Argentina’s Puerto Madero is LatAm’s Most Expensive Neighborhood

Puerto Madero, a neighborhood in Argentinean capital Buenos Aires, is the most expensive residential enclave in all of Latin America, according to a study by regional real estate firm Properati.

Madero is followed by Ipanema in Rio de Janeiro and Vitacura in Santiago de Chile. In the Buenos Aires neighborhood, a square meter of land costs in excess of US$6,000. In Ipanema and Vitacura, the same piece of land is worth around $3,500.

Real estate prices were supposed to nosedive across the region because of the growing rate of joblessness and the trend to work from home. However, these days, thanks largely to the volatile forex market, investing in properties is perceived as one of the safest.

In Colombia, a record number of properties were registered during 2021, according to the report. The El Chicó neighborhood, located to the north of Bogotá, is the ninth in the ranking. There, a square meter of land costs $2,104.

El Poblado, located in the city of Medellín, is the second most expensive neighborhood in the Andean country. Meanwhile, property prices are declining in two other major Colombian cities, Barranquilla and Cali.

Considering the report, property buyers perceive these neighborhoods as safe and privileged locations, because they are located close to tourist sites and have access to shopping centers.

Puerto Madero, for example, is next to the La Plata River. Ipanema has a great view of the beach and Vitacura has many expansive green parks nearby.