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Penthouses are becoming extinct in Buenos Aires: fewer than 80 remain for sale and hardly any are being built anymore - Ambito Financiero
Source:
www.ambito.com
March 26, 2026
By José Luis Cieri
With prices starting at US$300,000, far from New York where they exceed US$30 million, they are scarce in the real estate market. What makes them unique and why are they underdeveloped?
Spacious living room with floor-to-ceiling windows and open views of the skyline, in a penthouse that combines contemporary design, double height and high-end finishes. Valentino Ragolia Real Estate
In the premium real estate market of Buenos Aires, there's a segment that has become increasingly difficult to find: penthouses. These properties, located on the top floors of buildings, now number fewer than 80 units for sale throughout the city and some areas of Greater Buenos Aires (such as Vicente López), with an even smaller rental market offering fewer than 15 options available.
This type of housing historically occupied the highest rung within the premium segment, associated with exclusivity, open views and large areas, but in recent years it has lost presence in new developments.
The result is a market with very little product replenishment, where existing properties acquire greater value simply due to scarcity. Weeks ago, Ambito reported on the sale of a property of this type that once belonged to Susana Giménez.
A penthouse in the Al Río complex, in Vicente López, steps from CABA, on Avenida del Libertador
Among the most exclusive properties in the real estate market are penthouses, luxury residences that usually occupy the top of a skyscraper or the setbacks of buildings that narrow at the culmination of their development, a common characteristic in those that exceed 100 meters in height and usually have more than 200 m2 of their own covered area and expansions.
He added: “Unlike a traditional premium apartment, it is usually located on the top levels of the building, often occupying entire floors or several floors, with completely open views and spacious terraces.”
This combination of attributes not only differentiates it from the other units, but also positions it as a scarce product within each building. “There may be many premium units, but there are usually only one or two penthouses. That scarcity is key to its value,” he explained.
Penthouse in Alvear Tower, the tallest residential tower on the continent with a height of 235 meters Valentino Ragolia Real Estate
The current map shows a strong concentration in exclusive areas of the city's northern corridor. Recoleta and Puerto Madero lead the way, along with thoroughfares like Avenida del Libertador, Figueroa Alcorta, and their surrounding areas, where these types of properties maintain a more traditional and stately profile.
In terms of value, penthouses start at around US$300,000 for smaller units or older buildings, but prices increase rapidly depending on location, floor level, views, and construction quality. Rental options are limited, starting at around US$1,500 per month.
Within that select group, there are properties that represent the pinnacle of the market. Ragolia commented that he currently works with some of the most exclusive units in the country. Among them, he mentioned the 52nd floor of the Alvear Tower in Puerto Madero, with approximately 495 square meters and panoramic views of the entire city and the river, valued at around US$9.5 million.
Another penthouse for sale in Puerto Madero. Located in the Zencity project, it's valued at US$1,550,000. Patagonia Synergia Real Estate
He also highlighted a triplex in Torres al Río, in Vicente López, of approximately 600 m2, located on the highest levels of the tower, with panoramic views of both the river and the Buenos Aires skyline.
He stated: “These properties are very difficult to find in the Argentine market today, not only because of their size, but also because of the combination of height, location, views and quality of construction.”
“Historically, the status symbol was the large house in a gated community. That began to change with more modern developments, where the height and the views offer a different experience of living in the city,” he noted.
Florencia Ponce , sales manager at Ginevra International Realty, agreed that it is a very unique product within the market and described it as "the icing on the cake" in each development. She noted that the demand exists, but it comes from a very specific target audience.
One of the few penthouses that are approaching the market in Buenos Aires, ultra luxury in Puerto Madero Geneva International Realty
He commented: “These units are highly sought after for their views, features, size, and privacy. But they also have higher prices than the rest of the building, which limits the pool of potential buyers.”
Drawing on his experience in Puerto Madero, he explained that many clients seek to personalize these spaces from the construction stage, resulting in unique units with configurations that are difficult to replicate. He mentioned examples with spacious terraces, private pools, double-height ceilings, private gyms, and open views of the river.
Regarding the current offer, he indicated that there are units in complexes such as Harbour Residences or Harbour House, with areas close to 200 m2, terraces with garden, grill and jacuzzi, with values around US$800,000.
He also highlighted larger-scale properties, such as penthouses in premium towers with exceptional heights, where the difference lies in the combination of design, views and square footage.
En suite bathroom in a property that tops a tower in Puerto Madero
Ponce explained that one of the key factors behind the shortage is the shift in the logic of real estate development. “Today, the focus is on maximizing the number of saleable units. This reduces the possibility of allocating large areas to a single apartment,” he noted.
Furthermore, he emphasized that the buyer profile is primarily that of an end user. “It’s a very demanding audience, who want to be involved in the design and prioritize privacy, outdoor space, and quality of life within the city,” he commented.
In line with this analysis, Christian Jeckeln , from Patagonia Synergia Real Estate, explained that in Buenos Aires the penthouse market faces structural limitations that affect its development.
“It’s a smaller segment compared to other cities. There are few buyers for properties over US$3 million,” he noted.
He also pointed to cultural and economic factors. He indicated that in Argentina there is still a strong preference for houses in areas like San Isidro, Nordelta, or Pilar, over living at extreme heights. Added to this are high maintenance and upkeep costs, which influence the purchase decision.
They are usually like houses in the sky, with terraces and their own amenities Patagonia Synergia Real Estate
Jeckeln explained that, unlike markets such as New York, in Buenos Aires many buildings do not even have a penthouse conceived as a differentiating product, but simply feature a larger top floor.
Even so, he maintained that the format remains attractive. He explained that the typical buyer is a high-net-worth individual—business owners, established professionals, athletes, or those with dollar-denominated incomes—looking for a “high-rise apartment.”
Among the key features that define current market interest, he mentioned the presence of spacious and usable terraces, genuine open views, private foyers, multiple parking spaces, security, and upscale buildings. Other distinguishing elements include private pools, barbecue areas, double-height ceilings, and technology applied to comfort.
In addition to the tops of the buildings, they are also being built in the setbacks of towers that exceed 12 floors.
“Today the premium market is very demanding. When these variables are not present, interest drops sharply,” he noted.
In a context where almost no new penthouses are being built and the existing supply is limited, these properties reinforce their status as a scarce commodity within the real estate market. A combination of factors—from changes in development to transformations in demand—explains why there are fewer and fewer of them, even in the most exclusive areas of the city.
Jeckeln concluded that, despite the restrictions, the penthouse maintains its place as one of the most representative formats of the high-end segment, with a defined profile and its own market logic.
www.buysellba.com
Source:
Penthouses en extinción en CABA: quedan menos de 80 en venta y ya casi no se construyen
Con valores desde u$s300.000, lejos de Nueva York donde superan u$s30 millones, escasean en el mercado inmobiliario. Qué los hace únicos y por qué se desarrollan poco.
www.ambito.com
March 26, 2026
By José Luis Cieri
With prices starting at US$300,000, far from New York where they exceed US$30 million, they are scarce in the real estate market. What makes them unique and why are they underdeveloped?
Spacious living room with floor-to-ceiling windows and open views of the skyline, in a penthouse that combines contemporary design, double height and high-end finishes. Valentino Ragolia Real Estate
In the premium real estate market of Buenos Aires, there's a segment that has become increasingly difficult to find: penthouses. These properties, located on the top floors of buildings, now number fewer than 80 units for sale throughout the city and some areas of Greater Buenos Aires (such as Vicente López), with an even smaller rental market offering fewer than 15 options available.
This type of housing historically occupied the highest rung within the premium segment, associated with exclusivity, open views and large areas, but in recent years it has lost presence in new developments.
The result is a market with very little product replenishment, where existing properties acquire greater value simply due to scarcity. Weeks ago, Ambito reported on the sale of a property of this type that once belonged to Susana Giménez.
A penthouse in the Al Río complex, in Vicente López, steps from CABA, on Avenida del Libertador
Among the most exclusive properties in the real estate market are penthouses, luxury residences that usually occupy the top of a skyscraper or the setbacks of buildings that narrow at the culmination of their development, a common characteristic in those that exceed 100 meters in height and usually have more than 200 m2 of their own covered area and expansions.
What defines a penthouse and why are they scarce?
Valentino Ragolia , a specialist in premium properties in the western suburbs of Buenos Aires, who also participates in luxury transactions in the city, including some of the most exclusive penthouses in the country, explained that these types of units are defined by a combination of very specific factors. He noted: “Today, a penthouse is primarily defined by three factors: height, privacy, and real outdoor space.”He added: “Unlike a traditional premium apartment, it is usually located on the top levels of the building, often occupying entire floors or several floors, with completely open views and spacious terraces.”
This combination of attributes not only differentiates it from the other units, but also positions it as a scarce product within each building. “There may be many premium units, but there are usually only one or two penthouses. That scarcity is key to its value,” he explained.
Penthouse in Alvear Tower, the tallest residential tower on the continent with a height of 235 meters Valentino Ragolia Real Estate
The current map shows a strong concentration in exclusive areas of the city's northern corridor. Recoleta and Puerto Madero lead the way, along with thoroughfares like Avenida del Libertador, Figueroa Alcorta, and their surrounding areas, where these types of properties maintain a more traditional and stately profile.
In terms of value, penthouses start at around US$300,000 for smaller units or older buildings, but prices increase rapidly depending on location, floor level, views, and construction quality. Rental options are limited, starting at around US$1,500 per month.
How much do they cost: prices by neighborhood
Based on market research, prices show a significant dispersion depending on location, size, and features. Some examples:- Balvanera – 230 m2: from US$300,000.
- Núñez – 180 m2: from US$520,000.
- Belgrano – 220 m2: from US$750,000.
- Recoleta – 260 m2: from US$1,000,000.
- Puerto Madero – 200 m2: from US$900,000.
- Retiro – 240 m2: from US$950,000.
- Colegiales – 170 m2: from US$480,000.
Within that select group, there are properties that represent the pinnacle of the market. Ragolia commented that he currently works with some of the most exclusive units in the country. Among them, he mentioned the 52nd floor of the Alvear Tower in Puerto Madero, with approximately 495 square meters and panoramic views of the entire city and the river, valued at around US$9.5 million.
Another penthouse for sale in Puerto Madero. Located in the Zencity project, it's valued at US$1,550,000. Patagonia Synergia Real Estate
He also highlighted a triplex in Torres al Río, in Vicente López, of approximately 600 m2, located on the highest levels of the tower, with panoramic views of both the river and the Buenos Aires skyline.
He stated: “These properties are very difficult to find in the Argentine market today, not only because of their size, but also because of the combination of height, location, views and quality of construction.”
Why are they hardly being built anymore?
However, unlike in cities like New York , where the penthouse is the star unit of every building, in Buenos Aires this type of property doesn't always occupy that central place. Ragolia explained that for many years the high-income segment was more associated with houses in gated communities than with high-rise living.“Historically, the status symbol was the large house in a gated community. That began to change with more modern developments, where the height and the views offer a different experience of living in the city,” he noted.
Florencia Ponce , sales manager at Ginevra International Realty, agreed that it is a very unique product within the market and described it as "the icing on the cake" in each development. She noted that the demand exists, but it comes from a very specific target audience.
One of the few penthouses that are approaching the market in Buenos Aires, ultra luxury in Puerto Madero Geneva International Realty
He commented: “These units are highly sought after for their views, features, size, and privacy. But they also have higher prices than the rest of the building, which limits the pool of potential buyers.”
Drawing on his experience in Puerto Madero, he explained that many clients seek to personalize these spaces from the construction stage, resulting in unique units with configurations that are difficult to replicate. He mentioned examples with spacious terraces, private pools, double-height ceilings, private gyms, and open views of the river.
Regarding the current offer, he indicated that there are units in complexes such as Harbour Residences or Harbour House, with areas close to 200 m2, terraces with garden, grill and jacuzzi, with values around US$800,000.
He also highlighted larger-scale properties, such as penthouses in premium towers with exceptional heights, where the difference lies in the combination of design, views and square footage.
En suite bathroom in a property that tops a tower in Puerto Madero
Ponce explained that one of the key factors behind the shortage is the shift in the logic of real estate development. “Today, the focus is on maximizing the number of saleable units. This reduces the possibility of allocating large areas to a single apartment,” he noted.
Furthermore, he emphasized that the buyer profile is primarily that of an end user. “It’s a very demanding audience, who want to be involved in the design and prioritize privacy, outdoor space, and quality of life within the city,” he commented.
In line with this analysis, Christian Jeckeln , from Patagonia Synergia Real Estate, explained that in Buenos Aires the penthouse market faces structural limitations that affect its development.
“It’s a smaller segment compared to other cities. There are few buyers for properties over US$3 million,” he noted.
He also pointed to cultural and economic factors. He indicated that in Argentina there is still a strong preference for houses in areas like San Isidro, Nordelta, or Pilar, over living at extreme heights. Added to this are high maintenance and upkeep costs, which influence the purchase decision.
They are usually like houses in the sky, with terraces and their own amenities Patagonia Synergia Real Estate
Jeckeln explained that, unlike markets such as New York, in Buenos Aires many buildings do not even have a penthouse conceived as a differentiating product, but simply feature a larger top floor.
Even so, he maintained that the format remains attractive. He explained that the typical buyer is a high-net-worth individual—business owners, established professionals, athletes, or those with dollar-denominated incomes—looking for a “high-rise apartment.”
Among the key features that define current market interest, he mentioned the presence of spacious and usable terraces, genuine open views, private foyers, multiple parking spaces, security, and upscale buildings. Other distinguishing elements include private pools, barbecue areas, double-height ceilings, and technology applied to comfort.
In addition to the tops of the buildings, they are also being built in the setbacks of towers that exceed 12 floors.
“Today the premium market is very demanding. When these variables are not present, interest drops sharply,” he noted.
In a context where almost no new penthouses are being built and the existing supply is limited, these properties reinforce their status as a scarce commodity within the real estate market. A combination of factors—from changes in development to transformations in demand—explains why there are fewer and fewer of them, even in the most exclusive areas of the city.
Jeckeln concluded that, despite the restrictions, the penthouse maintains its place as one of the most representative formats of the high-end segment, with a defined profile and its own market logic.
www.buysellba.com
