Latin American Cities See Sharp Contrast In Property Price Adjustments Since 2017

Montevideo remains the most expensive capital to buy property, while Bogotá is the cheapest

Source: Mexico's institute for urban development and housing (Seduvi).
April 27, 2023 | 06:07 PM

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Bloomberg Línea — The most expensive capital city in Latin America to buy an apartment continues to be Montevideo, followed by Santiago and Mexico City. The cheapest? Bogotá, capital of Colombia.

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These data come from a study carried out every six months by the Universidad Torcuato Di Tella (Argentina) based on data provided by ZonaProp. The survey published on April 26th corresponds to March prices and is based on the price per square meter.

For the study, Universidad Torcuato Di Tella takes a sample of 14 cities in the region.

What’s the average price for property in Latin America’s major cities?

  • Motevideo (Uruguay): $3,146*
  • Santiago (Chile): $2,915
  • Mexico City: $2,531
  • Buenos Aires (Argentina): $2,362
  • Monterrey (Mexico): $2,329
  • Guadalajara (Mexico) $2,299
  • Río de Janeiro: $2,277
  • São Paulo: $2,119
  • Lima: $2,117
  • Panama City: $1,712
  • Rosario (Argentina): $1,455
  • Córdoba (Argentina): $1,311
  • Quito (Ecuador): $1,212
  • Bogotá: $1,051

*Price per square meter

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Compared to the September 2022 survey, the city with the highest percentage increase in price was Mexico’s Guadalajara (16.8%). The sharpest declines were in Bogotá (-5.1%), Buenos Aires (-2.4%) and Rosario (-2.4%).

Valued in real local currency, the cities with the largest increases were Guadalajara (3.9%) and Monterrey (0.9%). The sharpest declines were in Santiago de Chile (-9.9%), Buenos Aires (-9.4%) and Rosario (-9.3%).

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Where have prices fallen the most in the past 5 years?

Comparing with the March 2017 survey, in the five years since the price of properties in Rio de Janeiro collapsed (-79% per square meter). In Bogotá, prices fell 28.64% and in São Paulo, 24.45%.

At the other extreme, Guadalajara is the city that has seen the greatest increase in property values since 2017: 48%, while increases were also seen in Monterrey (39%) and Mexico City (25%).

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