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Buying a brand new apartment under construction or a used one to renovate: which is better? - La Nacion Propiedades
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www.lanacion.com.ar
March 17, 2026
In a context where the real estate market has started moving again, but without euphoria, the decision between buying a property under construction or one to renovate is strategic.
By Candela Contreras
The Argentine real estate market has left behind its period of decline and consolidated its recovery in 2025.Archive
In the midst of a constantly changing real estate market , where dollar fluctuations and inflation have a direct impact , the question arises again: Is it better to buy a used property to renovate or a unit under construction ? But, before we can answer this question, it's important to emphasize the current context.
The Argentine real estate market left behind its period of decline and consolidated its recovery in 2025. The improvement was not explosive, but it was consistent: the number of property sales deeds increased again, prices stopped falling, and mortgage credit reappeared as a key factor .
Moreover, long-term loans were a determining factor, to the point that the mortgage/deed ratio exceeded 15% in 2025 , doubling the average of the last five years and reaching the highest level since 2018, according to the report prepared by BBVA Research.
Meanwhile, prices began to recover. In Buenos Aires, the pre-construction segment led the increases with year-on-year gains of up to 11% in dollar terms . The used market , on the other hand, showed more moderate increases, around 5% , and has remained relatively stable since the last quarter of last year.
In concrete terms, the price per square meter in the city is around US$2215 for used properties and US$3120 for properties under construction , according to the latest figures compiled in February by the real estate platform Zonaprop.
But the underlying issue is something else entirely: construction costs in dollars continue to rise . The combination of inflation in pesos with a relatively stable dollar has increased costs when measured in foreign currency . Building is no longer the "bargain" it was in 2020-2022. This has changed the comparison between buying a finished property and building from scratch.
Given this scenario, the question that resurfaces in the market is: what is the best option today: buying used to renovate or buying off-plan?
The price per square meter of a used apartment in the City is around US$2215Daniel Basualdo
For those seeking a permanent home, the square footage equation is compelling: for the same budget required for a three-room apartment under construction, a four-room apartment can be purchased on the used market and renovated . “Today, those who take the plunge won't go wrong and have the power to choose,” Cazes asserts.
The economic situation has shifted the pieces on the real estate chessboard . According to Fabián Achával, head of the eponymous real estate agency, the rise in construction costs in dollars has distorted prices in a market that was already oversupplied with used properties . “Current signals favor the purchase of used or new-build properties at the expense of those under construction, at least until the existing stock is absorbed,” he states in his latest Real Estate Radar report.
Added to this is predictability . The property is tangible, can be inspected, and deeded in a short time. While drilling a well takes years, a renovation is defined by a budget and is usually completed in months.
For his part, Alan Flexer, manager of the San Isidro branch of Narvaez, highlights other strategic benefits: “ Buying a used vehicle for renovation allows access to better locations for the same price and offers greater control over the investment , since the buyer decides what to improve, how much to invest, and when to do it. If the renovation is well-planned, it can significantly improve liquidity, rental income, and resale value.”
“Closing prices are, in real terms, at 2006 levels. This marks a historic opportunity in the used residential segment,” adds Fabián Achával. However, he warns that until the supply of properties is “emptied” —or at least the oversupply is eliminated—, “ the rise in used property prices and the sales dynamism of the development segment will be severely affected .”
On the other hand, Maximiliano D'Aria, of D'Aria Propiedades, points to a change in the demand profile: today's buyer prioritizes turnkey properties. Refurbished, pre-owned properties sell faster than those requiring renovation, due to a desire to avoid technical uncertainty and additional costs.
The necessary renovations must also be taken into account . “Remodeling costs more than the construction price, especially in the most expensive rooms (like the kitchen and bathroom); however, it's possible to end up with a profit,” says Cazes.
“ There is technical uncertainty —dampness, old installations, or structural problems —and construction costs can increase if a proper inspection is not carried out . It also requires greater involvement in managing the renovation, construction timelines, and coordinating permits,” Flexer adds.
In short: recycling is not automatic; renovation costs are high in dollars and can vary ; and you have to look at the whole building, not just the unit : general condition, expenses, structural maintenance, because "it's not the same to live in a new building as in one that's more than 30 years old," adds Cazes.
The average price per square meter is higher than for used properties , although the payment plan is usually more flexible. Many developers offer extended plans of 48 to 60 months , which function as a form of private financing. However, it's not possible to finance the entire investment: generally, an average down payment of 30% of the value is required, with installments in pesos adjusted by the Argentine Chamber of Construction (CAC) index , which increases in line with inflation, or in dollars.
For Martín Boquete, director of Toribio Achával, the added value is not only financial, but also product-related : in the development phase, modern units with state-of-the-art design and amenities are acquired, projected to optimize long-term maintenance costs.
The well still holds appeal, but under a different logic. Daniel Basualdo
This view is shared by Alan Flexer, who points out that the buyer enters with a smaller initial outlay and distributes the balance in installments , reducing the need for immediate capital. Furthermore, “if the project has a strategic location and the market is favorable, the unit can capture significant appreciation upon delivery, in addition to the benefit of receiving a brand-new product with high efficiency standards,” he adds.
The main appeal of this type of property lies in its potential for appreciation . With the expansion of mortgage lending projected for 2026 and demand beginning to deepen, new properties could experience further increases driven by their quality and the relative scarcity of future supply, given that the start of new construction remains moderate.
Buyer behavior has also changed . Maximiliano D'Aria points out that the typical buyer is an investor, someone prepared to buy before construction has even begun and who understands the rules of the game. However, purely speculative investors have shown greater caution recently, as rising construction costs have squeezed historical returns, explaining lower sales levels expected in 2025 .
Mariano Mackes, manager of the Tigre & Escobar branch of Narvaez, explains that buying off-plan necessarily involves accepting construction timelines and the immobilization of capital . In a context where the opportunity cost advantage over used properties is smaller than in other cycles and immediate income isn't generated until the project is completed, the decision to invest in off-plan properties today is more about seeking a modern, financed asset than a purely opportunistic price advantage.
However, the current scenario presents challenges that the buyer must carefully consider:
Furthermore, deciding what to do with an apartment under construction isn't easy, especially considering Argentina's macroeconomic cycles and currency fluctuations. This makes it impossible to know in advance whether the apartment will cost more or less, in dollars, once it's finished.
Mortgage lending will be the key factor in 2026. If financing maintains or increases its current share of new transactions, the market will gain the necessary depth to sustain a general price increase , a scenario that would directly benefit the pre-construction market. Conversely, if lending stagnates and the recovery remains selective, existing properties will continue to be the preferred alternative, offering greater risk control.
For the sale of the well to rebound, D'Aria points out that three fundamental variables must align:
Mortgage lending behavior will be the major determining factor in 2026. Indypendenz - Shutterstock
In summary, Martín Boquete concludes that used properties always "lead the way" when readily available credit becomes accessible. However, he warns that the market could witness a true paradigm shift if banks manage to integrate loans specifically designed for properties under construction , which would unleash new dynamism in the real estate sector.
The choice for today's buyer is defined according to their priority objectives :
www.buysellba.com
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Comprar un departamento en construcción para estrenar o uno usado para refaccionar: ¿qué conviene más?
En un contexto donde el ladrillo volvió a moverse, pero sin euforia, la decisión entre si conviene comprar un inmueble en construcción o uno para remodelar es estratégica
www.lanacion.com.ar
March 17, 2026
In a context where the real estate market has started moving again, but without euphoria, the decision between buying a property under construction or one to renovate is strategic.
By Candela Contreras
The Argentine real estate market has left behind its period of decline and consolidated its recovery in 2025.Archive
In the midst of a constantly changing real estate market , where dollar fluctuations and inflation have a direct impact , the question arises again: Is it better to buy a used property to renovate or a unit under construction ? But, before we can answer this question, it's important to emphasize the current context.
The Argentine real estate market left behind its period of decline and consolidated its recovery in 2025. The improvement was not explosive, but it was consistent: the number of property sales deeds increased again, prices stopped falling, and mortgage credit reappeared as a key factor .
Moreover, long-term loans were a determining factor, to the point that the mortgage/deed ratio exceeded 15% in 2025 , doubling the average of the last five years and reaching the highest level since 2018, according to the report prepared by BBVA Research.
Meanwhile, prices began to recover. In Buenos Aires, the pre-construction segment led the increases with year-on-year gains of up to 11% in dollar terms . The used market , on the other hand, showed more moderate increases, around 5% , and has remained relatively stable since the last quarter of last year.
In concrete terms, the price per square meter in the city is around US$2215 for used properties and US$3120 for properties under construction , according to the latest figures compiled in February by the real estate platform Zonaprop.
But the underlying issue is something else entirely: construction costs in dollars continue to rise . The combination of inflation in pesos with a relatively stable dollar has increased costs when measured in foreign currency . Building is no longer the "bargain" it was in 2020-2022. This has changed the comparison between buying a finished property and building from scratch.
Given this scenario, the question that resurfaces in the market is: what is the best option today: buying used to renovate or buying off-plan?
The price per square meter of a used apartment in the City is around US$2215Daniel Basualdo
Buy used and refurbish
The main attraction of used properties is their entry price. They offer the lowest price per square meter in the market, reducing both the initial investment and the risk. “ Used properties are cheaper today and still have room to appreciate . That's why this segment is more appealing than new construction,” says Diego Cazes, general manager of LJ Ramos.For those seeking a permanent home, the square footage equation is compelling: for the same budget required for a three-room apartment under construction, a four-room apartment can be purchased on the used market and renovated . “Today, those who take the plunge won't go wrong and have the power to choose,” Cazes asserts.
The economic situation has shifted the pieces on the real estate chessboard . According to Fabián Achával, head of the eponymous real estate agency, the rise in construction costs in dollars has distorted prices in a market that was already oversupplied with used properties . “Current signals favor the purchase of used or new-build properties at the expense of those under construction, at least until the existing stock is absorbed,” he states in his latest Real Estate Radar report.
Added to this is predictability . The property is tangible, can be inspected, and deeded in a short time. While drilling a well takes years, a renovation is defined by a budget and is usually completed in months.
For his part, Alan Flexer, manager of the San Isidro branch of Narvaez, highlights other strategic benefits: “ Buying a used vehicle for renovation allows access to better locations for the same price and offers greater control over the investment , since the buyer decides what to improve, how much to invest, and when to do it. If the renovation is well-planned, it can significantly improve liquidity, rental income, and resale value.”
The financial factor
From a financial perspective, a used property offers less exposure to macroeconomic factors. Those who buy off-plan are tied to the fluctuations of inflation and the exchange rate for 24 to 36 months. In a context of inflation in pesos with a more stable dollar, costs in dollars can vary significantly during construction. In contrast, a renovated used property allows for quick entry into the rental market, where gross rents currently hover around 5% to 6%.“Closing prices are, in real terms, at 2006 levels. This marks a historic opportunity in the used residential segment,” adds Fabián Achával. However, he warns that until the supply of properties is “emptied” —or at least the oversupply is eliminated—, “ the rise in used property prices and the sales dynamism of the development segment will be severely affected .”
On the other hand, Maximiliano D'Aria, of D'Aria Propiedades, points to a change in the demand profile: today's buyer prioritizes turnkey properties. Refurbished, pre-owned properties sell faster than those requiring renovation, due to a desire to avoid technical uncertainty and additional costs.
The downsides of used
But it's not all good news in this segment . One of the most important points to consider is that the potential for appreciation is usually more limited and depends largely on the quality of the renovation and the location. It doesn't offer the competitive advantage of a brand-new product, which can have a fresh, modern look.The necessary renovations must also be taken into account . “Remodeling costs more than the construction price, especially in the most expensive rooms (like the kitchen and bathroom); however, it's possible to end up with a profit,” says Cazes.
“ There is technical uncertainty —dampness, old installations, or structural problems —and construction costs can increase if a proper inspection is not carried out . It also requires greater involvement in managing the renovation, construction timelines, and coordinating permits,” Flexer adds.
In short: recycling is not automatic; renovation costs are high in dollars and can vary ; and you have to look at the whole building, not just the unit : general condition, expenses, structural maintenance, because "it's not the same to live in a new building as in one that's more than 30 years old," adds Cazes.
Buy off-plan
The well still has appeal , but under a different logic .The average price per square meter is higher than for used properties , although the payment plan is usually more flexible. Many developers offer extended plans of 48 to 60 months , which function as a form of private financing. However, it's not possible to finance the entire investment: generally, an average down payment of 30% of the value is required, with installments in pesos adjusted by the Argentine Chamber of Construction (CAC) index , which increases in line with inflation, or in dollars.
For Martín Boquete, director of Toribio Achával, the added value is not only financial, but also product-related : in the development phase, modern units with state-of-the-art design and amenities are acquired, projected to optimize long-term maintenance costs.
The well still holds appeal, but under a different logic. Daniel Basualdo
This view is shared by Alan Flexer, who points out that the buyer enters with a smaller initial outlay and distributes the balance in installments , reducing the need for immediate capital. Furthermore, “if the project has a strategic location and the market is favorable, the unit can capture significant appreciation upon delivery, in addition to the benefit of receiving a brand-new product with high efficiency standards,” he adds.
The main appeal of this type of property lies in its potential for appreciation . With the expansion of mortgage lending projected for 2026 and demand beginning to deepen, new properties could experience further increases driven by their quality and the relative scarcity of future supply, given that the start of new construction remains moderate.
The challenges of the well: risks and costs in dollars
However, this path is not without risks . The combination of inflation in pesos with a relatively stable dollar makes construction more expensive in hard currency terms , which can alter the original cost-benefit ratio. Flexer warns that the market is already validating new values and that the current negotiation margin ranges between 5% and 7% , a significantly lower figure than in previous years because developers have little room to maneuver in the face of rising costs.Buyer behavior has also changed . Maximiliano D'Aria points out that the typical buyer is an investor, someone prepared to buy before construction has even begun and who understands the rules of the game. However, purely speculative investors have shown greater caution recently, as rising construction costs have squeezed historical returns, explaining lower sales levels expected in 2025 .
Mariano Mackes, manager of the Tigre & Escobar branch of Narvaez, explains that buying off-plan necessarily involves accepting construction timelines and the immobilization of capital . In a context where the opportunity cost advantage over used properties is smaller than in other cycles and immediate income isn't generated until the project is completed, the decision to invest in off-plan properties today is more about seeking a modern, financed asset than a purely opportunistic price advantage.
However, the current scenario presents challenges that the buyer must carefully consider:
- Cost evolution: inflation in pesos with a stable dollar makes construction more expensive in hard currency, which can alter the cost-benefit ratio initially agreed upon.
- Capital immobilization : buying off-plan means having capital "trapped" for 24 to 36 months without generating immediate income.
- Context risk : “Buying off-plan means accepting the construction timelines and the risk of changes in the economic context. Today, with high construction costs, the opportunity cost is lower than in other cycles,” warns Mariano Mackes.
Furthermore, deciding what to do with an apartment under construction isn't easy, especially considering Argentina's macroeconomic cycles and currency fluctuations. This makes it impossible to know in advance whether the apartment will cost more or less, in dollars, once it's finished.
The factor that can tip the scales: the mortgage loan
In the current scenario, the buyer with their own capital remains the predominant figure . While mortgage lending has returned to the scene, it has not yet reached the level of widespread availability needed to completely transform the real estate landscape.Mortgage lending will be the key factor in 2026. If financing maintains or increases its current share of new transactions, the market will gain the necessary depth to sustain a general price increase , a scenario that would directly benefit the pre-construction market. Conversely, if lending stagnates and the recovery remains selective, existing properties will continue to be the preferred alternative, offering greater risk control.
For the sale of the well to rebound, D'Aria points out that three fundamental variables must align:
- The cost-price ratio : the cost of construction in dollars means that the price per square meter under construction is very competitive with the price per square meter of finished property. Only if this gap widens, either due to a rise in the price of used properties driven by credit or a reduction in supply, will off-plan properties once again become the preferred option for investors.
- Financing : While used property benefits from direct bank loans, new construction relies almost exclusively on private financing schemes offered by developers. If the banking system were to start supporting projects from the early stages, the equation would change dramatically.
- The new construction market requires predictability : macroeconomic stability and confidence are essential for buyers to be willing to wait. If the pre-construction market manages to recover its price differential and access to financing improves, it would once again become the most attractive option in terms of cost-benefit ratio.
Mortgage lending behavior will be the major determining factor in 2026. Indypendenz - Shutterstock
In summary, Martín Boquete concludes that used properties always "lead the way" when readily available credit becomes accessible. However, he warns that the market could witness a true paradigm shift if banks manage to integrate loans specifically designed for properties under construction , which would unleash new dynamism in the real estate sector.
So, which option should I buy?
The 2026 market offers no single answer. Choosing between one segment or another is no longer a matter of preference but a strictly strategic decision. According to Diego Cazes, the distinction is clear: for those seeking a long-term investment, a brand-new property remains the best option due to its longer lifespan , while for those needing to move and working with a tight budget, a used property offers the possibility of gaining square footage through partial or phased renovations.The choice for today's buyer is defined according to their priority objectives :
- Those looking to optimize living space or need immediate rental income will find their best ally in used properties.
- Those who are betting on medium-term appreciation and have the capacity to wait for the completion of the project will find in the well an asset with greater potential for appreciation.
- Regarding the lack of total capital, the scenario is more flexible: the used one allows leverage through bank credit, while the well offers the flexibility of direct financing from the developer.
www.buysellba.com
