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In June, properties had the largest price increase since 2018 - El Cronista
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En junio las propiedades tuvieron el mayor aumento de precio desde 2018
La recuperación del mercado impulsa los valores al alza en casi todos los barrios de la ciudad, pero todavía están un 19% abajo de 2019. Qué incremento acumulan en el año
www.cronista.com
July 4, 2024
The market recovery is driving up prices in almost all neighborhoods of the city, but they are still 19% below 2019. What increase have they accumulated in the year?
The change in expectations, the repeal of the Rental Law and the return of mortgage loans managed to awaken a real estate market that had been dormant . In the first months of the year there was a strong increase in the number of deeds of sale and, in fact, May was crowned as the best month of the last five years.
It is therefore not surprising that in June , due to the increase in demand, prices have shown the highest monthly growth since April 2018. Last month, listing prices rose by 1.2% and this year they have accumulated a rise of 4.3% , according to data from the Zonaprop portal .
The average price per square meter is US$ 2,269 per square meter . This figure is 5.5% above the average recorded in July 2023. However, prices are still 19% below the maximum reached in 2019.
Thus, a 40 m2 one-room apartment is priced, on average, at US$ 100,280 . Meanwhile, a 50 m2 two-room apartment is priced at US$ 120,356 and a 70 m2 three-room apartment costs US$ 165,111.
In the first half of 2023, 23% of neighborhoods registered monthly price increases, the survey indicates. From July of the same year, the indicator began to grow and in June 2024, 90% of the city's neighborhoods showed monthly price increases.
Construction cost
Meanwhile, the cost of construction measured in dollars increased by 15.8% in 2024. Currently, construction costs 2.5 times more than it did in October 2020 , the lowest in the series, and 11.6% above the 2012-2023 period.Puerto Madero, Palermo and Belgrano remain on the podium of the most expensive neighborhoods , with a value of US$ 5931 per m2, US$ 3172 per m2 and US$ 2916 m2, respectively. In turn, Lugano remains the most affordable offer , with an average price of US$ 989 per m2. It is followed by Nueva Pompeya (US$ 1382 per m2) and Villa Riachuelo (US$ 1433 per m2).
Rentals
In the rental market, meanwhile, the average price rose by 2.2% in June , and accumulated an increase of 34% for the first half of the year, below inflation and with a real drop of 47%. In the period, the supply accumulated an increase of 192% and registered a supply volume 230% higher than that registered in February 2023.A studio apartment rents for $391,910 per month , while a two-room apartment rents for $449,915 per month and a three-room apartment rents for $602,830 per month.
Puerto Madero remains the most expensive rental market in the city , with an average price of $997,793 per month. It is followed by Palermo ($516,957 per month) and Núñez ($506,335 per month). On the other hand, Lugano, Mataderos and Floresta are the most affordable options on the market . They are priced at $295,056 per month, $359,023 per month and $367,911 per month, respectively.
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