Property prices in Buenos Aires have always been expensive when you consider that most transactions are in cash , there are very high costs in buying and selling and most apartments have not been remodelled in 30 years . My first property I brought here was about US$ 800 a metre in Palermo Soho and everything in the building said I overpaid as I was a foreigner . It may have been so but this was a great investment as Palermo Soho increased proportionally more per metre than any other neighbourhood in the last 10 years .
I do not understand the craze for PHS as to not pay expenses . In the majority the price per metre is much higher than an apartment . the buildings are mostly in bad shape , and they are insecure . I would rather pay to stay in a category building with 24 hour security. A view is very important for me as well as natural light in all the rooms . These features always help when the time comes to resell .
Perry wrote: I personally would not buy property now in Buenos Aires unless a great deal is presented to you.
Don't you think that an owner who is eager to sell now during the economic crisis would accept any reasonable offer to get their hands on dollars? There are less than desirable properties on the market for a long time that owners would probably sell to anyone who shows up with dollars. Why would a buyer have to wait for a great deal when one can make an offer that a seller can't refuse? If there is an abundance of apts for sale, then it's a buyer's market. It sounds like a good time to buy in BA.
LOL. Is there a better way to waste US$10 000 a year? He needs to get a Falcon and do it up. Its way cooler and he'll still have plenty left over for an annual holiday in the Seychelles, dancing girls, 20 a day habanos habit, etc..
Garryl post: 359738, member: 14042"]The building expense is ridiculous in Buenos Aires. About 3x of Paris, 4,5x of Athens Greece, 4x of Beijing.
I would buy again if the price goes way down.[/QUOTE]
Interesting statistics Garryl. The costs to run a apartment are very high and many people pay 30 percent of their income just on expenses. The consorcios have tremendous power and there is little one can do against them. In Buenos Aires 25% of all property owners are at least 3 months behind on expenses. This is a very worrying statistic and clearly shows that the real estate market is in decline. Many of these properties are repossed and the admins sell them below market value to recoup their expenses and costs.