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Property Sales: More Sales, but closing prices 10% lower than ask - Clarin
August 28, 2023
By: Natalia Muscatelli
This year, the real estate market has been showing slight signs of improvement compared to the great retraction in sales of recent times. However, the modest operations that are being closed in real estate are accompanied by sales prices that are below the original asking prices of the sellers.
According to an index that reveals the real closing price of operations in the area of the city of Buenos Aires, it shows that -in the last year- the prices of units between studio and 2 bedroom apartments fell, on average, by 8% . This is the follow-up carried out by ReMax together with the UCEMA and the Real Estate Report, also commonly known as the counter-offer range.
In May 2022, the general average price for this type of property was US$1,850 m2. However, a year later, the same index reveals that the average price per square meter in apartments with similar characteristics decreased to US$1,699 m2.
In the case of studio apartments, prices increased between May and June of last year. However, in May 2023, the cost per square meter for studios dropped to $1,748 m2, further down from its starting price in 2022.
As for the 1 bedroom apartments , prices in May 2022 reached US$1,868 per square meter. As of May 2023, the value was assessed at $1,785 m2. "Throughout the year, these prices did not experience increases and showed a progressive downward trend, with a difference of almost US$85 m2, which represents a drop of 5%," the study considered.
On the other hand, the apartments with 2 bedrooms , registered in May of this year, a value of US$1675 m2, a significant decrease of almost US$259 m2, which represents 14% less.
In summary, the real estate market in the City of Buenos Aires shows a downward trend in prices per square meter , especially in apartments studio to 2 bedrooms. In any case, although prices have been experiencing a decrease compared to the previous year, "they seem to be stabilizing at present", the real estate agents are enthusiastic. Most businessmen in the sector are convinced that prices have already touched a floor and have begun to rebound.
However, the deed report of the College of Notaries of the Federal Capital, which is also an indicator of the real prices of the operations, beyond the published prices, reflects the downward trend of the values. The last survey, from July, showed that sales were made in dollar amounts, 36.8% lower than those registered in the same month last year.
For the Zonaprop platform, which reports the publication prices, the properties located in GBA Oeste and Sur accumulate 41 consecutive months of decline. Prices fell 0.4% in July and stood at 1,614 dollars/m2. The price is 25.4% lower than that of GBA Norte (2,163 dollars/m2). Meanwhile, only the GBA North properties showed a price rise of 0.1% in July, although, considering the period so far this year, they accumulate a decrease of 1.3%.
www.buysellba.com
August 28, 2023
By: Natalia Muscatelli
This year, the real estate market has been showing slight signs of improvement compared to the great retraction in sales of recent times. However, the modest operations that are being closed in real estate are accompanied by sales prices that are below the original asking prices of the sellers.
According to an index that reveals the real closing price of operations in the area of the city of Buenos Aires, it shows that -in the last year- the prices of units between studio and 2 bedroom apartments fell, on average, by 8% . This is the follow-up carried out by ReMax together with the UCEMA and the Real Estate Report, also commonly known as the counter-offer range.
In May 2022, the general average price for this type of property was US$1,850 m2. However, a year later, the same index reveals that the average price per square meter in apartments with similar characteristics decreased to US$1,699 m2.
In the case of studio apartments, prices increased between May and June of last year. However, in May 2023, the cost per square meter for studios dropped to $1,748 m2, further down from its starting price in 2022.
As for the 1 bedroom apartments , prices in May 2022 reached US$1,868 per square meter. As of May 2023, the value was assessed at $1,785 m2. "Throughout the year, these prices did not experience increases and showed a progressive downward trend, with a difference of almost US$85 m2, which represents a drop of 5%," the study considered.
On the other hand, the apartments with 2 bedrooms , registered in May of this year, a value of US$1675 m2, a significant decrease of almost US$259 m2, which represents 14% less.
In summary, the real estate market in the City of Buenos Aires shows a downward trend in prices per square meter , especially in apartments studio to 2 bedrooms. In any case, although prices have been experiencing a decrease compared to the previous year, "they seem to be stabilizing at present", the real estate agents are enthusiastic. Most businessmen in the sector are convinced that prices have already touched a floor and have begun to rebound.
However, the deed report of the College of Notaries of the Federal Capital, which is also an indicator of the real prices of the operations, beyond the published prices, reflects the downward trend of the values. The last survey, from July, showed that sales were made in dollar amounts, 36.8% lower than those registered in the same month last year.
For the Zonaprop platform, which reports the publication prices, the properties located in GBA Oeste and Sur accumulate 41 consecutive months of decline. Prices fell 0.4% in July and stood at 1,614 dollars/m2. The price is 25.4% lower than that of GBA Norte (2,163 dollars/m2). Meanwhile, only the GBA North properties showed a price rise of 0.1% in July, although, considering the period so far this year, they accumulate a decrease of 1.3%.
www.buysellba.com
