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Gated communities: why it is a good time to sell and also to buy an already built house - La Nacion Propiedades
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October 07, 2024
Argentines have changed their behavior and now prefer to buy a ready-made home, new or used, in a gated community instead of starting construction from scratch. Which ones are most sought after and why?
By Fernando Torres Ullmer
Gated communities: why it is a good time to buy a new or used house and not embark on building zonaprop.com
The summer months are approaching and there are those who discover their need to move to green , a trend that gained strength in the pandemic and is being reviewed due to the high costs of settling outside the city: tolls, transit time, fuel, among others. However, due to the economic situation , building a house on the outskirts of CABA is no longer the first option for users, therefore, the trend of turning to a used property was reinforced .
The combination of high construction costs and a low dollar has turned used houses in gated communities into the new “favorite figure .” If we look at the numbers, the construction cost index for this type of housing in gated communities reached its historical maximum in April , when building a 315 m² house cost US$755,128 , according to the survey conducted by Reporte Inmobiliario. A few months later, in July, the same house was being built for US$657,968 . “Even though it has gone down, it is still a high price and above the historical ones,” explains Germán Gómez Picasso, founder of Reporte Inmobiliario.
Why was this record price reached? “The reason is that the price per square meter is increasing sharply in pesos and, in turn, the dollar is flattened. This means that more dollars are needed to build the same square meter ,” explains Germán Gómez Picasso.
Building a 315 m² house cost US$755,128 in April and in July it was US$657,968 RICARDO PRISTUPLUK
“So, although there are opportunities to build on lots, since the beginning of this year users began to look for more used houses in country houses ,” explains Dolores Durañona, broker at LJ Ramos Pilar.
Along the same lines, Gonzalo Urdapilleta, director of Teresa Urdapilleta, the real estate agency that sells premium developments in the northern area, adds: “ Today it is very difficult to know how much it will cost you to build a house , which takes approximately two years.” On the contrary, last year the most popular option was to build a house . “In 2023 there was a very cheap time to do work in dollars because as this currency soared, fewer bills were needed to build the same square meter. In other words, the opposite of what happens today,” says Urdapilleta. In short, those who have dollars in their possession are favored when the value of the currency increases.
Maximiliano Casarotti, a broker at Cristina Barrionuevo Negocios Inmobiliarios, also agrees with this outlook, stating that “although construction costs have dropped slightly compared to previous months, at this time those who are selling an apartment in the capital and have the money available to invest and are able to buy a house in a gated community are leaning towards that alternative and not getting involved in a construction project . The number of inquiries about houses built in gated communities is increasing.”
Another determining factor in this phenomenon of used houses was mortgage loans , since a large part of the increase in operations in this type of housing is due to financing, according to Urdapilleta. For her part, Natalia Coronato, a real estate agent specializing in gated communities in the northern area, at Intermedia Estudio Inmobiliario, says that “we are not selling almost any lots in gated communities, we are selling houses already built. What is motivating this movement is mortgage loans, because those who were stuck and could not sell now have a buyer with credit, they sell and can now buy what they want with the money they receive. This is driving and turning the wheel of operations that were stuck. The same thing happens with money laundering, which although to a lesser extent, whoever launders can buy a second home with that money as a safe haven.”
Regarding the prices of used homes, there were no changes in one year , but the negotiation margin was reduced from 10% to 7% between the listing price and the final sale, according to Durañona, which in some way meant an increase in the price of properties.
Who are those looking for this type of properties?
“There are not only interested users looking for a weekend home, but the majority of people are looking for these homes to settle in and are able to go as far as Pilar at the most,” says Durañona
Used houses became more sought after this year Luciana Mata
Regarding ages, brokers say that it is mostly families who are looking to move to a gated community far from the Federal Capital and they prioritize certain characteristics :
- Garden with already grown plants
- Good orientation
- Build quality
On the other hand, what factors can cause a house of this type to lose value over time ? “The condition of the house is essential, that it does not have damp, that the garden is neat. With respect to the neighborhood , the administration is important, that the construction regulations have been taken care of so that the architecture of the houses is in accordance with the neighborhood. In addition, the condition of the streets and amenities is important so that a community is generated,” says Urdapilleta.
Finally, and looking to the future, how long will this trend last? On the one hand, brokers say that with the issue of the 2025 Budget, we are already beginning to see how much the dollar will be for next year, however, construction costs are expected to continue to rise and at high numbers. Therefore, this inclination to turn to used homes is expected to continue. At most, those who buy invest in some remodeling to their liking, a small, low-cost, and short-term project to be able to use the property as soon as possible.
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