Since its peak in May 2019, the price of apartments in Argentina records an accumulated drop of 40%

RIO DE JANEIRO, BRAZIL – Historically, the sale and purchase of used apartments in the country’s interior has always been cheaper than the values quoted in the city of Buenos Aires.

After nine quarters of steady decreases, the price of used units between two and three rooms in the country’s interior finally stagnated. A Reporte Inmobiliario report compares current values with those of the peak in May 2019 and records an accumulated drop of 40%.

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“It would give the feeling that prices reached their floor,” analyzes Germán Gómez Picasso, one of the founders of the entity.

However, he clarifies that the trend will be defined only in the middle of next year when the market settles down, and it will be possible to see if prices remain as they are today. “We have to take into account that the values in the interior of the country had already dropped quite a lot and somehow that also makes the demand start to act little by little. Something similar happened in the City of Buenos Aires in the last quarter where prices almost did not go down,” he added.

CHEAPEST AND MOST EXPENSIVE LOCATIONS

The latest measurements of the entity show that the value per square meter of the localities surveyed appreciated by 0.20%. The locality that benefited the most in the last quarter was Rosario, with a quarterly evolution of 10.06%. There, the average price for a home is around US$985/m².

The highest prices are found in the city of Bariloche, where the average of two and three rooms used units in the urban area are offered at US$1515/m². The lowest values that can be found are around US$1015/m², and the highest is close to US$1825/m².

At the other end of the price scale, the cheapest used units can be purchased in San Miguel de Tucumán, where the average value per square meter is around US$730. However, this cost can go as low as US$555 and as high as US$1000. Prices in this province are stable since the year-on-year variation was only 0.68% lower.

The cheapest square meter surveyed by Reporte Inmobiliario was found in Santa Fe, where an apartment of these dimensions can be purchased at US$460/m². However, the average price there is higher than in Tucumán and stands at US$775/m².

On the other hand, the locality surveyed most affected in the last year was Neuquén, with a price drop of 26.1%. In November 2020, prices averaged US$1360/m² while they have depreciated to US$1005/m².

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