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Rentals: the reason why certain apartments are already being offered for more than $1,000,000 per month - La Nacion Propiedades
Source:
www.lanacion.com.ar
August 06, 2024
Although the rental law affected the real estate market, since it was repealed this type of apartment has doubled its supply, but the excess demand still causes its rental price to increase.
By Fernando Torres Ullmer
Three-bedroom apartments are the type of apartment that has seen the greatest year-on-year increase in price and the one that has been built the least in the last 30 years.Fabian Marelli - University rental
The repeal of the rental law marked a turning point in the real estate market. This change, which occurred after the repeal of the law, led to a greater number of four-room units on offer, the “difficult figure” . However, they are the ones that are least found on the market , not only because they are in high demand, but because it is the type of property that has been least built in the last 30 years, according to Germán Gómez Picasso, founder of Reporte Inmobiliario.
As a result, at the end of last year there were 39 three-bedroom apartments for rent throughout the City . This number has multiplied since the repeal of the rental law, and the largest supply is concentrated in Barrio Norte, Palermo, Caballito, Recoleta and Belgrano. Today, in the main real estate sites there are around 1,300 units, of which 30% are in pesos and 70% in dollars.
Three-bedroom properties were the least built in the last 30 yearsMichael Dwyer - AP
Regarding prices, the four-room apartments in the Autonomous City of Buenos Aires marked an average price of $922,655 for a monthly rent in July 2024, according to a Zonaprop revelation. In fact, they were the ones that increased the most in the last year , since they reached an interannual rate of 152%, a figure that is below the general inflation, like the rest of the typologies, according to Gómez Picasso. In any case, in recent months there has been a stability in the price compared to inflation.
Families are the ones who most seek this type of three-bedroom apartments. Lordn - Shutterstock
“These types of apartments are not only sought after by large families, but also by blended families ,” says Diego Frangella, president of the Real Estate Association.
Along the same lines, the founder of Reporte Inmobiliario adds: “In general, families look for units with amenities , security and in good condition. Three-bedroom apartments are a type that can have a very wide range of prices; in fact, for premium units of these dimensions, contracts are usually requested in dollars.”
On the one hand, the five Buenos Aires neighborhoods with the highest average rental prices for a three-bedroom apartment in July are:
However, there are four more neighborhoods in Buenos Aires that exceed an average of one million pesos : Saavedra ($1,049,400), Villa Ortuzar ($1,039,400), Recoleta ($1,030,200) and Chacarita ($1,009,000).
On the other hand, the five cheapest neighborhoods according to their average listing price in July are:
Thus, a segment of the market, that of large apartments, and specifically that of two-bedroom apartments, if not orphaned, was at least - and is - limited by variables that limit the offer . But the pandemic also produced changes in this regard, allowing these units to reposition themselves, reinventing themselves through architecture and design. The new ways of living not only demand green and open spaces, apartments with larger balconies or terraces, but also larger interior spaces or environments that are not only bedrooms but can become places of work, study, training or play for children.
Likewise, says Flavio Galli, CEO of the developer Grupo Tueroc, there will always be families who find the city very attractive, “but they will require a new way of life in a place not so different from where they already lived. And that is the public we are targeting with our projects.” How do they do it? “In principle, our three-bedroom units are 126 m², with terraced balconies and space to house electric or gas grills,” he answers, thus satisfying a specific demand that is here to stay.
www.buysellba.com
Source:
Alquileres: la razón por la que ciertos departamentos ya se ofrecen por más de $1.000.000 por mes
Sin bien la ley de alquileres afectó al mercado inmobiliario, desde que se derogó este tipo de departamentos duplicó su oferta pero aún el exceso de demanda hace que aumente su precio de alquiler
www.lanacion.com.ar
August 06, 2024
Although the rental law affected the real estate market, since it was repealed this type of apartment has doubled its supply, but the excess demand still causes its rental price to increase.
By Fernando Torres Ullmer
Three-bedroom apartments are the type of apartment that has seen the greatest year-on-year increase in price and the one that has been built the least in the last 30 years.Fabian Marelli - University rental
The repeal of the rental law marked a turning point in the real estate market. This change, which occurred after the repeal of the law, led to a greater number of four-room units on offer, the “difficult figure” . However, they are the ones that are least found on the market , not only because they are in high demand, but because it is the type of property that has been least built in the last 30 years, according to Germán Gómez Picasso, founder of Reporte Inmobiliario.
As a result, at the end of last year there were 39 three-bedroom apartments for rent throughout the City . This number has multiplied since the repeal of the rental law, and the largest supply is concentrated in Barrio Norte, Palermo, Caballito, Recoleta and Belgrano. Today, in the main real estate sites there are around 1,300 units, of which 30% are in pesos and 70% in dollars.
Three-bedroom properties were the least built in the last 30 yearsMichael Dwyer - AP
Regarding prices, the four-room apartments in the Autonomous City of Buenos Aires marked an average price of $922,655 for a monthly rent in July 2024, according to a Zonaprop revelation. In fact, they were the ones that increased the most in the last year , since they reached an interannual rate of 152%, a figure that is below the general inflation, like the rest of the typologies, according to Gómez Picasso. In any case, in recent months there has been a stability in the price compared to inflation.
Families are the ones who most seek this type of three-bedroom apartments. Lordn - Shutterstock
“These types of apartments are not only sought after by large families, but also by blended families ,” says Diego Frangella, president of the Real Estate Association.
Along the same lines, the founder of Reporte Inmobiliario adds: “In general, families look for units with amenities , security and in good condition. Three-bedroom apartments are a type that can have a very wide range of prices; in fact, for premium units of these dimensions, contracts are usually requested in dollars.”
On the one hand, the five Buenos Aires neighborhoods with the highest average rental prices for a three-bedroom apartment in July are:
- Nunez: $1,139,500
- Palermo: $1,135,700
- Colegiales: $1,072,600
- Belgrano: $1,069,700
- Villa Urquiza: $1,054,800
However, there are four more neighborhoods in Buenos Aires that exceed an average of one million pesos : Saavedra ($1,049,400), Villa Ortuzar ($1,039,400), Recoleta ($1,030,200) and Chacarita ($1,009,000).
On the other hand, the five cheapest neighborhoods according to their average listing price in July are:
- Lugano: $624,300
- Mataderos: $713,500
- Constitution: $758,600
- Floresta: $769,800
- San Nicolas: $794,100
Why is it difficult to get a three-bedroom apartment?
As previously mentioned, this is the type of property that has seen the least construction in the last 30 years . Therefore, new developments in the city of Buenos Aires were concentrated on studio- or one-bedroom apartments, ideal for temporary rentals, single people or couples. Units that in many cases responded to the demand of investors looking for a low purchase price and who used bricks as a store of value.Thus, a segment of the market, that of large apartments, and specifically that of two-bedroom apartments, if not orphaned, was at least - and is - limited by variables that limit the offer . But the pandemic also produced changes in this regard, allowing these units to reposition themselves, reinventing themselves through architecture and design. The new ways of living not only demand green and open spaces, apartments with larger balconies or terraces, but also larger interior spaces or environments that are not only bedrooms but can become places of work, study, training or play for children.
Likewise, says Flavio Galli, CEO of the developer Grupo Tueroc, there will always be families who find the city very attractive, “but they will require a new way of life in a place not so different from where they already lived. And that is the public we are targeting with our projects.” How do they do it? “In principle, our three-bedroom units are 126 m², with terraced balconies and space to house electric or gas grills,” he answers, thus satisfying a specific demand that is here to stay.
www.buysellba.com
