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Real estate market: How much did rental prices increase in August? - Ambito
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Mercado inmobiliario: cuánto aumentaron los precios de los alquileres en agosto
La cantidad de departamentos para alquilar se incrementaron 165,2% desde noviembre 2023, según un reciente informe.
www.ambito.com
August 28, 2024
The number of apartments for rent has increased by 165.2% since November 2023, according to a recent report.
Market. Although it is difficult to afford rent, given the high prices, the report highlights that they have increased less than the year-on-year inflation
The real estate market is very active, as are its prices. In August in AMBA, there were inter-monthly variations in the rental price in pesos for apartments of 5.3% and in the case of houses of 0.6%.
Distinguishing by AMBA agglomerations, rental prices per m2 of houses at current prices registered variations of -2.9% in GBA North, -0.1% in the South zone and -0.3% in the West, according to a recent report by the University of San Andrés and Mercado Libre.
In the case of apartments, inter-monthly variations in price per m2 of 4.5%, 6.6%, 5.6% and 6.7% were observed for CABA, GBA North, South and West, respectively.
What was the year-on-year increase in rents?
Considering year-on-year variations (compared to August 2023), rental prices per m2 of houses at current prices registered variations of 117.6% in GBA North, 124.2% in GBA South and 142.1% in GBA West.In the apartment market, in August of this year, year-on-year variations were observed in the price per m2 of 74.8% in CABA, 94.8% in GBA North, 153.4% in GBA South zone and 176.9% in GBA West.
Although these are considerable increases, in all cases, the year-on-year increase was below the year-on-year inflation in July, which was 263.4%.
In which neighborhood of CABA did prices increase the most?
The report highlights that the CABA neighborhood where the highest inter-monthly increase in the rental price in current pesos per m2 of apartments occurred was in Flores (6.7%).For its part, considering the municipalities of AMBA (excluding CABA), the highest inter-monthly increase in the rental price of houses occurred in Vicente López (7.2%) , while in the case of apartments in Lanús (9.7%) .
A notable fact in the rental market is the increase in the supply of apartments. In this regard, in August 2024, in AMBA, the number of apartments available for rent increased by 165.2% compared to November 2023.
Apartment sales prices rise
Considering the stock of active property listings located in the AMBA, in August there were year-on-year variations in the average sales price in dollars per m2 of houses of -4.9%. As for apartments, a variation of 3.9% was recorded compared to August 2023.Distinguishing between Greater Buenos Aires North, South and West and considering year-on-year changes, there are drops in the price in dollars per m2 of houses of -3.5% in CABA, -3.7% in GBA North, -3.2% in GBA South, and -9.9% in GBA West.
In the case of apartments, in CABA, GBA Norte and GBA Sur, positive year-on-year variations in sales prices of 8.4%, 2.0% and 1.7% are observed, respectively. On the other hand, in GBA Oeste, a negative variation of -2.5% is observed compared to August 2023.
In CABA, the largest year-on-year drop in the sale price in dollars per m2 of apartments occurred in Monte Castro, with a variation of -6.2%. Meanwhile, within GBA (excluding neighborhoods in CABA), Quilmes is the municipality that registered the largest year-on-year drop in the sale price in dollars per m2 of houses (-12.3%); in the case of apartments, the largest drop occurred in La Matanza (-5.1%).
In August, the increase in demand (measured through contacts) was highlighted. In this regard, the demand for properties for sale of houses and apartments registered an increase of 73.3% compared to August 2023. This increase in demand would be explained by a combination of factors, including the greater dynamism of the industry, in addition to the reactivation of mortgage loans in recent months.
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