Argentina and Brazil the countries with the most expensive neighbourhoods in Latin America

Despite the fact that the COVID-19 pandemic has also affected the property sector. Properati, the Latin American real estate firm, has published a document that analyzes the cost of housing in different countries.

Among the most expensive neighbourhoods in the region is the Puerto Madero neighbourhood in Buenos Aires, followed by Ipanema in Rio de Janeiro, while third place is occupied by Vitacura in Santiago de Chile.

According to Properati, the square meter in Puerto Madero can reach 6 thousand dollars. On the contrary, in the other two most expensive areas of Latin America, the square meter is around 3,500 dollars. 

In Colombia, however, there are two of the most expensive areas to live in the region. The Chicó neighbourhood, located to the north of Bogotá, is the ninth in the ranking. The square metre is around 2,104 dollars. Likewise, El Poblado, located in the city of Medellín, is worth 1,322 dollars per square meter.

These prices are very similar to those in Ecuador, especially in the cities of Quito, Guayquil and Cuenca, which are around 1,600 dollars per square metre.

The firm assures that in general all areas have shown a decrease in their prices. But this trend is much more evident in areas such as Barranquilla, Cali and Medellín. 

Moreover, according to the analysis of the real estate portal in these cities, the price per square meter has dropped between 30 and 50 percent in the last year. While in the case of Chicó in Bogotá, the price dropped only 3%.

Among the neighbourhoods that qualify as "middle class", Colombia is also the country that takes the lead. The Pance neighbourhood in Cali with a value of 977 dollars per square metre; followed by the Castilla neighbourhood in Bogotá and La América in Medellín.