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Which departments have increased the most in price this year? - La Nacion Propiedades
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Cuáles son los departamentos que más aumentaron de precio este año
Un informe reveló cuáles son los que más incrementaron su precio en lo que va del año
www.lanacion.com.ar
September 10, 2024
A report revealed which ones have increased their price the most so far this year
The apartments in the pit register a 13.1% increase in 2024 and in August it is located at 2,689 dollars per square meter FABIAN MARELLI
Although construction costs fell in July for the second consecutive month , according to a recent report by Zonaprop, the apartments that have increased the most in price so far this year are those in the pit . These types of properties that are not yet finished increased in dollars by 13.1% . And according to the report, it is the type that increased the most , placing the price per square meter in pit during August at US$2,689.
“ Building today costs 2.5 times more than it did in October 2020 and 9.3% above the 2012-2023 average,” says Leandro Molina, commercial director of Zonaprop.
What is the reason for the increase? “The increase in the number of new apartments is not due to the fact that more are being sold and there is more demand, as is the case with used apartments , but because the construction costs in dollars were increased for developers for several months of the year and therefore they had to raise their price lists,” explains Germán Gómez Picasso, founder of Reporte Inmobiliario. Along the same lines, Damián Tabakman, president of the Chamber of Urban Developers (CEDU), states: “This is due to the sharp increase in the cost in dollars , which was above 13%.”
Construction costs measured in dollars rise 13.1% in 2024 Shutterstock
“ This indicator is a key factor because, as a result , the number of well projects began to increase due to the replacement of materials . This also has a direct impact on the value of brand new apartments,” adds Molina. Currently, a brand new one-bedroom apartment in the City has an average price of US$2,698/m² and shows an annual increase of 8.89% . On the other hand, a used property is 21% more affordable than a brand new one .
A concrete example of this survey on the apartments in condominiums carried out by Reporte Inmobiliario was in the Villa Urquiza area delimited by Roosevelt, Alvarez Thomas, Congreso and Triunvirato avenues. In that area, the cost per square meter had been falling for four consecutive years , but in 2024 it rose. “The percentage by which the values increased is 10.85% on average. Current prices are recovering around what was requested in 2018, after having fallen by 7% in total,” details Gómez Picasso. This is how Villa Urquiza defends a current average value of US$3083/m², the barrier of US$3000 has not been exceeded since 2019.
What is expected in the future regarding the apartments in the pit? “After the historic low in October 2023, a progressive rise in sales prices began, this is largely due to the increase in the cost of construction and mortgage loans. In this sense, we are waiting to see the impact of new regulations such as mortgage loans and money laundering in the market,” analyzes Molina. “ My expectation is that they will continue to rise even more , the prices we have reached so far are insufficient and I think this will continue to advance,” says the president of the Business Chamber of Urban Developers.
Finally, Gómez Picasso concludes: “It seems that costs are no longer increasing as much in dollars, although we must be very cautious. Personally, I have the feeling that they will continue to increase , but at a slower pace than in recent months and that would mean that these increases would be transferred to the apartments under construction and brand new.”
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