A new report from the Universidad Argentina de la Empresa (UADE) pegs the average price per square foot of new construction condos in Buenos Aries at US$220 ($2,263 per m2) and US$201 ($2,106 per m2) for existing units.
The report, which examined new and existing real estate prices for condominiums in 14 Buenos Aires neighborhoods, found the highest prices for both categories of properties were in Belgrano, Palermo, Nunez and Recoleta. The average price of new construction listings in Belgrano was US$245/SF ($2,263/m2) and US$302/SF in Recoleta ($3,257/m2).
The biggest one-year change for Buenos Aires properties in these neighborhoods involves annual price appreciation which has moderated to single-digits compared to double-digit gains posted between 2010 and 2011. (Price Map) Today, according to UADE, those barrios are all posting more modest annual increases like Belgrano (0.2%), Palermo (5.2%), Nunez (6.0%) and Recoleta (8.1%).
The US$220 per square foot average price in Buenos Aires is in line with the US$210 figure reported in January in the Jornal Floripa comparison of average real estate prices in Brazil with Buenos Aires. According to that study, an 860 square foot condo in Buenos Aires cost US$181,504 on average (Price Graph), while a similar size unit would cost US$414,486 in Sao Paulo and US$741,861 in Rio de Janeiro. (Full Story in Spanish)
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