Monday, July 15, 2024

LATIN AMERICA | 05-05-2022 16:49

Buenos Aires is the third most expensive city in Latin America for buying real estate, says survey

Santiago de Chile and Montevideo top ranking of most expensive cities for real estate in Latin America, according to a new survey.

Buenos Aires is the third most expensive city in Latin America in which to buy real estate, behind Santiago de Chile and Montevideo, a new survey has found.

The Latin American Real Estate Survey crunched property prices in cities across seven countries (Argentina, Brazil, Chile, Colombia, Ecuador, Mexico and Peru) and drew conclusions based on the value per square metre of apartments across 14 major cities.

According to the findings, which used prices as of March 2022, the cost of an average square metre of real estate in Buenos Aires was US$2,570 – a drop of 1.1 percent on last September. Over the same period, the other cities surveyed rose 2.8 percent.

The cities with the most expensive price per square metre were Santiago de Chile (US$3,571), Montevideo (US$2,867), Buenos Aires (US$2,570) and Mexico City (US$2,374). 

At the other end of the scale, the cheapest real estate was found in Quito (US$1,217), Córdoba (US$ 1,289), Bogotá (US$1,354) and Rosario (US$1,524), according to the survey, which was conducted by the Centre for Research in Finance (CIF) of the Torcuato Di Tella University and online real-estate portal Zonaprop,

The report also showed that prices in Rosario and Cordoba fell by around 1.6 percent in dollar terms, though the biggest regional falls were found in Guadalajara and Montevideo, where prices fell 5.1 percent.

Reacting to the findings, the Rector of Di Tella University, Juan José Cruces, said that real estate in Buenos Aires, Rosario and Córdoba dropped by around 1.4 percent when measured in dollars. He noted, however, “a significant recovery of housing prices in dollars in Brazil, Peru and Colombia" since last September. 

For example, Cruces indicated that São Paulo witnessed the highest increase in the value of a square metre in dollars, rising 13.9 percent.



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