The May increase of 10.8% was the largest monthly increase in rents in the City of Buenos Aires since 2012according to a Zonapropo report published based on a survey of the notices published on the real estate portal.
The same portal revealed that so far in 2023, the average rental price for new contracts increased by 53.2%which implies that it was above inflation, which in the accumulated registers 41.9% and the Leasing Contracts Index, which stood at 34%.
For his part, the price variation registered in the last twelve months was 136.3%, the maximum registered since the beginning of the 2012 serieshigher than inflation, which was 113.8%, and the ICL adjustment, which was 100%.
The rental value of a studio apartment in CABA was $116,249 per montha two-room apartment reached $142,425 per month and a 70 m2 three-room unit was rented for $185,196 per month.
At the moment, Palermo was positioned as the most expensive neighborhood in the City of Buenos Aires with an average price of $186,288 per month.
As for the higher prices, It was followed by Recoleta and Belgrano with $166,717 and $165,720 per monthrespectively.
In the middle zone were found: Retiro ($143,329 per month), San Cristobal ($140,005 per month) and Villa Pueyrredón ($132,887 per month). The cheapest neighborhoods to rent were Liniers ($113,252 per month), Monserrat ($114,903 per month) and Barracas ($115,691 per month).
sale prices fell
The value of apartments decreased by 0.3% in the month. In the first quarter of the year, prices accumulated a fall of 1.9%. In the last 12 months, prices fell 5.7%. Since the maximum of 2019, prices registered a drop of 23% and were located at levels similar to October 2015.
Zonaprop also determined that the value of an average studio apartment was u$s93,792. On the other hand, an apartment with two rooms and 50 m2 had a value of US$113,133. An apartment with three rooms and 70 m2 reached US$158,722.
The volume of apartments for sale repriced downward in the last six months remains at 25% of the total with an average discount of 7.4%. The new advertisements published at competitive prices and the drop in advertisements with prices outside the market are the explanatory factors for the current price decrease.
The ranking of prices by neighborhood is headed by Puerto Madero ($5,678/m2), Palermo ($2,913/m2) and Belgrano ($2,706/m2). The cheapest neighborhoods in the city were Lugano ($1,032/m2), Nueva Pompeya ($1,394/m2) and La Boca ($1,447/m2).
Source: Ambito
