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The ups and downs of prices in the 48 neighborhoods of Buenos Aires: the reasons for those that are lowering prices and those that are raising them - La Nacion Propiedades
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El sube y baja de los precios en los 48 barrios de CABA: las razones de los que retasan y los que aumentan
Luego de meses de alza, el comportamiento de los precios por metro cuadrado en CABA ya no es homogéneo y presenta matices; las razones y el análisis del clima de época a cargo de expertos
www.lanacion.com.ar
December 10, 2025
After months of increases, the behavior of prices per square meter in Buenos Aires is no longer uniform and presents nuances; the reasons and an analysis of the current climate by experts
By Candela Contreras
In just three months, the real estate market in the city of Buenos Aires changed dramatically in its sale prices.Uladzimir. Zuyeu - Shutterstock
In three months, the real estate market took a sharp turn : it went from a scenario where property listing prices were rising in 90% of Buenos Aires neighborhoods to one where that increase was only seen in 50% . Furthermore, the data that reveals the shift in trend is that , in addition to not rising, prices in the remaining 40% are actually falling . This phenomenon marks a break in the dynamic that had been developing since the reappearance of UVA mortgage loans in May 2024, a driving force that had restored liquidity to a sector that had been struggling since 2020.
The recent slowdown cannot be explained by a single factor, but it does have one clear culprit : the tightening of mortgage lending conditions . The rise in interest rates deflated the initial momentum that had allowed low- and mid-priced properties to capture a large share of the demand, generating an impact that is now visible in asking prices , the volume of inquiries at real estate agencies, and a market that is once again dividing between neighborhoods that are driving demand and others that are adjusting .
October had already raised the first red flags: stable average values, occasional dips, signs of the initial momentum waning. And November confirmed it .
In concrete terms, according to Zonaprop's November report, the average price in the City is US$2,450/m², exactly the same as in October. The stability of the last three months contrasts with the sustained increase that had been recorded since mid-2023. Even so, the City remains 13.9% above the June 2023 low (US$2,151/m²).
Prices by property type reflect the same stagnation: a studio apartment currently averages US$107,493 ; a one-bedroom apartment, US$129,505 ; and a two-bedroom apartment, US$178,855 . These values show virtually no recent movement, but are still 14% above their lowest points. Throughout 2025, prices in this segment have accumulated a 5.4% increase.
But the flip side of this stability is the decline in neighborhoods . The proportion of areas with falling prices jumped from 10% to the current 40% in just three months . What was once a map almost entirely painted in shades of orange is now mixed with light blue (see map), and December shows no signs of reversing this trend.
Percentage increase by neighborhood
“ The real estate market is registering an increase in the supply of properties for sale and, simultaneously, a reduction in available stock because demand continues to absorb square footage, indicating a reactivation. However, the price per square meter remains stable, because neither the decreases nor the increases are as significant . This stability suggests a generalized price adjustment, driven both by new properties entering the market at lower prices and by downward price reassessments: 25% of apartment listings were reassessed to a lower price in the last six months ,” states Leandro Molina, Country Manager of Grupo QuintoAndar (a group that includes Zonaprop).
Mortgage loans: from engine to brake
The most common explanation among real estate brokers is the slowdown in mortgage lending , which in practice represents 20% of sales transactions . This blow has not only reduced financed sales, but also linked sales, those in which a buyer with a loan enables the purchase of another property.“We saw a good climate of demand and tested whether the market would support higher prices. It didn't happen, and we had to lower expectations. Inquiries dropped considerably . With interest rates above 12%, that type of financed buyer disappears. We're entering a period of waiting until 2026,” warns Soledad Balayan, head of Maure Real Estate.
That feeling is echoed across different segments of the market. Mateo García, residential director at Toribio Achával, explains that the rise in interest rates has slowed access to credit for many people , a situation that has negatively impacted demand and the volume of inquiries they were receiving . “We’ve had a drop in leads of approximately 40% in the last three months,” he adds.
And that drop in demand put pressure on prices . “We see that when demand falls significantly, supply reacts and prices drop. In Recoleta, we've seen a 3% drop in prices in the last month. We saw it as a warning sign. It's a matter of supply and demand : we're going to start seeing more openness to some offers from owners,” says Mateo García. He adds a key point: “After two years of increases, many owners still don't accept that a price has to come down to make a sale.”
“ Forty percent of properties saw a downward reassessment . Much of this was due to the pre-election period and interest rates. I don't think it will fall any further; I see it as seasonal. Used property prices shouldn't drop any more,” says Adrián Cyderboim of Crecer Inmobiliaria, who also noticed a decrease in inquiries. “In the last two months, many of those who wanted to buy with a loan stopped inquiring. This resulted in a 15% decrease in inquiries for us,” the broker explains.
For Fabián Achával, head of the eponymous real estate agency, the key factor this year was oversupply : “It’s difficult to find low-priced properties in established neighborhoods, and when one does appear, it sells quickly. But the overall supply is very high . As long as there are so many used properties available, the price increase won’t be widespread.” He also points out another difference compared to other cycles: 2025 wasn’t a year of uniform price increases like 2017. “The market has already corrected where it needed to. Listing prices stagnated due to oversupply, although closing prices will eventually rise.”
“ Until the used car market is emptied, the price increase won't be general to all neighborhoods ,” warns Fabián Achával, adding that this “will happen when interest rates and reserve requirements go down and the market starts to pick up again.”
But analysts also agree that the October elections were another key factor: “The preceding election context and the uncertainty had driven up the cost of credit, which was already stagnant. But now, after the elections, there is a slight rebound and an incipient reactivation. What is needed is greater stability for financed demand to return with more force. Buyers are waiting for a clearer outlook, but they haven't disappeared,” shares Guillermo Parera, CEO of D'Aria Propiedades.
Parera sees it as a natural process: “After a period of widespread price increases, each neighborhood is finding its true value. Corrections appear where the appraisal was too optimistic or demand is insufficient.”
Regarding the mortgage slowdown, he is cautious but optimistic: “After the election, there's a slight rebound. Demand for financing hasn't disappeared; it's waiting for clarity. If credit returns, even partially, the price per square meter has room to rise. Argentina is at historically low values.”
In numbers, the unexpected fact is that November marked a turning point in mortgage lending : US$180 million was disbursed , the lowest figure of the year and a 51% drop compared to October (when it was US$372 million), according to data from the Central Bank.
For his part, Alan Flexer, branch manager of Narvaez in San Isidro, introduces another clear phenomenon: construction costs are at record highs. “This creates a very clear floor for prices. Today, building is more expensive than buying, and that relationship naturally limits any significant price decreases.”
Future expectations
The current picture combines price stability, occasional increases, declines in some areas, and a reorganizing demand. There is an oversupply of undervalued properties, fewer inquiries about financing, and a market that, without accessible credit, is losing ground.But analysts see no signs of a collapse either . Rather, they see a readjustment following an election year, a jump in interest rates, and a mortgage cycle that started strong but cooled quickly. " The market is responding: if the outlook improves and rates fall, there should be a rebound effect ," Balayan expects.
According to analysts, the market is undergoing a readjustment after an election year, a jump in interest rates, and a mortgage cycle that started strong and cooled down quickly.
They agree that 2025 was a transitional market . The focus is now on 2026: with less political noise, expectations of lower bank rates, wages awaiting recovery, and credit that, if it picks up again, could trigger the next cycle of price increases.
This is why the macroeconomic factor is once again crucial . If the variables stabilize and credit options reappear, “the volume of transactions should increase, with firm prices and a more active market. The demand is there. What's lacking is predictability ,” notes Mariano Mackes, branch manager of Narvaez in Tigre & Escobar.
“We believe we’re going to have a good start to the year in terms of the number of leads , and as banks readjust their interest rate policies , the market will start to wake up,” says Mateo García of Toribio Achával, adding: “The upward pressure on prices will also continue, obviously on a smaller scale, but I think good years are predicted in terms of demand for the residential real estate sector in Buenos Aires.”
The price per square meter of used real estate in Argentina remains historically low . “If credit picks up, even partially, it creates a virtuous cycle: more demand, more transactions, and upward pressure. There's no fixed ceiling. The market has already corrected where it needed to and still has room to grow ,” Parera concludes.
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