2023-11-06 16:58:44
Do you know which are the most expensive neighborhoods in all of Latin America? Is the square meter in Colombia more expensive than in other countries in the region? Properati, Lamudi and Trovit, real estate portals with a presence in multiple Latin American countries, calculated the average price per square meter of homes for sale in 26 upper-class neighborhoods in 13 different countries in the region.
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The conclusion is that three neighborhoods in Argentina, Mexico and Brazil, respectively, occupy the first places in the list of the most expensive areas in 2023.
Puerto Madero (Buenos Aires, Argentina) is the most expensive neighborhood in the entire region. Acquiring a two or three-bedroom apartment in this Buenos Aires sector costs an average of $5,485 per m² this year.
With a difference of more than a thousand dollars, the second on the list follows, which is the Del Valle neighborhood, located in the city of Monterrey, in Mexico. This registers an average price per m² of $4,071.
The third most expensive area in Latin America is located in Rio de Janeiro (Brazil). Here the Ipanema neighborhood reaches an average value of 4,008 dollars (per m²).
The countries that complete the ‘top 10’
The 10 most expensive neighborhoods are located in five countries, of the 13 analyzed. Vitacura (Santiago, Chile), Carrasco (Montevideo, Uruguay) and Vila Nova Conceiçåo (San Pablo, Brazil) have an average price between 3,300 and 3,800 dollars, ranking between fourth and sixth place.
Tablada Park (Córdoba, Argentina), Savassi (Belo Horizonte, Brazil), Puerta de Hierro (Guadalajara, Mexico) and Bosque de las Lomas (Mexico City) close the ‘top 10’ with values over 2,600 dollars.
Puerto Madero (Buenos Aires, Argentina) is the most expensive neighborhood in the entire region.
This is the complete list for 2023:
(Price per square meter)
1. Puerto Madero (Buenos Aires): US$ 5,485
2. Del Valle (Monterrey): US$ 4.071
3. Ipanema (Río de Janeiro): US$4,008
4. Vitacura (Santiago de Chile): US$ 3,733
5. Carrasco (Montevideo): US$ 3.705
6. Vila Nova Conceição (San Pablo): US$3,393
7. Tablada Park (Córdoba): US$ 2,845
8. Savassi (Belo Horizonte): US$2,797
9. Puerta de Hierro (Guadalajara): US$ 2,655
10. Bosques de las Loma (Mexico City): US$ 2,627
11. San Isidro (Lima): US$ 2,452
12. Costa del Este (Panama City): US$2,397
13. Las Mercedes (Caracas): US$ 2,311
14. Las Malvinas (Rosario): US$ 2,119
15. Chicó (Bogotá): US$ 2,050
16. Zone 10 (Guatemala City): US$ 2,022
17. Lomas de Angelópolis (Puebla): US$ 1,911
18. Villa Morra (Asuncion): US$ 1,6
19. El Poblado (Medellín): US$ 1,686
20. Samborondón (Guayaquil): US$ 1,667
21. La Carolina (Quito): US$ 1,651
22. Santa Ana (San José): US$ 1,497
23. Cayma (Arequipa): US$ 2.166
24. San Sebastián (Cuenca): US$ 1,169
25. Pance (Cali): US$ 1.015
26. El Prado (Barranquilla): US$ 748
El Chicó is a neighborhood in the town of Chapinero, north of Bogotá.
The price evolution
The real estate portals analyzed the price variation between the 2022 ranking and this year’s and determined that three upper-class Colombian neighborhoods stand out for their growth.
No other sector on the list registers a greater price increase than El Poblado (Medellín), where the price in dollars increased 43 percent from one year to the next. In addition, the Chicó neighborhood (Bogotá) and El Prado (Barranquilla) reached a variation of more than 24 percent.
El Prado, in Barranquilla, is one of the most expensive neighborhoods in Latin America.
The exclusive neighborhoods of Montevideo, Monterrey, Arequipa (Peru) and Guayaquil (Ecuador) presented variations between 11 and 23 percent.
Meanwhile, residential sectors such as San Isidro (Lima, Peru), Costa Verde (Panama City, Panama), San Sebastián (Cuenca, Ecuador), Pance (Cali, Colombia) and Vitacura had moderate growth that does not exceed 10 percent.
There are also neighborhoods that showed an annual drop in prices. According to the report, La Carolina (Quito, Ecuador), Vila Nova Conceição, Ipanema, Puerto Madero, Bosque de las Lomas, Las Malvinas (Rosario, Argentina) and Puerta de Hierro recorded a lower average price than the previous year.
Study methodology
The portals took into account one neighborhood (district or commune) per city. In addition, two and three-bedroom apartments for sale were considered and more than 60,000 properties published on Properati, Lamudi and Trovit were analyzed.
In Guadalajara, Monterrey, Caracas and Guayaquil, a neighborhood located within the metropolitan area or region was selected and the exchange rate of each currency at the close of October 31, 2023 was used.
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