A new report out this month from UADE’s Economics Institute gives us a good feel for average real estate prices for the 14 most popular neighborhoods in Buenos Aires.
And while local media chose to cherry-pick the highest number published in the report (Recoleta’s US$262 per square foot for 2-room apartments) the reality is that the median price was US$186 per square foot with barrios like Palermo and Belgrano coming in around US$226 and US$219, respectively.
And while barrio-by-barrio comparisons can be useful, sometimes regional comparisons are more enlightening, especially for alarmists who say a specific Buenos Aires neighborhood is expensive…relative to what? How about the two largest cities in Brazil? Fortunately, Ruban Selvanayagam’s Brazil Investment Guide is out this month with the most detailed analysis imaginable of real estate prices in Sao Paulo, Rio de Janeiro and three other major Brazilian metros.
The article titled, Brazil’s Real Estate Prices are the Highest in the World, kind of sets the tone for the analysis which show new residential construction in the best neighborhoods of Rio and Sao Paulo cost anywhere from US$200 to $500 more per square foot than new construction listings analyzed by UADE in Recoleta, Palermo, Nunez and Belgrano. (Click image above for larger chart).
Now factor in the Quality of Living rankings from Mercer and International Living, which consistently put Buenos Aires ahead of all Brazilian metros (See Citi Global Megacities) and it’s easier to appreciate BA’s affordability compared to some of the fastest growing real estate markets in Brazil.
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