Narayan AmmachchiLatin America’s luxury real estate market remains a bastion of wealth, with Puerto Madero in Argentina, Del Valle in Mexico and Ipanema in Brazil holding the top spots for costliest neighborhoods.
This is according to a recent study by Properati, a property search portal, which analyzed 26 cities across 13 countries in the region. The index focuses on upscale neighborhoods, comparing the average price per square meter of homes on the market.
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In Puerto Madero, the undisputed king for five years now, a 2-3 bedroom apartment will set you back a cool US$5,400 per square meter. Monterrey (Mexico) and Santiago (Chile) offer slightly more breathing room, with similar properties averaging around US$4,000 per square meter.
However, the tale behind these numbers is complex. Argentina’s skyrocketing property prices, driven by inflation exceeding 100% and a plummeting peso, paint a picture of an economy in flux.
Another potential explanation lies in Puerto Madero’s waterfront appeal, its high-end dining scene and its active nightlife, which may hold a significant draw for affluent buyers.
Vitacura in Santiago (Chile), Carrasco in Montevideo (Uruguay) and Vila Nova Conceição in São Paulo (Brazil) share a price range of US$3,300 to US$3,800, securing slots four through six.
Rounding out the top ten are Tablada Park in Córdoba (Argentina), Savassi in Belo Horizonte (Brazil), Puerta de Hierro in Guadalajara (Mexico) and Bosque de las Lomas in Mexico City, all exceeding US$2,600.
Medellin’s El Poblado defied the trend, experiencing a staggering 40% jump in real estate prices, showcasing Colombia’s burgeoning investment potential.
Interestingly, 75% of the neighborhoods on the list saw a decrease in average price per square meter compared to 2021, highlighting a potential shift in the regional luxury market.
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