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Living in a Nordelta apartment already costs the same as in Palermo - El Cronista
Source:
March 18, 2024
How much does it cost to rent an apartment in the top area of the Buenos Aires suburbs. What happens to sales prices and demand
Nordelta condos already cost the same as a two-bedroom in Palermo
By Belen Fernandez
Living in a Nordelta condo costs the same as in a two-room apartment in Palermo . An apartment in Nordelta has an average price of US$3,000 per square meter (m2), the same value as a similar property in the Buenos Aires neighborhood of Palermo, according to data from Zonaprop . That is to say, a 50 m2 unit costs US$150,000.
In the most exclusive neighborhood of the Northern Zone of Greater Buenos Aires, the prices of properties for sale fell, on average, 15% in the last two years. But now they are recovering driven by greater demand, especially from investors.
"The supply of apartments in Nordelta is limited, which is why the prices for sale are better defended than in other areas where the reductions reached 30% . Also the public that leans toward these properties is very specific," Gustavo said. Iglesias, owner of the homonymous real estate company that operates in Nordelta.
What happened throughout 2023 is that prices settled downwards and hit their floor. Now the recovery stage begins, above all, with the help of investors, who, driven by the repeal of the Rental Law, are looking to buy to rent.
"There is more movement of buying and selling of condominiums . Many are betting on buying, with prices still at an opportunity, to rent them," said Iglesias. And she explained that " the values are those of publication, the owners are not willing to negotiate. At most they are lowered by 5% ," she added.
How much does it cost to rent in Nordelta
According to real estate agents in the area, although the sale of condominiums grew, the apartment market in Nordelta is governed, above all, by rentals. "It is rented at high prices to couples, singles, retirees and separated people who have their family living in a house in Nordelta. There is a lot of turnover and demand," added the specialist.
Nordelta is the most in demand in the Northern Zone
Nordelta is the neighborhood with the most expensive rental offer in the Zona Norte market, with an average value of $528,554 per month , similar to what is paid for a two-bedroom in Palermo, according to the latest data from Zonaprop. It is not a typical closed neighborhood, it is a city in itself created by businessman Eduardo Costantini and that became one of the desired destinations for all those seeking to escape the Federal Capital, especially after the pandemic.
"Today, the majority of investors are betting on buying at a low price and then putting the unit on the rental market. The demand for rentals is high and constant. There is little vacancy in high-quality buildings with good amenities," added Alejo Ricciardi, manager from the real estate agency Izrastzoff Nordelta.
The truth is that the repeal of the Rental Law was key to reactivating the rental market. Many investors returned to buying properties in search of an income, which is one of the highest in the market. And, according to data from Zonaprop, the average profitability in Nordelta is 4.7%, among the five largest in the north of Greater Buenos Aires. "It is very good. Higher than Capital rents which average 4%," concluded Ricciardi.
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