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Four-bedroom apartments are back on the Buenos Aires rental market: how much they cost and who is looking for them - Infobae
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www.infobae.com
September 14, 2024
They are the largest in surface area and require significant budgets. They are demanded by large families and those who want to work comfortably from home. How much has the supply of units increased and where are they located?
By Jose Luis Cieri
They are usually properties of more than 100 m2 and after the DNU they began to appear among the proposals for rent in CABA
Following the repeal of the Rental Law, the real estate market in the city of Buenos Aires has undergone a profound transformation. The supply of housing units has begun to show signs of recovery in all its segments. A particularly notable change can be observed in the sector of 4-bedroom apartments, with surfaces exceeding 100 square meters.
Last November, when there were no 3-bedroom units available , the supply of this type of units in pesos was zero. Now there are nearly 500 properties with 4 bedrooms available, which marks a radical change in the dynamics.
The appearance of these units is due to the end of the Rental Law, which had led several owners to wait for the definition of new rules before renting out their properties again.
However, the increased supply did not translate into a drop in prices. Rents for these apartments remain at very high levels, with values averaging $800,000 per month and expenses that can exceed $250,000, which is a high cost for tenants.
Before the DNU, the supply of apartments was scarce due to a rigid real estate market, with laws that did not adjust to economic reality. Owners sought to protect themselves from inflation and the deterioration of their properties.
The most select ones exceed USD 2,000 per month
Jorge Safar , from Oppel Inmobiliaria, pointed out that the DNU provided greater contractual freedom, allowing conditions to be adjusted to market fluctuations. “This flexibility reactivated the offer. However, the adaptation of the values to the downside still encounters resistance from some owners, which explains the accumulation of available units. On the other hand, tenants now have greater decision-making power, being able to choose from a wider offer and prioritizing characteristics, location and price.”
Safar said that those seeking these properties are tenants with high purchasing power, “such as families of 4 to 6 members, foreigners, or company personnel and diplomats temporarily assigned to Buenos Aires.”
A key factor in choosing these properties is the presence of a garage. “With the parking problem in CABA, having at least one garage became essential. Five-room units, even in neighborhoods further from the center, usually include two or three garages,” said Zampone.
View towards the Barrancas de Belgrano area. The 4-bedroom apartments are usually on the upper floors of the buildings.
“It is important to clarify that the range of apartments in these areas is very wide and many times the prices can go up a lot and reach USD 2,000 or USD 3,000 or more, depending on, among other things, the size and its state of conservation, the category of the building and its location in the neighborhood,” Safar added.
In the 5-room rental segment, location and the presence of two or more bathrooms are determining factors for tenants.
“Other relevant aspects that influence the decision are the category of the building, the cost of the expenses, the luminosity and the views that the apartment offers,” Safar added.
Currently, there are offers in several neighborhoods, for example in Villa Pueyrredón, on Avenida Nazca 4100, a 5-room apartment costs $1,100,000 per month with almost 250 m2. And in Belgrano, on Barrancas de Belgrano, a 198 m2 property with a garage is offered for USD 2,100 per month.
In the middle line, a 5-room apartment in Flores, on Avenida Varela and above Avenida Varela Coronel Ramón L. Falcón, costs 745,000 per month with 92 m2 and in Lavalle at 1700, in San Nicolás, with 115 m2, it costs $850,000 per month. Among the cheapest, in Almagro, on Avenida Rivadavia at 4000, with 95 m2 costs $680,000 and in Lima at 1400, in Constitución, with 206 m2 and three bathrooms costs $550,000 per month.
A four-bedroom apartment in Palermo, recently opened. In the construction scenario, large apartments are usually sold at a later stage, when the work is already advanced and the risk is lower for the developers.
This was confirmed by Damián Tabakman , president of the Chamber of Urban Developers (CEDU): “This is because real estate developers, in general, look for projects with lower tickets that allow them to diversify risk and attract a greater number of investors.”
Buying a large apartment in a poor location involves taking a considerable risk that many are not willing to face.
In this context, most developers are leaning towards projects that can be quickly financed through the pre-sale of smaller units, which tend to have higher demand and turnover.
In some cases, large units are designed as part of larger projects, such as penthouses or special apartments.
Tabakman concluded: “However, most are built on demand, through bespoke projects financed by groups of friends or families looking for a personalised home.”
www.buysellba.com
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www.infobae.com
September 14, 2024
They are the largest in surface area and require significant budgets. They are demanded by large families and those who want to work comfortably from home. How much has the supply of units increased and where are they located?
By Jose Luis Cieri
They are usually properties of more than 100 m2 and after the DNU they began to appear among the proposals for rent in CABA
Following the repeal of the Rental Law, the real estate market in the city of Buenos Aires has undergone a profound transformation. The supply of housing units has begun to show signs of recovery in all its segments. A particularly notable change can be observed in the sector of 4-bedroom apartments, with surfaces exceeding 100 square meters.
Last November, when there were no 3-bedroom units available , the supply of this type of units in pesos was zero. Now there are nearly 500 properties with 4 bedrooms available, which marks a radical change in the dynamics.
The appearance of these units is due to the end of the Rental Law, which had led several owners to wait for the definition of new rules before renting out their properties again.
Noticeable improvement
“The outlook has changed significantly compared to last year. If we compare the current situation with that of October 2023, and even with that of December, after the DNU came into force, we see a notable improvement in the rental offer, particularly in three- and five-room apartments, houses and PHs,” Daniel Zampone , vice president of the Argentine Real Estate Chamber, told Infobae.However, the increased supply did not translate into a drop in prices. Rents for these apartments remain at very high levels, with values averaging $800,000 per month and expenses that can exceed $250,000, which is a high cost for tenants.
Before the DNU, the supply of apartments was scarce due to a rigid real estate market, with laws that did not adjust to economic reality. Owners sought to protect themselves from inflation and the deterioration of their properties.
The most select ones exceed USD 2,000 per month
Jorge Safar , from Oppel Inmobiliaria, pointed out that the DNU provided greater contractual freedom, allowing conditions to be adjusted to market fluctuations. “This flexibility reactivated the offer. However, the adaptation of the values to the downside still encounters resistance from some owners, which explains the accumulation of available units. On the other hand, tenants now have greater decision-making power, being able to choose from a wider offer and prioritizing characteristics, location and price.”
Demand
Regarding who is looking for this type of spacious apartment, Zampone explained that “generally, these are large families who need large square meters to live comfortably.” Such as some professionals who decide to use or transform a bedroom in their workplace or study for children of secondary or university age.Safar said that those seeking these properties are tenants with high purchasing power, “such as families of 4 to 6 members, foreigners, or company personnel and diplomats temporarily assigned to Buenos Aires.”
A key factor in choosing these properties is the presence of a garage. “With the parking problem in CABA, having at least one garage became essential. Five-room units, even in neighborhoods further from the center, usually include two or three garages,” said Zampone.
Values
In the Belgrano neighborhood, a classic 4-bedroom apartment with a living-dining room configuration, 4 bedrooms plus a service quarters. In general, the rental value starts at around $800,000 to $900,000 plus expenses, taxes and services.
View towards the Barrancas de Belgrano area. The 4-bedroom apartments are usually on the upper floors of the buildings.
“It is important to clarify that the range of apartments in these areas is very wide and many times the prices can go up a lot and reach USD 2,000 or USD 3,000 or more, depending on, among other things, the size and its state of conservation, the category of the building and its location in the neighborhood,” Safar added.
In the 5-room rental segment, location and the presence of two or more bathrooms are determining factors for tenants.
“Other relevant aspects that influence the decision are the category of the building, the cost of the expenses, the luminosity and the views that the apartment offers,” Safar added.
Currently, there are offers in several neighborhoods, for example in Villa Pueyrredón, on Avenida Nazca 4100, a 5-room apartment costs $1,100,000 per month with almost 250 m2. And in Belgrano, on Barrancas de Belgrano, a 198 m2 property with a garage is offered for USD 2,100 per month.
In the middle line, a 5-room apartment in Flores, on Avenida Varela and above Avenida Varela Coronel Ramón L. Falcón, costs 745,000 per month with 92 m2 and in Lavalle at 1700, in San Nicolás, with 115 m2, it costs $850,000 per month. Among the cheapest, in Almagro, on Avenida Rivadavia at 4000, with 95 m2 costs $680,000 and in Lima at 1400, in Constitución, with 206 m2 and three bathrooms costs $550,000 per month.
Few are built
There are few four-bedroom apartments currently being built in CABA.
A four-bedroom apartment in Palermo, recently opened. In the construction scenario, large apartments are usually sold at a later stage, when the work is already advanced and the risk is lower for the developers.
This was confirmed by Damián Tabakman , president of the Chamber of Urban Developers (CEDU): “This is because real estate developers, in general, look for projects with lower tickets that allow them to diversify risk and attract a greater number of investors.”
Buying a large apartment in a poor location involves taking a considerable risk that many are not willing to face.
In this context, most developers are leaning towards projects that can be quickly financed through the pre-sale of smaller units, which tend to have higher demand and turnover.
In some cases, large units are designed as part of larger projects, such as penthouses or special apartments.
Tabakman concluded: “However, most are built on demand, through bespoke projects financed by groups of friends or families looking for a personalised home.”
www.buysellba.com
