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Opportunity in the midst of the crisis: In which neighborhoods you can buy homes for less than USD 80,000 - Infobae
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Oportunidad en medio de la crisis: en qué barrios se pueden comprar viviendas por menos de USD 80.000
Si bien se redujo la oferta de propiedades en venta de CABA, sigue vigente un amplio abanico de unidades de hasta 3 ambientes
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Although the supply of properties for sale in CABA was reduced, a wide range of units with up to 3 rooms is still in force.
By José Luis Cieri
Currently and due to the drop in housing prices for sale, there is a wide offer of units for less than USD 80,000 in CABA (Illustrative Image Infobae)
Currently there are nearly 120,000 properties for sale in the city of Buenos Aires. Within this amount, 15,000 are worth less than USD 80,000 and are present in different Buenos Aires neighborhoods. They are units that, in general, are in good condition and have between 1 and 3 rooms with surfaces ranging between 40 and 80 square meters.
These are homes without garages, but with a balcony or connection to the outside. The southern Buenos Aires corridor absorbs a large part of that supply.
Diego Lo Nigro, , of Grupo TGR, advised those with liquidity and willingness to invest in properties to make the decision to buy and invest today, avoiding unnecessary delays. “For future residents, I highlight the importance of carefully examining the cost of expenses and the state of common spaces, especially in properties under the horizontal property regime,” he told Infobae .
In the case of investors with the objective of obtaining profitability, it is vital to observe the relationship between the number of square meters and the profitability margin.
“Apartments of 25 or 30 m2 can provide percentage gains higher than properties with double the footage. In this context, 1 and 2-bedroom units are emerging as the most attractive both in terms of speed of location and economic gain for the owner,” added Lo Nigro.
Experts agree that this is the right time to invest for those who have dollars in cash, since a recovery process is in sight in the real estate market of the Argentine economy. This change suggests that real estate will appreciate in the medium term, not immediately.
Studio apartments are ideal for the investing public looking to make a profit through rentals.
Diego Migliorisi, from Migliorisi Inmobiliaria, pointed out that “the phase of price decline concluded and a period of gradual recovery began. In some neighborhoods like Villa Crespo or Palermo there was a slight increase.”
Over the past six months, home values have remained stable, with no declines, and any declines occur during negotiations between buyer and seller. The decrease in the used property market was 48% in the last five years, while in the brand-new property segment they fell 38 percent.
Zones
Apartments for less than USD 80,000 are found in the neighborhoods of Balvanera, Almagro, Flores, Caballito, Palermo, Belgrano, Recoleta, Constitución, Floresta and Barracas, among others.Celia Molina, from Century 21, highlights that the properties are at a historically low level. “In some areas, even a studio apartment in Palermo, which until recently did not go below USD 120,000, can currently be purchased for 45% less. For final buyers it is advised that the property is tailored to their specific needs. For example, it is suggested that families with children look for units with the appropriate number of bedrooms and bathrooms for greater comfort,” she said.
Properties that have open spaces (balconies, terraces or patios) continue to be highly sought after and valued. This is a distinctive feature that was strongly marked as a preference, especially by the end user.
Regarding properties intended for rental, although the offer for traditional contracts is currently scarce, it is recommended to consider studio apartments and two-room units for temporary rental in areas such as Recoleta, Palermo and Belgrano.
The most sold properties for less than USD 80,000 are studio apartments and two rooms, with a small balcony or patio.
Migliorisi highlights the diversity of properties sold, from small apartments to residences and PHs. “The sale of premises and warehouses has not yet shown a firm recovery. The demand for permanent housing is going through a clear increase: according to the College of Buenos Aires Notaries, until last October there were almost 32,000 deeds in CABA, when in all of 2022 33,753 were made, he assured.
Papers and what to look at
The documentation of the property to be sold must be in good condition, and it is essential to have the original Property Title.“It is an exclusive issue that the property deed, co-ownership regulations, services and plans be presented. This is vital to be successful in the purchase and sale operation,” Molina clarified.
In situations of mortgage and embargo, the execution of the deed in the same act depends on the creditor. Regarding usufruct, it can be done immediately with the consent of the usufructuary or with the death certificate (Pexels)
The corresponding taxes, such as real estate, municipal taxes, ARBA, sanitary works services and expenses, must be up to date. In specific situations, particular aspects must be considered, such as the presentation of the marriage certificate with a marginal annotation of the divorce decree in cases of divorced ownership.
If acting on behalf of another, the original power of attorney and a copy are requested, legalized as necessary.
For sales made by a company, complete documentation, accreditation of the representative's status and statute are required. If the person represented is over 80 years old, a survivor certificate may be requested.
“In cases of sale of family property, it must be disposed of before the sale. Domain restrictions must have corresponding surveys before registration,” Lo Nigro concluded.
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