what is expected for 2023 with the dollar and the price of real estate

what is expected for 2023 with the dollar and the price of real estate

The “Real M2” index carried out by RE/MAX and Ucema, with the support of the Real Estate Report, in the last measurement, provided preliminary data up to the third quarter of this year for several cities in the main cities of the country, showing the general downward trend. From January 2020 to the end of 2022, the accumulated drop in the price of m2 in CABA is 20.42%.

  • Córdoba had the largest drop in prices, reaching 21.91% since the first quarter of 2020; in the case of La Plata, the fall was also significant, with an accumulated decrease of 15.52%.
  • Rosario and Mar del Plata were the cities that were best able to maintain their value: in Rosario the drop since the first quarter of 2021 was 9.92%; while, in Mar del Plata, the fall was 9.88%.

Perrone pointed out that “during August, September and October of the year there was some stability in the prices of used apartments in general,” which “may be due to two factors: the exchange rate and seasonality.”

“In the course of those months we had begun to see a stability of the exchange rate that had not been seen for the rest of the year, the dollar maintained its value for a while, which encouraged buyers with purchasing power to invest in the apartments “, he claimed.

What is expected for 2023

He noted that “It will be necessary to see what happens with the behavior of the dollar, since the current value of the properties depends on this and if the price drop resumes in the coming months.”

He projected that at the “beginning of 2023 it will continue to be an area where buyers set the tone, since today we continue to have a record number of property offers, where buyers or investors, who are the ones who have the money to invest, can put the conditions”.

  • In the Buenos aires city, In December of this year, the value per m2 ranged from 899 (Villa Soldati) to 3,993 dollars (Puerto Madero), with an average price of 2,217 dollars, according to a periodic measurement carried out by the proptech Mudafy.

Matías Towers, commercial director of Mudafy told Télam that “in 2022 we saw a downward trend in m2 similar to what happened in recent years, only the pace slowed down. We reached an accumulated decrease in the year of 8 ,5%”.

“The prospects for next year are along the same lines, today we are not seeing a change in the trend in values, yes, perhaps the decline is slowing down. That will also depend on how supply and demand are behaving, which are the ones that help set prices in the market,” he added.

In the City, operations recovered this year to pre-pandemic levels: according to the latest report from the College of Notaries of the City of Buenos Aires, in November there was an 18.5% rise in the number of purchase and sale operations compared to the level from a year earlier, by adding 3,369 records. The year will close with around 30,000 operations in CABA, a figure similar to 2019.

P32 – Rent (NA)_opt.jpeg

Price. The 70 m2 properties are rented today for $103,391 per month.

Meanwhile, in a measurement in the Buenos Aires Metropolitan Area (AMBA) carried out by the University of San Andrés in conjunction with Mercado Libre, in December 2022 the sale price per m2 in dollars of houses and apartments presented a year-on-year drop of 6 .9% and 7.2%, respectively.

For his part, The Professional Real Estate Association (CPI) estimated that 3.15 salaries are required to buy a m2, taking as a reference a 2-room apartment in an average neighborhood of the City of Buenos Aires, with MEP dollars and salary according to the Average Taxable Remuneration of Stable Workers (Ripte ).

The CPI indicated that the Ripte salary measured in MEP Dollars increased 19.14% in the last year and considered that this has a “positive impact, but without mortgage credit it is very difficult to achieve a quick recovery” of the market.

It also indicated a 12.7% reduction in the number of publications for sale in the City in the last 45 days, with 92,581 apartments published in different real estate portals.

In this way, 2.23% of the offer is notarized per month and to sell all the stock it takes 44 months if the offer remains stable.

The neighborhoods with the highest supply absorption by weighting data are Belgrano, Caballito, Palermo, Recoleta, Barrio Norte, Almagro and Villa Urquiza, the CPI concluded.

Source: Ambito

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