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Building today costs 2.9 times more than in 2020. Used properties offer more affordable prices
Renting a three-room apartment in the northern area of ??GBA already costs more than $500,000 per month
Sustainable construction and energy savings: a growing trend
Currently, the average sale price of brand new units is US$2,745 per m2.
Currently, the average sale price of brand new units is US$2,745 per m2.
Construction costs have risen sharply this year. Measured in dollars, they have risen by 34.6%. Until now, many developers have been putting up with the transfer of prices to properties under construction. But recently, the increases have begun to have a direct impact on prices. For the moment, it is clear that those that have absorbed the increases are mainly premium properties in the City of Buenos Aires. The lists in dollars have been updated and in many cases the demand has already validated them.
According to a recent report by Zonaprop, the increase in construction costs generated two effects: on the one hand, it drove up the price of brand new units, but it also made used properties an attractive option for buyers, due to their more affordable prices.
How much does a property under construction cost today?
Currently, the average sale price of brand new units is US$2,745 per m2, almost the same as in properties under construction, whose price is on average US$2,741. Therefore, according to the "brokers", if what one is looking for is a quick investment, today there are apartments close to delivery at the same price as one under construction.
The jump is seen when compared to used properties, which reach US$2,138 per m2. In any case, the upward trend in sales prices continues in all the segments analyzed, both new and used.
The report also highlights that this year, the units in the works are the ones that have increased their price the most. The increase in 2024 was 15.3%. Meanwhile, used units increased by 4.8%.
Construction today costs 2.9 times what it cost in October 2020 and 30.2% more than the average of the last 11 years. According to the latest data released by INDEC, in September there was an 8.2% increase in labor, within which registered salaries increased by 9.1%. In September, the items that increased the most were: earthmoving (+9.3%), masonry (+6.7%), structure (+5.6%), and elevators (+3.5%).
Price ranking by neighborhood
Puerto Madero is historically the most expensive neighborhood in the Federal Capital to purchase a property, with an average price of US$5,985 per m2. It is followed by Palermo at US$3,212 and Belgrano at US$3,030.
The neighbourhoods with the lowest prices are Villa Riachuelo, Nueva Pompeya and Lugano. According to developers, it is not profitable to build in these areas, although they hope that mortgage loans will change this situation somewhat. |
