Buenos Aires is the third most expensive city in Latin America

Although prices are falling due to the real estate market recession, Buenos Aires is the third most expensive city in Latin America, behind Santiago de Chile and Montevideo. This is confirmed by the ranking of the Real Estate Survey of Latin America prepared by the Center for Research in Finance (CIF) of the Business School of Torcuato Di Tella University along with the Zonaprop real estate portal which includes real estate prices in Argentine cities, Brazil, Chile, Colombia, Mexico and Peru.

According to this study, based on real estate ads published at the end of March, the average square meter in Buenos Aires costs US $ 2,570. This amount, according to the survey, has fallen 1.1% in the dollar since September and 12.8% in the peso adjusted for inflation. This is an exception in relation to other cities in the region where -at the same time- the average price rose 2.8% to the dollar and fell 2.7% in real local currency in the last semester, according to the report.

According to this survey, cities with The most expensive m2 in the region are Santiago de Chile (US $ 3,571), Montevideo (US $ 2,867), Buenos Aires (US $ 2,570) Y Mexico City ($ 2,374). And the cities with the cheapest m2 in the region are Quito (US $ 1,217), Córdoba (US $ 1,289), Bogotá (US $ 1,354) and Rosario (US $ 1,524).

To carry out this Real Estate survey (RIAL), took the price per square meter of apartments in the neighborhoods of 14 cities in nine countries in Latin America, which is comparable to what they are in Buenos Aires. Barrio Norte, Belgrano, Caballito and Recoleta. The computing was done based on asking price on real estate classifieds sites, mostly owned by Navent (Zonaprop).

To avoid frequent bias in this type of measurement, the survey focused on a few specific neighborhoods in each city, which are typically inhabited by young professionals. The price taken as representative of each city is the median of the ads reviewed in the neighborhoods considered.

In cities where prices are typically expressed in local currency, values ​​are converted to dollars using the survey month’s average exchange rate, according to Reuters.

Juan José Cruces, Researcher at the Center for Research in Finance and Rector of UTDT, explained that: “on the simple average of Buenos Aires, Rosario and Córdoba, prices dropped by 1.4% in dollars and 13.1% in adjusted pesos. by inflation. ”

On the other hand, according to the analyst, “there is a significant recovery in housing prices in dollars in Brazil, Peru and Colombia “. And another particularity the study found was “in the semester, São Paulo reported the highest increase in the value of m2 to the dollar in the entire region (13.9%).

Another characteristic the survey found, according to Cruces, was that “the cheapest properties in the region are in Quito and cost 1,217 dollars per m2, followed by those in Córdoba with 1,289 US $/m2, then Bogotá with 1,354 US $/m2 and, finally, Rosario with 1,524US $/m2. ”

Finally, the survey showed that prices in Rosario and Córdoba dropped by a similar size: 1.6% in dollars and 13.2% in real pesos. “And the biggest falls were in Guadalajara and Montevideo, where dollar prices dropped 5.1% and 1.9% respectively.”

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