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The keys to the Buenos Aires real estate market: Which are the most sold apartments and how much is paid on average for them - Infobae
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Las claves del mercado inmobiliario porteño: cuáles son los departamentos más vendidos y cuánto se paga en promedio por ellos
Un informe privado detalla el desempeño de las operaciones de compra venta en los barrios de CABA, destacando que el último año marcó un renacer después de cinco temporadas de letargo
www.infobae.com
March 2nd, 2024
A private report details the performance of purchase and sale operations in the neighborhoods of CABA, highlighting that the last year marked a rebirth after five seasons of lethargy
By José Luis Cieri
In 2023, the Buenos Aires real estate purchase and sale market recovered somewhat. Which neighborhoods captured the greatest demand (Illustrative Image Infobae)
The buying and selling market in the city of Buenos Aires is going through an appreciable transformation driven by the recovery of those who have savings under their mattress and the stabilization of prices in the real estate sector. These changes are generating renewed interest from both local and foreign buyers in residential and commercial properties.
The decline in listings, estimated at 48% in the used market since 2018, along with greater confidence in the segment, promoted a significant increase in real estate transactions. This phenomenon confirms that 2023 was positioned as the best calendar after five years of lethargy with more than 40,000 deeds collected by the Buenos Aires College of Notaries , including the challenges of the pandemic.
Industry experts point out that there is a growing trend towards investing in real estate as a safe asset in the face of stock market fluctuations and instability of local currencies.
“This phenomenon not only revitalizes the real estate market, but also contributes to the development and modernization of various areas of Buenos Aires,” confirmed to Infobae Brian Levi , broker of Century 21 LEVI, a company that carried out a detailed report on recent operations in CABA.
Where was it sold the most?
According to the analysis, Palermo led the preferences by registering the highest number of units sold, closely followed by Caballito, when the different layouts were compared over a total of 2,557 purchase-sale operations during the last year.In Palermo, 256 transactions were completed for properties with 1 to 4 rooms plus PH, followed by Caballito with 232 and Villa Urquiza with 207.
Source: Century 21, here how the last quarter of 2023 behaved, types of properties that were sold the most and average prices for this period.
In contrast, the neighborhoods with the least activity were Villa Real, Villa Riachuelo and Villa Soldati. Brian Levi , from Century 21 LEVI, told Infobae the following: “In these areas, in addition to having a more limited supply, the preference of many investors leans towards acquiring properties at a more affordable price and crossing to the province of Buenos Aires. Aires, where they find similar options at lower costs.”
The most requested
Regarding the most in-demand properties in the report, it emerged that 2-bedroom units led sales with 784 units, followed by 3-bedroom units with 676.“Although the supply of 2-bedrooms is considerably greater, the disparity in sales reflects a marked preference for this type of property,” Levi pointed out.
Values and closing prices of the purchase and sale
The neighborhoods with the highest value per homogenized m2 include Puerto Madero, Núñez, Belgrano, Palermo and Recoleta.Levi clarified: “The homogenized surface is a way to compare units based on footage. The semi-covered meters, better known as balconies, are taken at 50% and the uncovered meters (patios or terraces) at 33%, always comparing it to the covered m2.
Puerto Madero continues to be the most expensive in the city to buy homes
Among the neighborhoods with the highest value in dollars per homogenized m2 we find the neighborhoods of Puerto Madero, Núñez, Belgrano, Palermo and Recoleta. To this we must clarify that the sample taken considers brand new apartments, under construction, and/or used apartments, always taking the actual closing value of the operation.
According to the study, the closing prices per square meter for the most sought-after neighborhoods were averaged as follows: the first five are: the first 5, 1) Puerto Madero, USD 4,071; 2) Palermo, USD 2094.25; 3) Belgrano, USD 2,092; 4) Núñez, USD 2082.50, and 5) Coghlan, USD 1911 per m2. And the five cheapest are those published below: 1) Parque Avellaneda, USD 988; 2) La Boca, USD 971; 3) Constitución, USD 882.25; 4) Villa Lugano, USD 735.67, and 5) Nueva Pompeya, USD 676.50 per m2.
“The favorable thing is that the average closing value of operations increased slightly, showing a market where values have already touched their floor,” Levi said.
Indicators
The “Average CABA Sale Ticket” reflects the average of one unit sold, standing at USD 100,360, evidencing an increase due to the depletion of cheaper units.The “M2 CABA Value” experienced an increase of 9%, confirming the takeoff of the market.
The “CABA Negotiation Margin” decreased to 6.15%, placing the seller in a stronger position.
“ The trend of preference for 2-room units continues, followed by 3-room and PH. The demand for PH is on the rise, attributable to the preference for outdoor spaces, boosted by changes generated by the pandemic,” Levi said.
Although the market registered sustained growth, it is still far from its potential. Hope lies in possible mortgage loans and government changes. Despite the absence of credits, the impact of the DNU on rents, the decrease in supply and the increase in units sold offer encouraging prospects.
“In addition to end consumers, local investors are renovating units to sell them at a profit. Surprisingly, there is a significant number of foreign investors acquiring even complete low-rise buildings, indicating that the m2 in CABA is undervalued,” Levi concluded.
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