After more than four years, in which the sale prices of the properties had significant drops -due to the retraction of the market-, lThe values began to register some upward movement along with a moderate rise in sales operations. The data excites the real estate companies who think that they could be facing an imminent change of cycle with prices that have already touched their floor and are beginning to rebound.
According to a survey of the Zonaprop platform, in the Federal Capital, the rise in prices was minimal: 0.1% per square meter in the month of July. However, It is the first increase since March 2019. Although, in 2023 the accumulated decrease is 2.1%.
Ariel Venneri, founding partner of the MAHE Desarrollos Inmobiliarios group recalls that, during the last quarter of 2022, there was “a stabilization of prices, cutting the fall that began four years earlier (2018). This trend began to reverse slowly and gradually in the first quarter of this year and continues on that path,” he says.
According to his vision, the prices of both new and used properties, they had touched an exaggeratedly low floor, “since it is hard to think that in a sector where the price dynamics has been on a sustained rise in the last 20 years, the values have gone back to those of 2012 or 2013.”, he points out. With which, he thinks that it is possible to envision a strong recovery in prices from now on.
According to Alejandro Bennazar, head of the Real Estate Chamber (CIA), the variation in sales prices depends on the areas: “some have rebounded up to 20% in the last year but others have dropped 4% or 5%”, says. However, “on average, it can be said that touched a floor, with a slight upward trend, especially in tourist areas. We are in a hinge year and there are more expectations of revaluation of the properties towards next year and by 2025″, considered the manager.
Meanwhile, Maximiliano D’Aria, director of D’Aria Propiedades, also visualize a positive scenario for the coming months. “I think there will be an increase in demand and an upward correction in prices from the second half of 2024. We must also consider that the market will be expectant in the face of the new leadership and the first 6-12 months of the next government”, he opined.
According to data collected by ZonaProp, the current value of a studio apartment in CABA is US$ 93,913. On the other hand, a department of two rooms and 50 m2 has a value of US$ 112,984. and a department of three rooms and 70 m2 reaches US$ 158,306.
In 2022, 83% of the neighborhoods registered a price drop and currently a 52% of the neighborhoods show a monthly price increase. Since March 2019, this indicator has not been above 50%, according to this survey.
The ranking of prices by neighborhood, according to this ad portal, is headed by Puerto Madero (US$5,668 per m2), Palermo (US$2,917) and Belgrano (US$2,701). The cheapest neighborhoods in the city are Lugano (US$1,016), Nueva Pompeya (US$1,391) and La Boca (US$1,439 per m2).
“For now, prices do not continue to fall,” according to Gustavo De Simone, in charge of the real estate company that bears his name. “Because they’re already on a floor they can’t go below. It’s listing at a low value, and real estate can defend that value”, considered.
According to Fernando Pozzi, another businessman in the sector in the province of Buenos Aires, “without a doubt there is a rise in the price and we have already noticed this in the interannual variation, where we saw a flat. From then on, there is already a rise in prices per square meter of up to 15%,” he said.
Another piece of data from the ZonaProp survey would be supporting the trend towards price recovery: the volume of apartments repriced downwards in the last six months, fell again and stood at 24%.
According to the information handled by the platform, the average discount made in operations fell slightly and stood at 7.4% on average. And, unlike what happened in 2021 and 2022, according to the survey, this year, These reappraisals do not put downward pressure on the average price of the property value.