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Properties: In which neighborhoods, at what prices and what type of apartments sell the fastest
November 28, 2023
The most sought-after typology, the neighborhood that everyone wants, the prices and statistics on which properties are in demand in the city of Buenos Aires
In the midst of a writing boom, in the third quarter of the year, the search for properties in CABA experienced a notable increase.
Despite the economic uncertainty that surrounds the country and keeps everyone waiting for what will happen in the coming months, the Argentine real estate market seems to be experiencing a parallel reality. In October, rather than taking a wait-and-see approach, the sector remained active. 4,559 properties were registered, representing an increase of 53.3% compared to the previous year. This record is the highest in the last six years, which instills optimism.
In the midst of this deed boom, in the third quarter of the year, the search for properties in the Autonomous City of Buenos Aires (CABA) experienced a notable increase, standing out as the epicenter of real estate demand compared to the rest of the Metropolitan Area of Buenos Aires (AMBA).
According to a study carried out by the real estate portal Zonaprop , CABA significantly recovered its participation in the total demand for acquisition, reaching 69%. In contrast, the northern area of Greater Buenos Aires (GBA) concentrates 18%, and the west-south GBA 14%.
PH, the star of the real estate market
With large outdoor spaces and no bills for utilities (gas, electricity etc.), the townhouses respond to an economic need.
The data reveals that PHs are the most in-demand properties in all areas, especially in CABA. A PH notice receives 60% more demand than one for an apartment, marking a clear preference for this type of housing. With large outdoor spaces and no bills for utilities (gas, electricity etc.), this typology represents the perfect combo for those looking for fresh air, a highly valued condition after the coronavirus, and for those who, in addition, need to adjust their pockets in times of economic crisis.
In contrast, a decline is observed in the demand for houses, with 10% less pressure compared to apartments. On the other hand, land remains on a downward trend, registering between 58% and 78% less pressure than an apartment, reflecting a constant decline in its attractiveness to buyers.
Hot neighborhoods: Coghlan leads lawsuit
Coghlan is the most sought-after neighborhood with 90% of searches to buy properties
As for the most in-demand neighborhoods, Coghlan tops the list with a staggering 90% more demand than average. Located next to Saavedra to the north, Núñez to the east, Belgrano to the southeast and Villa Urquiza to the west, Coghlan is limited by the two branches of the Miter railway: the Miter branch itself and José León Suárez. Optimally surrounded and with strong connections, it is no wonder that it has caught the attention of both developers and growing demand.
In addition, it stands out as one of the fastest growing neighborhoods thanks to its new real estate developments, varied gastronomic offerings and proximity to important access roads such as the Panamericana and General Paz Avenue. Currently, the average sales value per square meter in this coveted neighborhood is US$2,475.
San Telmo and Recoleta occupy the following places as the most in-demand neighborhoods, with 30% and 53%, respectively.
Among the most searched are Recoleta, with 53%, and San Telmo, with 30%. These numbers highlight the diversity of preferences and characteristics sought by potential buyers in the capital, since although both are traditional neighborhoods, they present notable contrasts. San Telmo , with its cobblestone streets and bohemian atmosphere, attracts those seeking an artistic and authentic experience, while Recoleta, with its elegance and majesty, captivates those seeking a more sophisticated life. Currently, the average sales value is US$2,514/m² for Recoleta and US$1,972/m² for San Telmo.
Departments with “low tickets”
Demand remains strong for units under US$100 thousand.
The report also reveals a shift in search preferences regarding property prices. Currently, more people are looking to buy apartments for less than US$175,000 with a significant increase of 70%. Preference leans toward properties with a more affordable price, especially those ranging between US$100,000 and US$175,000, which now represent 32%, compared to 28% the previous year.
In any case, demand remains strong for units under US$100,000, outpacing the search for properties with values between US$100,000 and US$175,000 by 37%. On the other hand, from US$100,000 onwards, demand pressure decreases between 3% and 19%.
Trends in unit sizes
In CABA a clear trend towards more compact units can be observed.
A growing interest in studio apartments is detected in CABA, evidenced by an increase in their preference compared to the rest of AMBA. Currently, the city leads the search for these types of units, representing a solid 13% of total searches, suggesting a clear trend towards more compact units.
Despite this increase in the popularity of studio apartments, two-bedroom apartments continue to be the most sought after in the city, maintaining a considerable share of 33% in the total demand for properties. This data indicates that, although there is interest in smaller units, the preference for two-room homes remains strong and rooted in the choice of city residents.
