According to industry sources, Ambitthe axis of the real estate agencies is to make customers understand that the price is regulated by the market and that the properties are no longer worth what they were worth 4 or 5 years ago.
A survey of Real Estate Report reported the gap that exists between the published value of the properties and that of the closing of operations and it reached 27.5% in Córdoba Capital.
According to the report, the price per square meter of a publication in the mentioned city reaches an average of US$1,122 and the sale price drops to US$806.
Behind Córdoba, the widest gap is registered in the city of Mar del Plata, where it reaches 25.3%. There the average price per square meter published is US$1,637 and the final sale price is US$1,223.
It is followed by Rosario, with a gap of 13.9%, where the average price per square meter published is US$1,451 and the final sale price drops to US$1,250.
The ranking is completed by the city of La Plata, where the published price per square meter is US$1,172 and the sale price drops to US$1,062. Here the gap is 9.4%.
Finally, In the city of Buenos Aires, the gap reaches 7.2%, where the average price per square meter published is US$1,906 and the final sale price drops to US$1,768.
Most expensive and cheapest neighborhoods of real estate in CABA
According to the Real Estate Report study, Puerto Madero has the most expensive price per square meter (USD 4,546); followed by Palermo (usd 2,647); Recoleta (USD 2,549); Nunez $2,500); Belgrano ($2,448); Montserrat u$s 1,615); La Boca u$s 1,515); Lugano US$1,425); Pompeii US$1,380) and Constitution US$1,364).
“The data that emerges from the published offer indicates that the values are still adjusting, although they do so at a much lower rate than in 2020 and 2021, the initial prices continue to adjust month by month. The reduction in prices arises from the need to adjust an initial overvaluation, which some brokers admit to capture the property”, he told Ámbito Jose RozadosDirector of Real Estate Report.
And he added: “In used apartments according to location and footage with respect to the average publication value, the effective closing values of used apartment sales operations are between 9 and 15% in CABA, in some localities of the interior such as Mar del Plata and Córdoba that gap exceeds 20%”.
falling prices
Notably 90% of the neighborhoods registered a drop in prices in the sale value of real estate in Septemberhowever, the number of purchase and sale operations in the City of Buenos Aires shows a reactivation in the market compared to the previous year, according to a survey by Zonaprop.
According to the real estate portal, the sale prices of real estate in the City of Buenos Aires have decreased by 4.9% so far in 2022 and the value per square meter stands at 2,238 dollars. This value decreases 0.7% compared to the previous month and accumulates 18 consecutive months of decline of at least 0.5% each month.
From the company they detailed that the value of a studio apartment in CABA is 96,830 dollars, while a two-room apartment with 50 square meters has a value of 117,058 dollars. Meanwhile, a three-room, 70-square-meter apartment costs $165,050.
Slight upturn in deeds in CABA
The sale of real estate in September in the province of Buenos Aires was 12.98% higher than that of the same month of 2021according to the Buenos Aires Notaries Association, although it warned that “it is still not possible to define a sign of recovery of activity.”
According to the statistics released monthly by the entity, In September, 8,875 deeds were recorded, compared to 7,859 a year ago.
Regarding the comparison with the previous month, there was also an increase of 2.29% since 8,676 operations had been carried out in August.
“The statistics are reaffirming something that we have been warning about in recent months. There is a slight growth in values but this cannot yet be defined as a sign of recovery in activity”, explained Diego Leandro Molina, president of the College of Notaries of the Province of Buenos Aires.
Continuing with the analysis of the operations, in September 909 mortgages were recorded.
This number represented a month-on-month increase of 3.29% (880 had been the value in August) and a year-on-year increase of 43.15% (635 mortgages in September 2021).
“Recession and inflation are the main factors that are currently conditioning the market in general, and the real estate market in particular. We estimate, based on the variables observed, that we will go through the next few months in a context of slowdown in economic activity,” Molina analyzed.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
