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Real estate opportunities in Greater Buenos Aires: Property prices fell 50% in the last 5 years - Infobae
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Oportunidades inmobiliarias en el Gran Buenos Aires: los precios de las propiedades cayeron un 50% en los últimos 5 años
La crisis económica, la pandemia, las devaluaciones, las fluctuaciones del dólar y el impacto de la inseguridad llevaron a una baja de los precios de compraventa en el conurbano bonaerense, en especial en las viviendas usadas
www.infobae.com
March 28, 2024
The economic crisis, the pandemic, devaluations, dollar fluctuations and the impact of insecurity led to a drop in purchase and sale prices in the Buenos Aires suburbs, especially in used homes.
By José Luis Cieri
Wenceslao de Tata Street in Caseros, February 3 party (Google Street View)
In the real estate market of Greater Buenos Aires (GBA) there are opportunities both for those who have savings to invest in homes and for those looking to sell their property and move to a larger one, or reduce their space.
The impact of the economic situation, the pandemic, devaluations and fluctuations in the dollar led to purchase and sale prices in the Buenos Aires suburbs in recent years falling to levels similar to those of 2010.
The collapse in prices since 2019 is estimated at 50% for used units. From there it appears that the average value per square meter is USD 1,567 for one-room units and USD 1,524 for two-room units. For 3- and 4-room homes, the average price was USD 1,272 and USD 1,214 per m2, respectively.
José Rozados , from Reporte Inmobiliario, the platform that provided this survey, pointed out that the vast majority of values are at historically low levels in general terms, but that “the gap in prices is significant and varies depending on the location of the unit. , both by city and within each locality. In addition to the prolonged unfavorable macroeconomic situation in recent years, the increase in insecurity had a relevant impact on the fall in values.”
In this context, the real estate market presents unique opportunities. The prices of the studio apartments start at USD 35,000, while those with two rooms start at $45,000 and those with three and four rooms start at USD 52,000 and USD 60,000 respectively.
For example, in Caseros, in the February 3 party, a four-room apartment costs USD 94,000, and in Lanús, it costs USD 115,000.
Ituzaingó and Anatole France, in the Lanús match
“In most localities, the smallest units are the most in demand in central areas, since they are the main choice for single-person households and, in many cases, they are also used for professional purposes,” added Rozados.
Families have a wide range of housing options on properties with their own land, reducing pressure on larger units with more amenities. This is one of the reasons why larger units have seen greater value depreciation in recent years, especially in the mid-grade segment.
Stability
Demand remains stable in Villa Ballester, but there is a change in attitude among buyers looking for investment opportunities.Alejandro J. Altamirano , of Altamirano Properties, highlighted that “the ideal options currently are marked by the repeal of the Rental Law, the stability of the dollar and the improvement in profitability (averages 5% annually in the GBA), factors that encouraged those with dollars saved to consider purchasing properties. There is a perception that values have reached their lowest point and could begin to rebound in the short and medium term.”
Lacroze at 4600 in Villa Ballester, San Martín district
The most in-demand properties at this time are one- and two-bedroom apartments, as well as commercial premises, especially sought after by investors. As for values, in Villa Ballester the well-located two-bedroom apartments range between $60,000 and $85,000.
“We noticed an increase in the sale of houses and PH in recent months. In March, there was a notable increase in inquiries and closings from investors looking for rental opportunities,” Altamirano noted.
Heading west
In Ramos Mejía there is a sale offer of 3,140 properties, of which 700 are brand new. Two- and three-bedroom units predominate, with an average price between USD 1,700 and USD 2,000 per m2.The lack of garages became a growing problem due to the construction of buildings, which increases population density and the demand for parking. The price of a garage in Ramos Mejía is between USD 17,000 and USD 20,000, similar to CABA.
In Ramos Mejía, in addition to the used homes, new works are progressing in different areas of this area of the La Matanza district.
“In Haedo, Morón, the supply of brand new apartments is lower, with 390 properties published, but a slightly higher average price is observed, around USD 2,100 per m2,” said Gustavo Ortolá Martínez , from Like Propiedades.
As for houses, unlike Ramos Mejía, demand remains stable, with an average price of USD 1,200 per m2 for used ones and USD 1,700 for new ones.
According to Ortolá Martínez, clients show a preference for brand new 2- and 3-bedroom apartments, “while those who opt for 1- and 2-bedroom units are mostly investors who then use them for rent.”
Diagonals
In La Plata, the demand for property sales is constantly increasing, driven mainly by the repeal of the Rental Law and the downward trend of the free dollar.“The most sought after options are houses for own housing and apartments for the rental market, especially those where the parties can freely agree on the terms of the contracts,” said Dolores Otero Rossi , from Inmobiliaria Otero Rossi CB.
In City Bell, there is sustained demand in gated communities and in apartments with amenities, security and comforts similar to those of a home.
La Plata attracts demand for buying and selling and university students who settle to study in the capital of the Buenos Aires province.
Prices in La Plata vary depending on the type of property and location. For example, three-room houses start at USD 140,000, while apartments in premium buildings start at USD 180,000.
The presence of students and public employees stands out, who promote the modality of temporary rentals.
Otero Rossi concluded: “Investors in La Plata look for one-room and two-room apartments to rent to students, preferably without a garage, in areas close to faculties. Although property prices remain depressed, they are expected to recover in the medium term.”
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