Latin America’s most expensive neighbourhood is Argentina’s Puerto Madero
/ Our Today
administratorLand in the neighbourhood costs in excess of US$6,000 per square metre
Puerto Madero, a neighbourhood in Argentinean capital Buenos Aires, has been rated the most expensive residential enclave in all of Latin America.
This is based on a study by regional real estate firm, Properati, which pointed out that land in the Buenos Aires neighbourhood costs in excess of US$6,000 per square metre. Puerto Madero came out on top of Ipanema in Rio de Janeiro and Vitacura in Santiago de Chile.
In Ipanema and Vitacura, the same piece of land is worth around US$3,500. Real estate prices were supposed to nosedive across the region because of the growing rate of joblessness and the trend to work from home.
Investing in properties is perceived as one of the safest forms of investment thanks largely to the volatile forex market. The El Chicó neighbourhood, located to the north of Bogotá, is the ninth in the ranking given that a square metre of land costs US$2,104.
El Poblado, located in the city of Medellín, is the second most expensive neighbourhood in the Andean country. Meanwhile, property prices are declining in two other major Colombian cities, Barranquilla and Cali.
Based on the prices, property buyers perceive these neighbourhoods as safe and privileged locations, because they are located close to tourist sites and have access to shopping centres.
Puerto Madero, for example, is next to the La Plata River, while Ipanema has a great view of the beach and Vitacura has many expansive green parks nearby.
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