The data arises from the study of the situation of the properties in Avellaneda, Ramos Mejía, Martínez, Quilmes, Haedo, San Isidro, Lanús, Morón, Tigre, Lomas de Zamora, Vicente López, La Plata and Olivos. In total, the decline reaches 38.75% in just three years considering the 2018 data. As a consequence, property prices are at 2020 levels since from 2011 onwards prices were higher.
With the exception of new ventures and the sale of some houses in gated communities, the real estate market is going through a critical moment. This year, both sales and prices settled down. Brokers consulted, assured that, except for specific and urgent cases, prices would have reached their floor. Meanwhile, expectations for next year are positive.
“We have been in free fall for more than 40 months, but now we are entering a plateau. If this continues, sales should begin to pick up by April or mid-year, ”said Alejandro Bennazar, president of the Argentine Real Estate Chamber. “Obviously, purchasing power has to be ordered and the great engine of everything is the loans that are not there today, for that you have to build trust,” he added.
Generally, when the dollar is stable, the market begins to move. Currently, there are more than 150,000 listings of properties for sale, a number that is record. This was driven in part by the lack of demand and the rental law that made many owners want to exit the rental market.
As of today, a used apartment with two rooms and 50 square meters costs about US $ 114,000, while a three-room apartment with 70 square meters is around US $ 172,000.
According to Zonaprop for new apartments, the average price of apartments in Greater Buenos Aires North decreased 0.4% in the month and stands at US $ 2.306 per m2. In 2021 they accumulate a fall of 3.5% while inflation and the cost of construction in dollars increase. The cumulative fall since 2019 is 12.8%.
Meanwhile, in GBA Oeste-Sur, the average price of apartments decreased 0.6% this month and stands at US $ 1.805 per m2. In 2021, prices fell 4.4% in that area.
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