Residential property prices in the Greater Buenos Aires area have reportedly fallen by more than 40% compared to 2018.
Some three-bedroom homes that were worth US$140,000 four years ago are now selling for as little as US$100,000, according to a recent survey. Some older apartments are being sold at even lower prices.
Rising interest rates, driven by climbing inflation, and difficulties in borrowing mortgages have dealt a devastating blow to the country’s housing market.
Remote working regulations, which do not require employees to live close to the office, may also have resulted in lower property prices, analysts said.
Real estate developers trying to sell large apartment buildings are struggling to convince bargaining buyers.
There are about 30,000 apartments and 27,000 small houses up for sale in the city. According to the Real Estate Operations Survey, the number of people trying to sell homes has increased every year since 2018.
Meanwhile, Pinamar, a small town on the Atlantic coast, is bustling as real estate firms build apartments hoping to attract remote workers looking to escape the hustle and bustle of the capital.
Apartments near forests and beaches have attracted more buyers in recent months, according to local news.