Today we follow-up last week’s post regarding average real estate prices in Buenos Aires with a more detailed breakdown of average prices for new and used residential properties in 14 Buenos Aires neighborhoods.
Puerto Madero remains the most expensive neighborhood in Capital Federal for both new and used construction at US$371 and US$345 per square foot, respectively. These averages put Puerto Madero real estate prices down approximately 25% from their 2009 peak of $460/SF ($5,000/m2), yet 20% higher than the $275-$325/SF range estimate made in Cronista exactly 21 months ago on November 30, 2010.
Recoleta checks in at number two with average prices over US$100 per square foot lower than Puerto Madero for both new construction (US$276) and existing units (US$234). A blended new/used average of US$255 in Recoleta means average prices are essentially flat compared to the US$259 average we shared 15 months ago in our Brazilian metro average price comparison.
Palermo is number three on the list with average price of new Palermo condos around US$242 per square foot and existing properties around $228 per square foot. A blended average of US$235 in Palermo means prices are up a modest 4% since our 2011 Brazilian comparison. Given the sheer size and variety of barrios within Palermo, average prices can range anywhere from US$200 (Palermo Sur) to Palermo Soho (low-to-mid $300s).
The 5 most affordable Buenos Aires neighborhoods of the 14 barrios analyzed are Boedo, Balvanera, Villa del Parque, Barracas and Villa Devoto. The average price per square foot for new construction in all five barrios is less than US$180 per square foot, and existing units sell in an average range of US$148 to $166 per square foot. (Click for Bar Graph Comparison)
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