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PHs represent 3.4% of rentals in the CABA real estate market: where demand is concentrated - Ambito Financiero
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www.ambito.com
November 17, 2025
By José Luis Cieri
According to a private analysis, the main searches are located in neighborhoods where maintenance fees are lower or nonexistent. What happens with purchase and sale values?
A PH (horizontal property) on Zabala Street, in Colegiales, one of the neighborhoods where they can be found for both rent and sale (Photo: Mudafy)
In a context where maintenance fees are reaching record highs and fixed maintenance costs in Buenos Aires buildings continue to rise, PHs are consolidating themselves as an increasingly sought-after alternative for renting or buying in the City of Buenos Aires.
According to a report by Roomix.IA , prepared by Iñaki Valencia , on more than 13,000 rental properties in Buenos Aires, PHs represent 3.4 % of all active listings . Although the figure may seem low, its weight is significant in neighborhoods where low-rise buildings, units with patios, and the absence of maintenance fees predominate
The survey shows that Mataderos, Vélez Sarsfield, Villa Real, and Versalles concentrate the highest proportion of PHs out of the total number of listed properties, with ratios exceeding 20% and even 30% .
In these areas, chorizo-style houses, duplexes, and interior units maintain more competitive prices compared to equivalent apartments, without the administration or maintenance costs that impact buildings.
A PH (horizontal property) for sale in Parque Chacabuco, in the western part of CABA; there are several as part of the supply
In contrast, high-density neighborhoods like Palermo, Caballito, or Belgrano have a much lower presence of this type of property: PHs (horizontal property units) don't even reach 5% of the total supply there. However, searches in those areas have also grown, driven by the constant increase in maintenance fees.
Valencia remarked that after the pandemic, interest remained in properties with greater independence and access to the outdoors. In the northern neighborhoods, however, urban renewal reduced the available stock: “In the north of the City, new developments replaced a large part of the low-rise houses with apartment buildings, while in the west and south, a more traditional residential layout with large lots and less construction pressure still persists,” she noted.
In addition to avoiding maintenance fees, they are also sought after for having patios, open extensions, or terraces, similar to a house
Currently, there are approximately 8,500 house-type units for sale in the City , which is less than 10% of the total listed . In neighborhoods such as Palermo, Monte Castro, Villa Pueyrredón, Villa Santa Rita, Chacarita, Barracas, Villa Lugano, Almagro, and Colegiales , the available PH units sell quickly, in some cases even for prices up to 10% higher than the list price
Prices vary depending on location, condition, and size. In more affordable neighborhoods, such as Constitución, Balvanera, or La Boca , a two-bedroom PH (penthouse apartment) starts at US$45,000 . In mid-range neighborhoods, such as Villa Pueyrredón, Parque Chacabuco, or Saavedra , prices range from US$120,000 to US$250,000 . In the most sought-after areas, such as Palermo, Caballito, Colegiales, or Belgrano , they reach between US$ 350,000 and US$580,000 , depending on the quality of the finishes and the presence of private terraces or patios.
The main appeal lies in the possibility of personalizing and expanding . According to Lisandro Cuello , a real estate expert, “many buyers choose PHs to renovate and adapt them to their preferences. Units with a patio or terrace are even more highly valued, and in some cases, it is possible to add an additional level to increase the living space.”
Developers are also finding opportunities in this segment. “They acquire dilapidated townhouses and transform them with modern upgrades in kitchens and bathrooms; in these cases, the resale value exceeds the initial investment by more than 30%,” Cuello explained.
The businessman recommended anticipating all items before starting the work and respecting the co-ownership regulations to avoid conflicts between neighbors. “Unplanned additions during the process can reduce profits or generate complaints,” he warned.
A renovated PH combines modern materials and the preservation of original details, one of the most sought-after typologies in the current market
Migliorisi emphasized that a thorough prior analysis of the investment is crucial: “You have to keep in mind the estimated finished value, including closing costs and taxes, and precisely define the type of renovation so that nothing is left unfinished. If decisions are changed mid-process, such as replacing windows or adding enclosures, the profit margin can be diluted.”
He also advised that a professional conduct a technical appraisal of the property's market value once renovated. “The budget must include all items from the beginning, without exception. Pipes, wiring, bathrooms, kitchens, and dampness are factors that can alter the final result if they are not studied before the purchase,” he pointed out.
He also stressed that the work must be carried out without affecting the neighbors in the same building. “Even if a horizontal property regime (PH) has few units, it is still part of a condominium association and must comply with its co-ownership regulations. If a facade is modified or construction takes place on a terrace without authorization, the property loses value and legal conflicts can arise.”
A well-purchased, planned, and technically soundly renovated PH (horizontal property) can offer a higher return than other traditional real estate investments. "It's a segment that combines opportunity, asset value, and strong, sustained demand," concluded Migliorisi.
www.buysellba.com
Source:
Los PH representan el 3,4% de los alquileres del mercado inmobiliario de CABA: dónde se concentra la demanda
Según un análisis privado, las búsquedas principales se ubican en los barrios en donde las expensas son más bajas o nulas. Qué ocurre con valores de compraventa.
www.ambito.com
November 17, 2025
By José Luis Cieri
According to a private analysis, the main searches are located in neighborhoods where maintenance fees are lower or nonexistent. What happens with purchase and sale values?
A PH (horizontal property) on Zabala Street, in Colegiales, one of the neighborhoods where they can be found for both rent and sale (Photo: Mudafy)
In a context where maintenance fees are reaching record highs and fixed maintenance costs in Buenos Aires buildings continue to rise, PHs are consolidating themselves as an increasingly sought-after alternative for renting or buying in the City of Buenos Aires.
According to a report by Roomix.IA , prepared by Iñaki Valencia , on more than 13,000 rental properties in Buenos Aires, PHs represent 3.4 % of all active listings . Although the figure may seem low, its weight is significant in neighborhoods where low-rise buildings, units with patios, and the absence of maintenance fees predominate
Where PHs dominate
The survey shows that Mataderos, Vélez Sarsfield, Villa Real, and Versalles concentrate the highest proportion of PHs out of the total number of listed properties, with ratios exceeding 20% and even 30% .
In these areas, chorizo-style houses, duplexes, and interior units maintain more competitive prices compared to equivalent apartments, without the administration or maintenance costs that impact buildings.
A PH (horizontal property) for sale in Parque Chacabuco, in the western part of CABA; there are several as part of the supply
In contrast, high-density neighborhoods like Palermo, Caballito, or Belgrano have a much lower presence of this type of property: PHs (horizontal property units) don't even reach 5% of the total supply there. However, searches in those areas have also grown, driven by the constant increase in maintenance fees.
An alternative to the condominium model
“The appeal of PHs isn't solely explained by the savings in maintenance fees, although that factor is significant. There's also a search for greater autonomy, privacy, and outdoor space,” explained Iñaki Valencia of Roomix.IA. He added that demand is geared towards homes with a patio, terrace, or grill, without the restrictions imposed by apartment buildings.Valencia remarked that after the pandemic, interest remained in properties with greater independence and access to the outdoors. In the northern neighborhoods, however, urban renewal reduced the available stock: “In the north of the City, new developments replaced a large part of the low-rise houses with apartment buildings, while in the west and south, a more traditional residential layout with large lots and less construction pressure still persists,” she noted.
The neighborhoods where PHs are growing the most
According to the Roomix.IA survey of 13,113 rental properties in the City of Buenos Aires , PHs represent 3.4% of the total listings, although in some neighborhoods they far exceed that average:- Mataderos: more than 30% of the listed properties are PHs.
- Vélez Sarsfield: around 25%.
- Villa Real: close to 23%.
- Versalles: with levels close to 20%.
- Villa del Parque: between 14% and 15%.
- Parque Chacabuco: close to 12%.
- Villa Pueyrredón: around 12%.
- Villa Luro: with an offer close to 10%.
- Floresta: around 9%.
- Monte Castro: 8% of the local market.
- Parque Avellaneda: 7% share.
- Villa Devoto: close to 6%.
- Villa Santa Rita: around 6%.
- Caballito: just over 4%.
- Palermo: close to 3%.
- Belgrano: less than 3%.
- Recoleta: less than 2%.
- San Telmo: 2% of the total
- Almagro: close to 2%.
- Balvanera: less than 2%.
Prices and profitability in the buying and selling market
Interest in PHs (horizontal property units) has also extended to the buying and selling market. According to Zonaprop , this type of housing receives almost three times more inquiries than a traditional apartment , reflecting sustained demand and a limited supply.
In addition to avoiding maintenance fees, they are also sought after for having patios, open extensions, or terraces, similar to a house
Currently, there are approximately 8,500 house-type units for sale in the City , which is less than 10% of the total listed . In neighborhoods such as Palermo, Monte Castro, Villa Pueyrredón, Villa Santa Rita, Chacarita, Barracas, Villa Lugano, Almagro, and Colegiales , the available PH units sell quickly, in some cases even for prices up to 10% higher than the list price
Prices vary depending on location, condition, and size. In more affordable neighborhoods, such as Constitución, Balvanera, or La Boca , a two-bedroom PH (penthouse apartment) starts at US$45,000 . In mid-range neighborhoods, such as Villa Pueyrredón, Parque Chacabuco, or Saavedra , prices range from US$120,000 to US$250,000 . In the most sought-after areas, such as Palermo, Caballito, Colegiales, or Belgrano , they reach between US$ 350,000 and US$580,000 , depending on the quality of the finishes and the presence of private terraces or patios.
The main appeal lies in the possibility of personalizing and expanding . According to Lisandro Cuello , a real estate expert, “many buyers choose PHs to renovate and adapt them to their preferences. Units with a patio or terrace are even more highly valued, and in some cases, it is possible to add an additional level to increase the living space.”
Developers are also finding opportunities in this segment. “They acquire dilapidated townhouses and transform them with modern upgrades in kitchens and bathrooms; in these cases, the resale value exceeds the initial investment by more than 30%,” Cuello explained.
An investment that holds up
For Diego Migliorisi of Migliorisi Propiedades, “townhouses have always been a profitable option in a short time. It all depends on the purchase price and the final cost of the renovation.” He estimated that, on average, a complete renovation takes between three and four months and can increase the final value between 25% and 30% .The businessman recommended anticipating all items before starting the work and respecting the co-ownership regulations to avoid conflicts between neighbors. “Unplanned additions during the process can reduce profits or generate complaints,” he warned.
A renovated PH combines modern materials and the preservation of original details, one of the most sought-after typologies in the current market
Migliorisi emphasized that a thorough prior analysis of the investment is crucial: “You have to keep in mind the estimated finished value, including closing costs and taxes, and precisely define the type of renovation so that nothing is left unfinished. If decisions are changed mid-process, such as replacing windows or adding enclosures, the profit margin can be diluted.”
He also advised that a professional conduct a technical appraisal of the property's market value once renovated. “The budget must include all items from the beginning, without exception. Pipes, wiring, bathrooms, kitchens, and dampness are factors that can alter the final result if they are not studied before the purchase,” he pointed out.
He also stressed that the work must be carried out without affecting the neighbors in the same building. “Even if a horizontal property regime (PH) has few units, it is still part of a condominium association and must comply with its co-ownership regulations. If a facade is modified or construction takes place on a terrace without authorization, the property loses value and legal conflicts can arise.”
A well-purchased, planned, and technically soundly renovated PH (horizontal property) can offer a higher return than other traditional real estate investments. "It's a segment that combines opportunity, asset value, and strong, sustained demand," concluded Migliorisi.
www.buysellba.com
