Despite the drop in residential square meter prices in Latin America, the most exclusive neighborhoods in the region’s capitals continue to lead in value.
However, the situation in each country makes a difference in the price of land.
To compare the costs in the different countries, the currency conversion corresponding to the end of August was carried out.
In some countries, the real estate prices themselves are quoted in dollars. In these cases, the reference value itself was used.
Using this form of calculation, Buenos Aires, the Argentine capital, has the highest values for the square meter in its most exclusive neighborhood.
Prices in Puerto Madero are 9% higher than the second most expensive neighborhood in Latin America, Mexico City’s Bosques de Chapultepec.
In sixth place in the ranking, the most expensive neighborhood in the capital city of Brasilia is Setor de Clubes Esportivos Sul, with a price of R$14,703 (US$2,925) per square meter.
Although São Paulo and Rio de Janeiro have neighborhoods with higher prices per square meter, only the capital cities of each country were considered for this research.
Based on research from the leading platforms and brokerages in Latin America, Bloomberg Línea has prepared a ranking of the most expensive square meters in the main capital cities of the region for July.
BUENOS AIRES, ARGENTINA
According to the real estate platform Zonaprop, the average price per square meter in Buenos Aires was US$2,265 in July this year. So far this year, prices are down 3.8%.
Puerto Madero is the most expensive when considering the square meters to be launched, reaching US$6,171.
The neighborhood of Palermo follows close behind at US$3,184 per square meter, and Belgrano (US$3,235 per square meter), a trend that has continued over the years.
Puerto Madero is characterized by its location along the four dikes that form the neighborhood and a few meters from the micro-center of Buenos Aires.
It has numerous residential towers that coexist with the corporate center of Catalinas and a gastronomic center that serves as a focus of attraction for tourists arriving in the city.
MEXICO CITY, MEXICO
In Mexico City, the average price per square meter was MXN 36,958 per square meter, or about US$1,848, in July of this year.
According to Inmuebles24, during the year, the value of the square meter fell by 3.6% and considering inflation, the real drop is 8.1%. Only the new apartment segment remains resilient, registering a price increase of 1% by 2022.
The neighborhoods with the most expensive square meters are 1st Section of Bosque de Chapultepec, with MXN 113,950 (US$5,661); Bosques de Chapultepec, with MXN 98,753 (US$ 4,906); and Rincón del Bosque, with MXN 96,587 (US$ 4,799).
The Miguel Hidalgo district has the highest price in the city among the 16 administrative territorial subdivisions of the Mexican capital: MXN 53,061 per m², or about US$2,652.
In the area, luxury stores, a wide variety of restaurants, and corporate headquarters are close to the city’s main green lung.
SANTIAGO, CHILE
In the capital of the Andean country, Vitacura, Las Condes, and Lo Barnechea are the neighborhoods that top the ranking by value per square meter.
In Chile, property prices are fixed in “Unidade de Fomento” (“Development Unit”), a value readjusted according to inflation.
According to the real estate website Houm, the ranking of neighborhoods varies according to the type of property.
In the case of a house, the most expensive m² is in Vitacura, where the price is 109 Unidades de Fomento (UF), or about CLP 3,686,526 (US$ 4,110).
Next are Las Condes, with 95 UF (CLP 3,213,027 or US$3,582), and Lo Barnechea, with a value of 89 UF (CLP 3,010,099 or US$3,356).
Vitacura ranks first for apartments with 101 UF (CLP 3,415,955 or US$3,909).
Behind are Lo Barnechea with 100 FU (CLP 3,382,134 or US$3,771) and Las Condes with 96 FU (CLP 3,246,848 or US$3,620).
MONTEVIDEO, URUGUAY
In the Uruguayan capital, the value per square meter averaged US$2,463 in July this year, according to the Global Inmuebles Data Index, compiled by the El Gallito platform.
The values per square meter vary depending on the type of property – an apartment stands at US$2,615 per square meter, and a house US$1,643 per square meter.
Considering the capital’s most car-oriented properties, the highest average price per square meter is in the Golf Club area at US$3,945 per square meter.
Next come Puerto Buceo, with US$3,729 per square meter, and Villa Biarritz, with US$3,304 per square meter.
BOGOTÁ, COLOMBIA
In the capital Bogotá, the price per square meter of properties for sale fell by 6.76% in July compared to the previous month.
Thus, the average value for the month was COP 8,450,757 (US$1,933) per m², according to the Properati website.
Among the neighborhoods that stand out are El Refugio I in Chapinero, with a value of COP 13,793,103 (US$3,155) per m²; Ginebra in Usaquen, with COP 13,234,174 (US$3,027) per m²; and San Gabriel Norte Ii in Usaquen, with COP 13,174,713 (US$3,013) per m².
Chapinero is a mixed area of residences and stores, offices, educational institutes, and health centers, among others. It is one of the most economically active areas of Bogotá.
BRASILIA, BRAZIL
In the capital of Latin America’s largest economy, the value per square meter for July this year stood at R$11,793, or about US$2,346.
So far in 2022, prices have risen 5.9%, according to the real estate portal Imovelweb.
In Brasília, the Setor de Clubes Esportivos Sul is the neighborhood with the highest price per m² at R$14,703 (US$2,925).
Right behind are Superquadra Noroeste with R$14,480 (US$2,881) per m² and Noroeste with R$13,619 (US$2,709) per m².
The most exclusive area of the Brazilian capital is located on the artificial shore of Lake Paranoá.
In the South Sports Club Sector, outdoor activities set the pace of the neighborhood, with water activities predominating.
The exclusive Golf Club, the Banco do Brasil Cultural Center, designed by Niemeyer, and a gastronomic center overlooking the Juscelino Kubitschek Bridge offer international and local cuisine.
PANAMA CITY, PANAMA
The average price per square meter in Panama City increased 0.2% during July, reaching US$2,070 per square meter, a level similar to July 2021, according to the real estate buying and selling website Compreoalquile.
So far, in 2022, there has been a cumulative increase of 0.6%.
Among the neighborhoods with the highest values is Barriada Costa las Perlas, with an average of US$2,900 per square meter. This residential area is close to Costa Bay and Costa Dorada.
Next are Santa María (US$2,811 per m²) and San Felipe (US$2,801 per m²). These neighborhoods are located in the southeast region, where the average is US$2,421 per m².
LIMA, PERU
In the Peruvian capital, the average value is PEN 6,521 per m², or about US$1,703.50 (at the exchange rate of August 29 this year).
Thus, the m² in Lima decreased by 0.4% in July and accumulated six consecutive months of decline (-2.7%), according to the Urbania platform.
In the last 12 months, prices fell 0.5%, well below inflation.
However, the neighborhoods that boast the most expensive square meter are in San Isidro Sur, the city’s most expensive area, with PEN 11,415 (US$2,982) per m² on average.
Ranking among the neighborhoods are Barranco with PEN 9,233 (US$2,411) per square meter; San Isidro, with PEN 9,038 (US$2,361) per square meter; and Miraflores, with PEN 8,627 (US$2,253) per square meter.
Birthplace of Mario Testino and home of Mario Vargas Llosa, Barranco is one of Lima’s most picturesque neighborhoods and was, for many years, the resting place of Lima’s great fortunes.
According to National Geographic, it is a favorite place for artists and Peruvians who seek out this atmosphere of galleries, stores, street art, brunch, charming walking areas, and nightclubs for partying.
It is only one of 43 districts in Peru, but thanks to all these ingredients, it is the only one on the list of trendy neighborhoods.
QUITO, ECUADOR
In Quito, the city’s average price per square meter was US$1,253 in July this year.
Therefore, after 24 consecutive months of decline, in the seventh month of the year, average prices are stable, according to the real estate platform Plusvalía.
Property values have accumulated a 1.5% drop in 2022; even considering inflation (0.16%), the real drop is 4.1 percentage points.
Among Quito’s most exclusive neighborhoods is Cumbayá, which registers the highest value – US$1,666 per square meter.
There are several private housing developments and the University of San Francisco de Quito. There are also a large number of green spaces with gastronomic and commercial areas.
In terms of prices, the neighborhood is followed by Iñaquito, with US$1,448 per square meter, and Tumbaco, with US$1,348 per square meter.
With information from Bloomberg