, seven neighborhoods slightly lowered their prices, 26 raised them and 3 remained unchanged. Palermo (USD 2,315 per m2), Recoleta-Retiro (USD 2,375), Recoleta (USD 2,160) and Belgrano C and R (USD 2,060 and USD 2,055) are at the head of the areas where the highest value of the metro is concentrated. Buenos Aires square, outside of Puerto Madero, which exceeds USD 4,800 in used property.
“Families that relocate, people who want to stay in their usual neighborhood (whether expanding or shrinking in m2) and investors who have savings in their cushion are the ones driving the current demand,” Pérez explained.
Premium market, too
In the high-end sector, they warn that values have stopped falling and have reached their floor.Sofía Moñino , from Martín Pinus Real Estate, told Infobae : “We see a reactivation in the premium segment, especially in the last semester, which was interrupted in the days after the PASO and gained strength again after the “The price of the blue dollar returned to approximately $730.”
Specialists maintain that it is a good time to invest in real estate and beyond some short turbulence, values tend to rise more pronounced by 2024.
“90% of Buenos Aires neighborhoods in August showed an increase in publication value compared to July. “It is great news after 4 years,” concluded Moñino.
www.buysellba.com
