Some of the most expensive neighborhoods in Latin America are experiencing rising prices per square meter, representing a continued recovery from the depressed real estate prices seen in 2020 due to the global pandemic.
According to a study by Properati – a real estate platform active in Argentina, Colombia, Ecuador, Peru, and Uruguay – only three of the top ten saw prices rise in 2023.
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Only Del Valle in Monterrey and Carrasco in Montevideo registered significant increases in prices per square meter, with the former rising to second place overall.
Colombia stood out for high price rises, with Poblado in Medellín jumping by 43% and Chicó in Bogotá registering a 27% rise to remain top in-country at just over USD$2000 per square meter.
Puerto Madero, in Buenos Aires, remained the most expensive neighborhood in the region by a significant margin.
SEE ALSO: Learn How To Buy Property in Santiago de Chile
The study of the most expensive neighborhoods in Latin America includes a total of 16 exclusive neighborhoods and separately lists the 16 most expensive middle class neighborhoods.
According to the study’s authors, it is based on an analysis of 35,000 properties in different cities around the region, with those gathered in countries where Properati does not do business – such as Brazil, Chile, and Mexico – obtained from external sources but verified internally.
A mixed outlook: middle class areas fare worse
In some countries, such as Chile and Colombia, there has been a steady and sustained growth in housing prices, especially in major cities. This is due to the increasing demand for housing, both from the local population and foreign investors. In addition, housing supply has not always been able to keep pace with demand, which has led to an increase in prices.
Several Latin American countries have experienced a decline in housing prices in recent years. Some of them are:
- Argentina: The economic crisis and recession affecting the country have caused a decrease in housing prices in general.
- Brazil: The Brazilian real estate market has also experienced a reduction in housing prices due to the economic recession that the country has suffered in recent years.
- Colombia: Although there has been an increase in housing construction in recent years, this has led to a saturation in the market and a decline in housing prices in some areas.
- Chile: In some sectors of Chile, especially in Santiago, there has been a decline in housing prices due to an oversupply of properties.
Biz Latin Hub can help with property in the most expensive neighborhoods in Latin America
At Biz Latin Hub, we assist corporations and investors doing business in Latin America and the Caribbean, with offices staffed by local teams of professionals in 15 countries as well as Puerto Rico.
We provide integrated packages of market entry and back office services tailored to individual needs, and our portfolio includes accounting & taxation, company formation, corporate legal services, hiring & PEO, and visa processing.
We also assist with property purchases, so if you are interested in investing in one of the most expensive neighborhoods in Latin America, and we have an office in that city, we can assist you. We can also help you apply for residency through real estate investment in markets where that is allowed.
Contact us today to find out more about how we can help you.
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