The Unique College of Real Estate Brokers of Buenos Aires (CUCICBA) presented the data collected by the entity’s Statistical Observatory for the first quarter of 2024.
The real value of rentals in the City of Buenos Aires fell 34% in the first quarter of the year, according to a survey by the Unique College of Real Estate Brokers of Buenos Aires (CUCICBA).
According to data collected by the Statistical Observatory Of the entity, The starting values of the contracts had an average cumulative increase of 19.7% between January and Aprila period in which accumulated inflation totaled 53.6%, according to official statistics.
The The greatest casualties were recorded in the neighborhoods of Montserrat, Villa Devoto, Villa Del Parque, Versalles, Lugano, Villa Pueyrredón, Villa Urquiza, Liniers and Caballito.
The reasons why prices fell
This real drop in values comes from the hand of a sharp increase in the supply of units for rent for housing, which was 166% since Decembernoted the College.
And he added that, given the characteristics of the City of Buenos Aires, almost all of the available units (close to 95%) are apartments.
The report provided specific examples of two- and three-bedroom properties whose rental contract, signed in April, was agreed upon with initial values around 20% above the price requested for those same units in December, compared to an accumulated inflation of 44.9% in the first quarter of this year.
“These data show the strong recovery and vitality that the rental market has had since the DNU 70/2023 repealed the Law that governed the sector, giving tenants and owners the possibility of agreeing on values that adapt to the needs of both parties,” the entity highlighted.
Source: Ambito
