“The price drop is very significant and it shows that the market not only adjusted for the number of operations but also for prices ”, points out Fabián Achával, CEO of the homonymous real estate company. “During 2019, the fall in prices was not homogeneous and many bet on a recovery that did not come, but already in 2020 and 2021 the price drop is undeniable”, Adds the broker, who was in charge of the report.
Regarding the North corridor, the drop in the value of the square meter between January 2019 and December 2021 reached 25.7% in Belgrano and 21.9% in Recoleta. While, Palermo is the neighborhood that maintained prices the most, with a fall of just 7.6% in that period. On average, the value in that area is US $ 3,053 / m². Brand-new units are the most expensive to pay (US $ 3,221 / m²), while used units (US $ 2,966 / m²) and those sold at the well (US $ 2,968 / m²) have a lower cost, according to index data. November of ZonaProp.
In this way, Palermo is the second most expensive in the City to become an owner, only behind Puerto Madero, the most expensive in Latin America. A year ago, in November 2020, the square meter in Palermo was paid on average US $ 3336. In the same month of 2019, before the coronavirus pandemic, it cost US $ 3,596; in 2018, US $ 3,615 and in 2017, US $ 3,423.
Mateo García, Toribio Achával ‘s residential director, states that “eIt’s a trendy neighborhood ”so” mIt has a better value per square meter than its natural competitors, Recoleta and Belgrano, basically due to its perfect location, which makes it the nerve center of everything someone might need “.
Palermo is “a trademark already registered in the head of the end user and the investor”, which places it above other traditional neighborhoods. At the same time, he maintains that it is an area increasingly linked to the young segment. Jorge D’Odorico, director of D’Odorico Propiedades, thinks in the same sense: “The demand comes more and more from young people and the projects are turned towards that target, with buildings that have an ecological stamp, bicycle racks and shared spaces. Other neighborhoods are copying this of Palermo, which is at the forefront because it has been years since the enterprises began to be aware of what that public wants ”.
Along these lines, Daniel Salaya Romera, from the homonymous real estate agency, adds another factor: the increase in coworking spaces in the area also made more and more people linked to those places want to move nearby. “Today the young public prioritizes being close to their home, they value that as much as having nearby green spaces. Before the offices were in Microcentro, Catalinas or Puerto Madero, but now the corporate pole has spread to places like Palermo, Núñez, Vicente López and Olivos, with a direct impact on the real estate market ”.
The offer is great: there are 22,040 apartments for sale in the neighborhood, according to the Real Estate Monitor carried out by Daniel Bryn, head of Invertiré Real Estate. But nevertheless, D’Odorico affirms that “good locations are scarce”, so the price negotiation margin is limited. “A good boulevard like the one in Cerviño or a nice apartment with amenities in Palermo Soho is hard to come by. In other neighborhoods there are more waistlines, but here the owner clings more because he knows what his unit is worth ”.
Source From: Ambito
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