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Building or buying a home in gated communities: record costs, opportunities, and what's best today - Ambito Financiero
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www.ambito.com
January 30, 2026
By José Luis Cieri
With the price per square meter at record highs, specialists analyze why resale is gaining ground over new construction, and what factors are driving up construction costs.
Building a home in a gated community is an increasingly competitive option due to high construction costs, extended timeframes, and a lack of predictability compared to buying completed homes.
With construction costs at historically high levels measured in dollars (accumulating a 120% increase in the last 20 months ) and a market showing signs of renewed activity, the decision between building a house from scratch or buying a finished property in a gated community is no longer a purely economic choice. The debate today revolves around predictability, timelines, and the risks that each alternative entails.
Towards the end of the year, according to Reporte Inmobiliario, building a premium home in a gated community or private neighborhood , including taxes and fees, exceeded 4.6 million pesos per square meter. In the case of the typical home tracked monthly, measuring 315 square meters, the total expenditure reached almost 1.5 billion pesos, with an exact amount of $1,453,411,753.49.
However, more moderate inflation in pesos and a rising dollar reversed that trend starting in June, bringing prices back to levels only slightly higher than at the beginning of the year. Germán Gómez Picasso , of Reporte Inmobiliario, noted that the correction was insufficient, as costs remained at a historic high, although he highlighted that they stopped climbing and showed greater stability . The exchange rate failed to offset the impact of inflation, and construction costs remained high, despite the improvement observed from June onward and the subsequent stabilization. Gómez Picasso warned that, although prices stopped rising, they remain at a peak that is limiting new construction.
Gómez Picasso recalled that this situation was foreseeable. Months earlier, he had warned about the difficulty of setting prices in a scenario marked by the evolution of inflation in pesos and the fluctuating official and parallel exchange rates for the dollar. As he explained at the time, the only viable way to begin a project was to budget in pesos and update the values monthly using a reliable index, since setting costs in dollars involved a risk that was difficult to mitigate.
A theoretical exercise reinforces this diagnosis. For the current cost to be at the historical average recorded between May 2010 and November 2025 —equivalent to AU$1,381 per m2— the exchange rate would have to be around $3,370 per dollar.
Regarding the items that most increase the cost of a new construction project, he explained that the final cost depends on the type of house. A basic house can be built starting at US$1,500 per square meter, but the addition of design and quality materials easily raises that value above US$4,000 per square meter. He identified relying on unrealistic budgets as a common mistake, which often leads to conflicts with contractors. In that sense, he emphasized the importance of professional guidance and maintained that, in construction, misguided attempts to save money usually result in delays and cost overruns.
Labor, blueprints, steel, porcelain tiles, faucets and ultra-resistant countertops (such as Silestone, for example) are among the most expensive items or materials for building today.
A house of more than 180 m2 and 4 bedrooms takes up to 24 months to complete.
Regarding the demand for resale homes , he observed a good level of activity in gated communities. He explained that when buyers compare the value of a completed property with the cost of building the same area, they tend to opt for move-in ready units.
He explained that current demand favors modern styles, with exposed concrete, horizontal planes, large windows, high ceilings, and open views, especially of the water. He also highlighted a shift in the taste of Argentine buyers, who are now more sophisticated and have a preference for renowned architects.
Besides the high construction costs, waterfront land is always the most sought after.
However, he clarified that construction offers advantages for certain profiles, particularly complete customization, energy efficiency, and lower initial maintenance. From an asset perspective, he maintained that a well-executed project on a strategic lot can generate added value, although he emphasized that today's market prioritizes predictability. In many gated communities, used homes are purchased below replacement cost, which strengthens the resale option.
Korn explained that the items that put the most strain on the budget are windows and doors, iron, aluminum, porcelain tiles, bathroom fixtures, and imported equipment, along with skilled labor and overhead costs. He identified underestimating expenses and making changes during construction as common mistakes that tend to increase the final cost.
Dolores Otero Rossi , director of the Otero Rossi City Bell real estate agency, pointed out that it is advantageous to acquire properties with a good price and in need of improvements, provided they have a good layout, orientation, and natural light. She explained that the cost of building from scratch, combined with the opportunity cost, increases both time and price. She identified earthmoving, carpentry, air conditioning systems, labor, and municipal permits as the most expensive items. She also highlighted that houses in gated communities maintain a steady demand due to their security and the possibility of immediate occupancy.
Grand Bell I, in the La Plata district
In City Bell, La Plata district, he mentioned approximate reference values: houses from US$400,000 in Lomas de City Bell; transactions between US$330,000 and US$500,000 in the Grand Bell Country Club; and prices from US$480,000 in the gated community Los Ceibos.
Industry sources warned, however, that move-in ready homes have begun adjusting their prices to reflect high replacement costs. Strauss noted that sellers and developers have updated prices due to the difficulty of starting new construction.
Strauss acknowledged that building allows for greater customization, but emphasized that the main advantage of a completed home lies in eliminating the uncertainty of timelines and additional costs, as well as allowing for immediate occupancy. He concluded: "The availability of existing homes, especially in less sought-after neighborhoods or older properties, also appeals to buyers who choose to move to a home closer to nature."
www.buysellba.com
Source:
Construir o comprar una vivienda en barrios privados: costos récord, oportunidades y qué conviene hoy
Con el valor del m2 en máximos históricos, especialistas analizan por qué la reventa gana terreno frente a la obra nueva, qué rubros encarecen la construcción.
www.ambito.com
January 30, 2026
By José Luis Cieri
With the price per square meter at record highs, specialists analyze why resale is gaining ground over new construction, and what factors are driving up construction costs.
Building a home in a gated community is an increasingly competitive option due to high construction costs, extended timeframes, and a lack of predictability compared to buying completed homes.
With construction costs at historically high levels measured in dollars (accumulating a 120% increase in the last 20 months ) and a market showing signs of renewed activity, the decision between building a house from scratch or buying a finished property in a gated community is no longer a purely economic choice. The debate today revolves around predictability, timelines, and the risks that each alternative entails.
Towards the end of the year, according to Reporte Inmobiliario, building a premium home in a gated community or private neighborhood , including taxes and fees, exceeded 4.6 million pesos per square meter. In the case of the typical home tracked monthly, measuring 315 square meters, the total expenditure reached almost 1.5 billion pesos, with an exact amount of $1,453,411,753.49.
However, more moderate inflation in pesos and a rising dollar reversed that trend starting in June, bringing prices back to levels only slightly higher than at the beginning of the year. Germán Gómez Picasso , of Reporte Inmobiliario, noted that the correction was insufficient, as costs remained at a historic high, although he highlighted that they stopped climbing and showed greater stability . The exchange rate failed to offset the impact of inflation, and construction costs remained high, despite the improvement observed from June onward and the subsequent stabilization. Gómez Picasso warned that, although prices stopped rising, they remain at a peak that is limiting new construction.
Record levels
The records from the end of October placed costs well above the peak reached in 2018, a fact that generated concern among builders, owners with works underway and developers of open and closed lots, in a context of lower demand.Gómez Picasso recalled that this situation was foreseeable. Months earlier, he had warned about the difficulty of setting prices in a scenario marked by the evolution of inflation in pesos and the fluctuating official and parallel exchange rates for the dollar. As he explained at the time, the only viable way to begin a project was to budget in pesos and update the values monthly using a reliable index, since setting costs in dollars involved a risk that was difficult to mitigate.
A theoretical exercise reinforces this diagnosis. For the current cost to be at the historical average recorded between May 2010 and November 2025 —equivalent to AU$1,381 per m2— the exchange rate would have to be around $3,370 per dollar.
Expensive supplies
When asked about the advantages of buying a used house versus building from scratch in a gated community, Gómez Picasso stated that there are opportunities to purchase below replacement cost. He also pointed out that the buyer avoids a process that can take two to three years, from acquiring the lot to completing construction. During that time, the purchased house can be rented out and generate income, while construction involves incurring expenses and taxes without immediate use.Regarding the items that most increase the cost of a new construction project, he explained that the final cost depends on the type of house. A basic house can be built starting at US$1,500 per square meter, but the addition of design and quality materials easily raises that value above US$4,000 per square meter. He identified relying on unrealistic budgets as a common mistake, which often leads to conflicts with contractors. In that sense, he emphasized the importance of professional guidance and maintained that, in construction, misguided attempts to save money usually result in delays and cost overruns.
Labor, blueprints, steel, porcelain tiles, faucets and ultra-resistant countertops (such as Silestone, for example) are among the most expensive items or materials for building today.
A house of more than 180 m2 and 4 bedrooms takes up to 24 months to complete.
Regarding the demand for resale homes , he observed a good level of activity in gated communities. He explained that when buyers compare the value of a completed property with the cost of building the same area, they tend to opt for move-in ready units.
He explained that current demand favors modern styles, with exposed concrete, horizontal planes, large windows, high ceilings, and open views, especially of the water. He also highlighted a shift in the taste of Argentine buyers, who are now more sophisticated and have a preference for renowned architects.
Suburban real estate market
Mabel Korn , of Korn Propiedades, agreed that with construction costs exceeding AU$2,000 per square meter—and approaching AU$2,300–US$2,500 per square meter for medium-to-high-quality projects—the decision between buying and building has become strategic. In the current context, she considered buying used or nearly new homes more advantageous, since building involves greater risk, longer timelines, and cost overruns that can range from 10% to 25%, with projects taking between 14 and 20 months.
Besides the high construction costs, waterfront land is always the most sought after.
However, he clarified that construction offers advantages for certain profiles, particularly complete customization, energy efficiency, and lower initial maintenance. From an asset perspective, he maintained that a well-executed project on a strategic lot can generate added value, although he emphasized that today's market prioritizes predictability. In many gated communities, used homes are purchased below replacement cost, which strengthens the resale option.
Korn explained that the items that put the most strain on the budget are windows and doors, iron, aluminum, porcelain tiles, bathroom fixtures, and imported equipment, along with skilled labor and overhead costs. He identified underestimating expenses and making changes during construction as common mistakes that tend to increase the final cost.
Reference prices and sustained demand
In established neighborhoods of Nordelta, Korn mentioned indicative prices for houses of around 400 m2. In El Golf and Los Castores, prices ranged between US$1.1 million and US$1.7 million, depending on the lot and quality. In El Yacht, the average price was approximately US$1.85 million, with prices per m2 around US$3,300–3,400. Premium properties with a dock or special design exceeded US$2.5 million.Dolores Otero Rossi , director of the Otero Rossi City Bell real estate agency, pointed out that it is advantageous to acquire properties with a good price and in need of improvements, provided they have a good layout, orientation, and natural light. She explained that the cost of building from scratch, combined with the opportunity cost, increases both time and price. She identified earthmoving, carpentry, air conditioning systems, labor, and municipal permits as the most expensive items. She also highlighted that houses in gated communities maintain a steady demand due to their security and the possibility of immediate occupancy.
Grand Bell I, in the La Plata district
In City Bell, La Plata district, he mentioned approximate reference values: houses from US$400,000 in Lomas de City Bell; transactions between US$330,000 and US$500,000 in the Grand Bell Country Club; and prices from US$480,000 in the gated community Los Ceibos.
Predictability versus customization
Diego Strauss , from SDM Estudio, stated that, given the high costs of construction, buying completed properties offers savings of up to 25% compared to the cost of building, although he clarified that the difference depends on the neighborhood and the characteristics of each unit. He explained that financial predictability is the main advantage, since buying allows for a fixed price and avoids the uncertainty associated with future inflation.Industry sources warned, however, that move-in ready homes have begun adjusting their prices to reflect high replacement costs. Strauss noted that sellers and developers have updated prices due to the difficulty of starting new construction.
Strauss acknowledged that building allows for greater customization, but emphasized that the main advantage of a completed home lies in eliminating the uncertainty of timelines and additional costs, as well as allowing for immediate occupancy. He concluded: "The availability of existing homes, especially in less sought-after neighborhoods or older properties, also appeals to buyers who choose to move to a home closer to nature."
www.buysellba.com
