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The sale and purchase of real estate recorded the best February in the last 6 years - Infobae
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La compraventa de inmuebles registró el mejor febrero de los últimos 6 años
Las escrituras aumentaron más de 27% en febrero y alcanzaron la cifra más alta desde su pico para este mes en 2018
www.infobae.com
March 25, 2024
Writings increased more than 27% in February and reached the highest figure since their peak for this month in 2018
A 40 m2 studio apartment in CABA costs an average of USD 96,698
Real estate sale deeds in the City of Buenos Aires increased 27.3% year-on-year in February, adding 2,213 registrations. Compared to January, they rose 17.6%.
According to the College of Notaries of the City of Buenos Aires, the total sum of transactions carried out last month rose 447.5% and reached $169,632 million.
Meanwhile, the average amount of the acts was $76,652,849 (USD 87,065 at the average official exchange rate), which represents a growth in pesos of 330% in one year and a decrease of 2.9% in US currency.
It is the best February in the last 6 years for the buying and selling market, even pre-pandemic 2019.
Jorge De Bártolo, president of the College of Notaries, assured: “ It is the best February in the last 6 years, even pre-pandemic 2019. It is a slight upward curve, a kind of step by step that clearly marks that the savings of families that They go for the most important thing, the roof. Seasonally, the first two months of the year are the least active; but this February had important activity. Likewise, we are attentive to macroeconomic factors, which would be a much-needed incentive for the sector: when there was credit, we had twice as many operations.”
From the entity they told Infobae that one of the reasons for the good performance, in a scenario without credit, many people used their savings to purchase real estate as a safe investment in the midst of electoral uncertainty. This was a peculiar situation since, generally, during election times the market tends to contract.
Buying and selling market prices
According to Zonaprop, the average price per square meter in the City of Buenos Aires is USD 2,192, which represents an increase of 0.3% in February. Since the change in trend in June 2023, the increase was 1.9%, while in the year-on-year comparison, it advanced 0.3%.In detail, a 40 m2 studio apartment has a price of USD 96,698, while a two-room apartment of 50 m2 costs USD 115,848 and a three-room apartment of 70 m2 costs USD 160,079.
Puerto Madero heads the ranking of the most expensive neighborhoods with a value of USD 5,819/m2. Palermo (USD 3,039/m2) and Belgrano (USD 2,779/m2) follow. On the contrary, Lugano, Nueva Pompeya and Villa Riachuelo are the cheapest neighborhoods with a price of USD 979/m2, USD 1,325/m2 and USD 1,451/m2, respectively.
Real estate profitability and rentals
According to the real estate portal, it currently takes 21.1 years of rental to recover the purchase investment, 11% less than a year ago.Balvanera Paternal and La Boca are the best neighborhoods to invest in since they have an average return of 5.5%, 5.4% and 5.2%, respectively. While Villa Devoto (3.9%), Palermo (4.0%) and Liniers (4%) are the ones that generate the least profitability.
On the other hand, the average rental value in the City increased by 2.9% in February and this is the smallest increase since October 2021, while the supply of apartments grew by 20.6% compared to the previous month.
New rental contracts have accumulated a price increase of 286.7% in the last twelve months, placing them above annual inflation, which reached 276.2% last month.
The rental price of a studio apartment averages $354,568 per month, while a two-bedroom apartment is rented for $416,991 and a three-bedroom apartment is rented for $568,314.
Palermo continues to be the most expensive neighborhood to rent, with an average value of $501,375. They are followed by Núñez ($478,920) and Belgrano ($478,341). In turn, Liniers remains the most accessible with a price of $318,143. La Boca and Mataderos follow with $327,360 and $333,837. respectively.
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