BuySellBA
Administrator
Why more than 50% of rentals are listed in dollars: the neighborhoods where it is a trend - La Nacion Propiedades
Source:
www.lanacion.com.ar
September 20, 2024
There are four neighborhoods in the city of Buenos Aires where apartments published in dollars predominate over those in pesos
The trend of publishing apartments for rent in dollars continues at high levels Shutterstock
Nine months after the National Government repealed the rental law , through a Decree of Necessity and Urgency (DNU), the market changed completely : the supply of publications increased by almost 200% , contracts are closed by agreement between the parties and monthly increases increased below inflation , until the last month when this trend was reversed (in August the increase was 4.5% in the City, while inflation was 4.2%).
However, a relevant fact that draws attention is that , despite the fact that most of the contracts are closed in pesos, the offer of publications in dollars takes center stage : currently, 51% of the offer of rentals of one-bedroom apartments in the City of Buenos Aires is published in dollars, while the remaining 49% is in pesos, according to data provided by a survey by Zonaprop .
For context, in August 2023, 66% of apartments were listed in dollars, while the offer in pesos represented only 34% . This indicator began to decrease and reached 50% in November of the same year and, since then, has not shown significant variations in the total balance of supply. It should be remembered that the update of the rental law in October 2023 prohibited publications in foreign currency, but there were neighborhoods in which they continued to be offered in dollars, such as Puerto Madero.
With the repeal of the regulations and new conditions that broke into the market that had to readjust again, including the possibility of closing the contract in the currency agreed upon by the owner and the tenant, in the first two months of 2024 the majority of apartments were published in dollars , but this changed between March and June , when the offer in pesos had an upward trend . However, despite the fact that in July a balance was reached between the two, in August there was again a slight increase in the offer in dollars.
Evolution of the currency type in the rental offer: in mid-2023 it was the peak in dollars, it begins to fall when the law prohibited it in October and rises again from January when the law is repealedzoneprop
That nine months after the repeal of the law that was expected to bring about a readjustment of the market, there is still so much supply in dollars is a fact that stands out above the rest. “ It may have to do with the fact that there is still not so much confidence in the supposed order of the market in terms of the flat dollar and the devaluation being a problem of the past , ” analyzes Federico González Rouco, an economist specializing in housing.
"Many owners still want to secure an amount in dollars because, if the foreign currency rises, they are forced to obtain more pesos. So, that is the bet," adds the economist who recently published the book El sueño de la casa propia .
Puerto Madero is the neighborhood with the largest number of apartment listings in dollarsHernan Zenteno - THE NATION
The neighborhood that has remained in the ranking of the most expensive to rent for more than two years is Puerto Madero , where a two-room apartment is rented for US$1,393 per month, on average. In second place is Palermo with a value of around US$834 per month. Meanwhile, Colegiales is the third most expensive to rent, with an average price of US$812 per month.
On the other hand, Villa Ortuzar is the neighborhood with the cheapest offer , at US$529 per month. It is followed by Balvanera with an average value of US$537 and Caballito with an average price of US$593 per month.
Unlike the values in pesos, which were affected by an increase of more than 100% in the last year, in dollars the opposite happened: 88% of the neighborhoods registered a drop in average rental prices in dollars. Thus, San Telmo presents a drop of 20%, the largest drop in prices year-on-year; followed by San Nicolás, with an average price of US$594 per month, 19% less than a year ago; and Balvanera, with an average price of US$537 per month, 18% less than the same month in 2023.
For its part, Colegiales is the neighborhood with the highest increase in average price, with a year-on-year variation of 6.63%. In August 2023, the rent for a one-bedroom apartment was US$762 per month and today it costs US$812. In contrast, Puerto Madero is the one where the average price remains relatively stable: in August, a one-bedroom apartment in this neighborhood is US$1,393, just 0.81% more than in the same month of 2023.
www.buysellba.com
Source:
Por qué más del 50% de los alquileres se publican en dólares: los barrios en donde es una tendencia
Hay cuatro barrios en la ciudad de Buenos Aires en los que predominan los departamentos publicados en dólares por encima de los en pesos
www.lanacion.com.ar
September 20, 2024
There are four neighborhoods in the city of Buenos Aires where apartments published in dollars predominate over those in pesos
The trend of publishing apartments for rent in dollars continues at high levels Shutterstock
Nine months after the National Government repealed the rental law , through a Decree of Necessity and Urgency (DNU), the market changed completely : the supply of publications increased by almost 200% , contracts are closed by agreement between the parties and monthly increases increased below inflation , until the last month when this trend was reversed (in August the increase was 4.5% in the City, while inflation was 4.2%).
However, a relevant fact that draws attention is that , despite the fact that most of the contracts are closed in pesos, the offer of publications in dollars takes center stage : currently, 51% of the offer of rentals of one-bedroom apartments in the City of Buenos Aires is published in dollars, while the remaining 49% is in pesos, according to data provided by a survey by Zonaprop .
For context, in August 2023, 66% of apartments were listed in dollars, while the offer in pesos represented only 34% . This indicator began to decrease and reached 50% in November of the same year and, since then, has not shown significant variations in the total balance of supply. It should be remembered that the update of the rental law in October 2023 prohibited publications in foreign currency, but there were neighborhoods in which they continued to be offered in dollars, such as Puerto Madero.
With the repeal of the regulations and new conditions that broke into the market that had to readjust again, including the possibility of closing the contract in the currency agreed upon by the owner and the tenant, in the first two months of 2024 the majority of apartments were published in dollars , but this changed between March and June , when the offer in pesos had an upward trend . However, despite the fact that in July a balance was reached between the two, in August there was again a slight increase in the offer in dollars.
Evolution of the currency type in the rental offer: in mid-2023 it was the peak in dollars, it begins to fall when the law prohibited it in October and rises again from January when the law is repealedzoneprop
That nine months after the repeal of the law that was expected to bring about a readjustment of the market, there is still so much supply in dollars is a fact that stands out above the rest. “ It may have to do with the fact that there is still not so much confidence in the supposed order of the market in terms of the flat dollar and the devaluation being a problem of the past , ” analyzes Federico González Rouco, an economist specializing in housing.
"Many owners still want to secure an amount in dollars because, if the foreign currency rises, they are forced to obtain more pesos. So, that is the bet," adds the economist who recently published the book El sueño de la casa propia .
Neighborhood by neighborhood: the percentage of rental listings in dollars
Where there are the largest number of publications in dollars
According to the data provided by the platform, there are four neighborhoods in the city that have more listings of apartments in the US currency than in Argentine pesos. These are:- Puerto Madero : with 97%
- Retiro: 69% of the offer is in dollars
- Recoleta : has 61%
- Palermo : publications in foreign currency represent 60%
Where there are the largest number of publications in pesos
On the other hand, the areas that present an almost zero supply of apartments for rent published in dollars, which do not reach 10%, are:- Parque Patricios and Liniers : both with 3% in dollars
- Monte Castro and Villa del Parque : both with a 4% offer in dollars
- Mataderos and Villa Santa Rita : they have only 5% of publications in dollars
- Constitucion : with 6% in foreign currency
- Flores : Rents in dollars represent 7% in dollars
- Villa General Mitre : only 8% in dollars
- La Boca, Floresta and Villa Pueyrredón : publications in foreign currency reach 9%
- Parque Chacabuco : is the neighborhood with 10% of the offer in dollars
Puerto Madero is the neighborhood with the largest number of apartment listings in dollarsHernan Zenteno - THE NATION
How much does it cost to rent in CABA?
In concrete numbers, the average value of advertisements in dollars to rent a two-room apartment in CABA is US$586 , 6% less than in August of last year, when it was around US$550 .The neighborhood that has remained in the ranking of the most expensive to rent for more than two years is Puerto Madero , where a two-room apartment is rented for US$1,393 per month, on average. In second place is Palermo with a value of around US$834 per month. Meanwhile, Colegiales is the third most expensive to rent, with an average price of US$812 per month.
On the other hand, Villa Ortuzar is the neighborhood with the cheapest offer , at US$529 per month. It is followed by Balvanera with an average value of US$537 and Caballito with an average price of US$593 per month.
Unlike the values in pesos, which were affected by an increase of more than 100% in the last year, in dollars the opposite happened: 88% of the neighborhoods registered a drop in average rental prices in dollars. Thus, San Telmo presents a drop of 20%, the largest drop in prices year-on-year; followed by San Nicolás, with an average price of US$594 per month, 19% less than a year ago; and Balvanera, with an average price of US$537 per month, 18% less than the same month in 2023.
For its part, Colegiales is the neighborhood with the highest increase in average price, with a year-on-year variation of 6.63%. In August 2023, the rent for a one-bedroom apartment was US$762 per month and today it costs US$812. In contrast, Puerto Madero is the one where the average price remains relatively stable: in August, a one-bedroom apartment in this neighborhood is US$1,393, just 0.81% more than in the same month of 2023.
www.buysellba.com
