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Why building a house in a gated community is no longer an opportunity, what numbers must be taken into account - El Cronista
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Por qué construir una casa en un country ya no es una oportunidad, qué números hay que tener en cuenta
Con la caída del dólar y el aumento de la inflación, hoy ya no es negocio construir una casa. Qué números tomar para hacer el cálculo
www.cronista.com
March 12, 2024
With the fall of the dollar and the increase in inflation, today it is no longer a business to build a house. What numbers to take to make the calculation
By Belen Fernandez
Despite the drop in the parallel dollar , building a house in a gated community has the highest prices in the last six years. The strong inflation of recent months in pesos, added to the rise of the official dollar, which went from $350 to $800 in December , and a downward blue generated an explosive combo. Costs continue to rise and there is uncertainty about new budgets.
According to a report by the consulting firm Reporte Inmobiliario, the cost of building a premium home in a country, including taxes and professional fees, was almost $2 million per square meter in February. That value was $350,000 per m2 a year and a half ago.
Today, to build a large home of more than 300 m2, $608 million is needed, in the official dollar it is US$683,000, the study details.
"In nine months the cost of construction tripled in pesos ," explained Germán Gómez Piccaso , founding partner of Reporte Inmobiliario , which does a survey on the cost of construction every month.
The CAC Index , which is measured in pesos and is made up of materials such as cement, iron and labor, also registered strong increases in the last two months. "In December the increase was 33% and in January above inflation," explained Alejandro Ginevra, owner of GNV Group, which is carrying out the development of Madero Harbor in Puerto Madero.
The first strong blow was in December when the official dollar skyrocketed. There, many construction materials, which are commodities, rose up to 100% in one week. "Added to this is that materials such as cement and sand have been rising very sharply in pesos," explained Gómez Piccaso.
And, although in recent weeks, the blue dollar began to fall, prices have not yet adjusted downwards. "Prices remain high, especially for those who want to build their own home," added the expert.
Why building in the country is no longer a business
After a sharp drop in construction costs measured in dollar bills in mid-2020, as a consequence of the devaluation, the cost of construction began to gradually rise."There was stability from March 2021 to January 2022. But in the last two years, dollar prices began to skyrocket, causing savers to practically lose all the benefits that the strong devaluations had given them," he explained . the Real Estate Report report.
"If the dollar remains stable but we continue with strong inflation, costs become more expensive and building is no longer a good business," added Gómez Picasso.
Today, building a house in a gated community has the most expensive prices in six years
Added to this is the lack of materials due to obstacles to imports and the difficulties in obtaining a budget. "With this rate of inflation, budgets are updated every day. It is very difficult to plan," concluded Gómez Picasso.
How much did the land increase?
Another factor to take into account is the values of the land . During 2020, there were real opportunities. A lot in Pilar could be found for US$40,000 . Today, these values start at US$100,000 .In Nordelta, land costs an average of US$250,000. 3 years ago you could get them for US$100,000.
"Land prices, after the pandemic, increased significantly, but in the last year they remained stable. In fact, in the most remote areas, values fell as a result of the return to presence that discouraged demand in the towns more than 60 kilometers from the City of Buenos Aires ," explained Daniel Salaya Romera, owner of the homonymous real estate company that operates in the North Zone.
For example, an 800 m2 lot in Chateau Pilar has an average price of US$170,000. These values in Nordelta can exceed US$400,000, always depending on the location.
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