Neighboring Brazil and Chile may outrank Argentina in several global surveys, but the cost of parking is not one of them.
When Colliers released their annual Parking Survey earlier this year, most BA commuters were not surprised to learn we have some of the highest parking rates in Latin America. Average monthly unreserved parking in BA costs US$178/month compared to $161 in Rio, $150 in Santiago and $146 in Sao Paulo.
Now Carlos Manzoni of La Nacion explains why BA parking lot prices rose 15-20% (sale) and 30% (rent) in the past year alone. “It’s the result of the huge increase in the number of vehicles that pass through the streets of Buenos Aires, but it’s also due to the fact that many parking lot owners sold their precious lots to developers in recent years. Two years ago, for example, an 11,000 square foot lot downtown would sell for US$1.5 million; today that same lot would fetch US$3 million,” writes Manzoni.
The President of the Argentina Chamber of Garages & Parking Lots says Palermo and Las Canitas are the two BA barrios where parking rates are rising the fastest. Of the 1.15 million parking spaces in the City of Buenos Aires, 527,000 (45%) are in garages, 310,000 (27%) are in apartment buildings, 200,000 (17%) are on the city streets, 77,000 (7%) are on residential lots and 42,000 (4%) are on commercial building lots.
BA airport parking is another blow to the bolsillo as daily parking costs US$19/day or US$138/week. Given the abundance of available land around Ezeiza, a near-airport parking concept like The Parking Spot would be a great foreign investment opportunity. (Full Story in Spanish)
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