Even in the face of falling local property prices in recent times, Puerto Madero continues to be the most expensive neighborhood in Latin America with an average price of USD 5,921 (m²). This area of ​​Buenos Aires was -comfortably- at the top of a ranking of most expensive neighborhoods in Latin America in the last 5 years.

On the podium of that ranking follow: Ipanema (Rio de Janeiro) with an average value of USD 4,028 per m² and Vitacura (Santiago) with USD 3,570. Then, Del Valle (Monterrey metropolitan area) with $3,566 and Vila Nova Conceição (Sao Paulo, Brazil) with $3,404.

The ‘top 10’ is closed by the neighborhoods located in Montevideo, Guadalajara, Mexico City, Rosario and Panama City, according to the ranking made by the real estate search portals, Properati and Trovit, in which the property price is calculated and compared m² for sale in the most exclusive areas of 20 cities in the region.

According to the evolution of prices, 15 of the 20 neighborhoods on the list showed a decrease in the average level of prices per m² in dollars compared to the 2021 level.

Argentina (52%), Colombia (28%) and Chile (14%) are the economies present annual devaluations of their local currencies. For this reason, select neighborhoods in these three countries have low dollar property prices. “This maintains the macroeconomic rationale that purchasing power is lost when the local currency is devalued,” the report explains.

According to the price monitoring carried out by the University of San Andres together with Mercado Libre, the inter-year variations (for example, compared to November 2021), the decline in the selling price in dollars per m2 of houses in the AMBA is 9.0% and of apartments 8.1%.

In the rest of the countries the currencies appreciated. To understand the price change one must consider factors such as the increase in construction costs, interest rates and the geopolitical state of 2022. Bosques de Las Lomas (CDMX), the price per square meter recorded a 22% growth. Of the rest of the areas, only Ipanema (in Brazil) and Samborondón (in Ecuador) recorded a growth of 5%.

The list is right a brief representation of the behavior of the Latin American economiesexplain those responsible for the report.

In Argentina, according to the ranking of these portals that are part of the Lifull Connect real estate portal network, the most expensive neighborhoods in Argentina stand out for their high value. In addition to the USD 5,921 of Puerto Madero, The Malvinas, in Rosario average US$2,250 per square meter (ranked ninth) e Country Jockey Club, in Cordoba, reaches USD 1,900 per m².

The neighborhood of Las Malvinas, also known as the Refinery, borders the Paraná River and has gone from being a working-class sector to an area of ​​exclusive residences in Rosario. For its part, the Country Jockey Club, located south of Córdoba, stands out for its green spaces.

As regards the evolution of prices, in a context of low sales, the price per square meter in dollars, compared to last year, it decreased by 1% in Puerto Madero, 10% in Las Malvinas and 13% in Country Jockey Club. However, in the same period the price per square meter, in Argentine pesos, rose in all Argentine neighborhoods.

This is due to the devaluation of the peso against the dollar. Although house prices are increasing in local currency (percentages of increase greater than 30%), they do not exceed the 52% increase in the dollar over the last year and for this reason are cheaper in foreign currency.