Narayan AmmachchiReal estate prices in Latin America vary widely, with Colombia’s capital Bogota being cheap, but Uruguay’s Montevideo being very expensive.
Buying an apartment in Uruguay’s capital costs US$3,100 per square meter, but in neighboring Colombia, a square meter can be had for as little as US$1,000, according to data analyzed by Argentina’s Torcuato Di Tella University.
Argentina’s inflation may be soaring, but property prices are not. Rosario and Buenos Aires have seen prices fall by at least 3% over the past six months.
As a result of inflation and government policies, a growing number of Argentina’s elite and rich are relocating to neighboring Uruguayan cities.
Colombia’s economy is not struggling as much, but real estate values are not growing. Housing costs in several Colombian and Ecuadorian cities are steadily declining.
Property prices in Mexico have reached an all-time high as a result of the inflow of remote workers from the United States, to the point that some permanent residents can no longer afford to rent properties in some of Mexico City’s upscale neighborhoods.
Guadalajara and Monterey saw 14.8% and 11.5% increases in home prices, respectively. Santiago, Chile’s capital, came in second regionally with a 5% increase.
The upward trend is replicated in the vast majority of the cities surveyed, including Lima (Peru), Mexico City and Cordoba (Argentina).
Add comment