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The phenomenon that anticipates that those looking for a used property in the northern area have to buy now - La Nacion Propiedades
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El fenómeno que anticipa que quien busca una propiedad usada en zona norte tiene que comprar ya
A pesar de que el valor del metro cuadrado se incrementó, continúa en mínimo históricos
www.lanacion.com.ar
August 17, 2024
Although the value of the square meter has increased, it remains at historic lows
Prices for used apartment listings in Greater Buenos Aires are slowly recovering
The real estate market continues to be a hot topic. Although the sale and purchase of properties is at a good level in Greater Buenos Aires, the prices of used apartment listings are recovering, but slowly .
The second quarter of 2024 showed a slight increase compared to the first three months of the year: the quarterly increase was 1.37% and was around US$1,588 on average . However, when comparing year-on-year with the same period of the previous year, the value of the average square meter increased by 3.04% , according to the latest survey carried out by Reporte Inmobiliario .
Despite these increases, prices are still at historic lows , 34.7% in nominal terms below the peak of the series recorded in December 2018, which was around US$2,434 per square meter.
“There is no doubt that the growth rate of values remains low, especially considering that the level of deeds registered by PBA is acceptable to good,” they say from Reporte Inmobiliario. In precise numbers, with 9,459 transactions, the best May since 2018 was recorded . This was reported by the College of Notaries of the Province of Buenos Aires , with numbers that show a year-on-year growth of 22% and 24.18% compared to the previous month. Reporte Inmobiliario clarifies that these figures “do not include the transfer of tickets, something very common in the Province, especially in the suburban segment markets (countries and gated communities).”
The quarterly increase in GBA was 1.37% and was around US$1,588 on average.
“ The main factor driving the market is the current low prices ,” explains Germán Gómez Picasso, founder of Reporte Inmobiliario, adding: “Those who had some savings are seeing that values are at very low historical levels , which have fallen by around 50% in real terms, so they are buying.”
It will surely depend a lot on the activation of mortgage loans for the values to finally recover what was lost in the period 2017 to 2020. "It must be taken into account that these data are figures from May, when mortgage loans were just being talked about, " warns Gómez Picasso and adds: "When sales begin to be influenced by mortgage loans, they will be much higher."
The real estate market in the northern area
In the case of GBA North, the values of the published used apartments are above the average (US$1,588/m² on average in GBA) with an average value of US$2,170 per square meter and is the highest of the areas surveyed by Reporte Inmobiliario: in the south zone the average value is US$1,170/m² and in GBA West it is US$1,320/m² on average.
In concrete terms , the prices per square meter of used two- and three-room units in the main neighborhoods of the northern area are as follows:
- Tigre : It has prices ranging from US$1,295 to US$2,110 per square meter; and has an average value of around US$1,785/m²
- Vicente López : the square meter ranges from US$1,705 to US$3,000; with an average price of US$2,190/m²
- Olivos : the average price in the area is US$2210/m² , with values ranging from US$1605/m² to US$2815/m²
- San Isidro : the square meter ranges from US$1,665 to US$2,855, with an average price of around US$2,255
- Martínez : prices per square meter start at US$1,705 and can reach up to US$2,045, while on average units are available for US$2,400/m²
In Vicente López, the average value of a used two- and three-room apartment is around US$2,190
How much does a used car cost in GBA south and west?
According to the platform's report, the average sales values per square meter of two- and three-room apartments published in GBA South and West are as follows:Southern zone
- La Plata : US$1115/m²
- Lanús : US$1125/m²
- Lomas de Zamora : US$1155/m²
- Avellaneda : US$1200/m²
- Quilmes : US$1255/m²
West zone
- Haedo : US$1245/m²
- Moron : US$1330/m²
- Ramos Mejia : US$1,385/m²
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