A study carried out by the Torcuato Di Tella University and a prominent real estate platform revealed the cheapest city in South America to purchase a property. Photo: composition by Fabrizio Oviedo/LR/Freepick. Video: CNN
A study carried out by the Torcuato Di Tella University and a prominent real estate platform revealed that there are cities in Latin America where the acquisition of apartments can be expensive or cheap depending on the country. The study known as the Latin American Real Estate Survey (Rial) analyzed the cost per square meter in dollars in 14 cities in 9 countries in the region during March 2024. In this article, discover the key findings that this analysis revealed.
The study compared the price in dollars per square meter in 14 cities in 9 countries in the region. Photo: Travel.es/captura
What is the city in South America where it is cheapest to buy an apartment?
The cheapest city in South America to buy an apartment is Quito, Ecuador, at US$1,195 per square meter. The study reveals that this nation surpasses cities in Bogota and Argentina.
The list, from highest to lowest price, is led by Montevideo, the capital of Uruguay, followed closely by Mexico City, with prices of US$3,289 and US$2,981, respectively.
The ranking was updated on March 24, 2024 and revealed the information from the study carried out. Photo: Rial/capture
In which cities in Latin America is it most expensive to buy an apartment?
According to the Latin American Real Estate Survey (Rial), apartment prices in dollars per square meter in the 14 selected cities were presented as follows in March:
- Montevideo, Uruguay: US$3,289
- Mexico City, Mexico: US$2,981
- Monterrey, Mexico: US$2,836
- Santiago, Chile: US$2,707
- Guadalajara, Mexico: US$2,644
- Buenos Aires, Argentina: US$2,427
- Sao Paulo, Brazil: US$2,411
- Rio de Janeiro, Brazil: US$2,361
- Lima, Peru: US$2,106
- Panama City, Panama: US$1,762
- Rosario, Argentina: US$1,488
- Córdoba, Argentina: US$1,452
- Bogotá, Colombia: US$1,295
- Quito, Ecuador: US$1,195.
How much did prices increase in dollars?
The document indicates that square meter prices in Latin America experienced an increase of 3.1% in nominal dollars and 1.6% in real dollars, while they observed a fall of 6.6% in real local currency.
In terms of nominal dollars, the cities that recorded the largest percentage increases in prices were Santiago, with 8.3%; Monterrey, with 8.2%; and Córdoba, with 6.1%.
The survey is based on prices published on real estate portals, which consider three values: nominal dollar, real dollar and real local currency. Photo: Travel.es/captura
In contrast, the most significant reductions in the last semester occurred in Rio de Janeiro, with a decrease of -1.7%; Lima, with -1.5%; and Quito, with -0.6%.
Valued in real local currency, the largest increases were observed in Santiago, with 15.8%, and San Pablo, with 4.1%. In contrast, due to a decrease in purchasing activity in the local market, the most pronounced falls were recorded in Buenos Aires, Rosario and Córdoba, all Argentine cities, with decreases of 33.5%, 32.8% and 31. 4%, respectively.
According to the Rial, apartment prices in dollars per square meter in the 14 cities were updated in March 2024. Photo: Travel.es
