A recent survey looked at luxury real estate in Latin America to find the locations with the most exclusive properties and to ascertain the market temperature. Neighbourhoods in Argentina, Mexico and Brazil took the top three positions in a region where house prices continue to rise.
Most expensive real estate in Latin America
Three property portals, Properti, Lamudi and Trovit, recently carried out a survey of 26 cities in 13 Latin American countries to test the temperature of their high-end real estate markets. Puerto Madero in Buenos Aires has the most expensive homes, with an average 2 to 3-bedroom apartment costing US$5,485 per square metre.
This neighbourhood is considerably ahead of its nearest competition, Del Valle in Monterrey. In this Mexican district, homes cost an average of US$4,071. Ipanema in Rio de Janeiro comes close behind, with a median square metre price of US$4,008.
(Source: Properti, Lamudi and Trovit)
Brazilian real estate took two other places in the top ten: Vila Nova Conceiçao in Sao Paulo and Savassi in Belo Horizonte. The two districts take the 6th and 8th positions, respectively. Both have entered the index for the first time and prices average US$3,393 in Vila Nova Conceiçao and US$2,797 in Savassi.
Biggest price jumps
The survey also examined the rise in real estate prices over the last year and found they have generally risen. Colombia experienced the most significant upticks, with three showing double-digit increases.
Leading the table was El Poblado in Medellín, where house prices skyrocketed by 43% in the year to November. Properties in Chicó in the Colombian capital Bogotá rose by 27%.
Lowest rises at the top
However, the neighbourhoods with the most expensive real estate in Latin America saw a more moderate over the last year. In Puerto Madero, for example, houses cost 7% less in November this year than 12 months earlier. Property in Ipanema cost almost the same.
Regional movers and shakers
Colombia dominated the table for the most expensive luxury property in the region. The top 20 included 8 neighbourhoods in the country’s largest cities. According to BNN Breaking, this huge presence “mirrors the economic development and burgeoning investment potential in Colombia”.
Mexico and Argentina totalled four districts each, while Brazil had three in the top rankings. However, a recent survey by Savills revealed that Brazil has the world’s 9th most valuable real estate and is the only Latin American country in the global top ten.
(Source: Properati, Lamudi & Trovit)