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Is the property market in Argentina still growing?

Are property sales in Argentina still growing right now?

Argentina’s property market is still busy today, but sales growth has basically stopped in Buenos Aires after the huge rebound of the previous two years.

The latest transaction data from the Colegio de Escribanos de la Ciudad de Buenos Aires are clear. CABA recorded 35,528 property purchases during the first seven months of 2026, 1.8% fewer than during the same period of 2025. July produced 6,051 deeds, down 9% from 6,651 a year earlier.

That sounds like the recovery has ended. The level of activity says otherwise. Those 6,051 July transactions were still among the strongest July readings in almost two decades. According to the Colegio, we have to go back to 2008 to find a better one.

The market has kept most of the activity it regained. What has disappeared is the rapid year-on-year growth. Buyers returned in force during 2024 and 2025, and 2026 is now being compared with that much stronger market.

Did Argentina’s property recovery already run out of steam?

Argentina’s property recovery has clearly lost speed, although current sales volumes are far too high to say the market has rolled over.

The easiest way to see the change is to compare the year-on-year figures over time. CABA transactions jumped 93.7% in January 2025 compared with January 2024. July 2025 was still up 34.5%. By January 2026, sales were down 6.1% year on year, and the latest July reading was down 9%.

Those percentages look dramatic because the comparison base changed so quickly. During the earlier rebound, every new transaction was being compared with a market where activity had been heavily depressed. Today’s buyers are being compared with one of the busiest periods Buenos Aires has seen for years.

The more useful observation is that monthly sales have spent much of 2026 around 5,000 to 6,000 transactions rather than falling back toward the much weaker levels seen earlier in the decade. For now, this looks like a high plateau, with positive and negative months around it.

Argentina still has a recovered property market. Whether that market can start expanding quickly again is much less certain.

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Are Buenos Aires property prices still rising today?

Buenos Aires property prices are still creeping upward on listing portals, but buyers should currently think in terms of price stability rather than strong appreciation.

Zonaprop’s latest CABA index puts the average apartment asking price at USD 2,471 per square meter. Prices rose just 0.1% in the latest reported month, 0.9% since the beginning of 2026 and 1.3% over twelve months.

The annual number is especially revealing. That 1.3% rise is the weakest year-on-year increase Zonaprop has recorded in 28 months. Buenos Aires apartments are also still 11.7% below the historical high in the series.

A typical 50-square-meter two-room apartment now lists for around USD 131,000, while a 70-square-meter three-room unit is around USD 179,000. An annual price increase of 1.3% at those levels adds only a few thousand dollars.

So yes, CABA asking prices are technically still going up. The pace is now so small that “flat in dollars” is increasingly a better description of what buyers actually experience.

Are Buenos Aires homes really selling for more money?

Actual Buenos Aires selling prices are currently flatter than asking prices, and the latest completed deals are slightly cheaper per square meter than a year ago.

The M² Real index from RE/MAX Argentina, Universidad del CEMA and Reporte Inmobiliario tracks completed sales of used apartments rather than advertised prices. Its latest figure is USD 2,112 per square meter in CABA, compared with USD 2,131 one year earlier. That is a 0.9% decline.

The latest monthly movement was almost nonexistent as well: USD 2,108 became USD 2,112 per square meter.

We should not directly subtract the M² Real figure from Zonaprop’s USD 2,471 asking-price index and call the difference a negotiation discount because the samples and methodologies differ. The direction is still useful. Sellers continue to advertise homes at gently rising prices while completed transactions have gone sideways.

For buyers, this is more informative than a headline saying Buenos Aires property prices are rising. There is very little evidence of meaningful appreciation in the prices people are actually paying.

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Is Buenos Aires cooling faster than the rest of Argentina?

Yes. Buenos Aires is currently one of the clearest examples of slowing property-price growth, while Rosario and Córdoba remain further into their recovery.

Rosario is the strongest contrast. Zonaprop puts the average apartment price there at USD 1,841 per square meter. Prices have gained 3.4% during 2026 and around 25% since the market turned upward in October 2023. Recent annual appreciation has also been substantially stronger than in CABA.

Córdoba has gone through an even larger recovery from its trough. Its average apartment price reached USD 1,474 per square meter after increasing 31.5% from the turning point in May 2023. The latest first-quarter increase was 1.9%, down from 4.8% during the same period of 2025, so Córdoba is slowing too.

Greater Buenos Aires sits somewhere between those markets. GBA Norte apartments average around USD 2,410 per square meter and have risen 1.7% during 2026. GBA Sur is up 1.5%, while GBA Oeste has gained only around 0.4%.

Argentina now has several property cycles running at different speeds. Rosario still has visible momentum. Córdoba has already recorded a large recovery and is slowing. CABA and parts of Greater Buenos Aires are much closer to flat.

Are mortgages still helping Argentina’s property market grow?

Mortgage lending has become the clearest weak spot in Argentina’s property market, with new mortgage originations now running far below last year’s pace.

The latest Tejido Urbano mortgage monitor estimates 13,329 new mortgages during the first seven months of 2026, compared with 25,160 during the same period of 2025. That is a 47% drop.

The property market itself has held up far better. During the first half of the year, CABA recorded 29,477 deeds, down just 0.2%, while Provincia de Buenos Aires recorded 55,035, down 7.8%. Mortgage-backed deeds fell 37.2% in CABA and 32.6% in PBA.

The gap is striking. Housing transactions have been broadly resilient even as the number of new borrowers has nearly halved.

Credit conditions explain part of that weakness. Tejido Urbano found that the average mortgage rate had climbed to 7.02%, while the average term fell to around 23 years. Banco Nación has also become extremely dominant as several private banks pulled back from the volumes they were lending in 2025.

There has been a small improvement lately, with monthly mortgage originations recovering toward roughly 1,800 in June and July. Worth watching, yes, but still well below last year.

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Can Argentina’s property market keep moving without mortgages?

Argentina can keep producing a lot of property transactions without mortgages, but another big nationwide jump in sales becomes much harder if housing credit stays weak.

As seen above, mortgage originations have fallen 47% during the first seven months while CABA sales are only 1.8% lower. That tells us how unusual the Argentine housing market still is.

Property purchases remain heavily supported by savings, dollars accumulated outside the banking system, proceeds from another property sale and family wealth. Those buyers do not disappear simply because mortgage rates rise.

That has protected the market this year. It also creates a hard ceiling. Cash buyers mostly redistribute wealth that already exists. A functioning mortgage system turns years of future household income into purchasing power today and lets far more middle-income households enter the market.

Argentina managed to bring tens of thousands of those borrowers back after housing credit had almost disappeared. Losing nearly half of new originations in a year removes one of the easiest ways for property demand to expand from here.

Are rents in Argentina still going through the roof?

Buenos Aires rents are still rising quickly in pesos today, but rents have stopped beating inflation and are now falling slightly in real terms.

Zonaprop puts the average rent for a two-room CABA apartment at ARS 873,668 per month. Rents have risen 30.7% over twelve months and 17.5% during 2026.

The year-to-date increase looks much less impressive beside consumer prices. Inflation over the same period reached 19.2%, leaving the typical CABA rent about 1.7% lower in real terms.

The slowdown is stronger outside the city. In GBA Norte, rents have risen around 12.9% during 2026. GBA Oeste is closer to 11.4%. Both are running several percentage points behind inflation.

This is a major change from the rental squeeze that followed years of shrinking supply. After Argentina changed its rental rules, many properties returned to the long-term market. More supply has made it harder for landlords to keep pushing rents ahead of inflation.

For tenants, the market is still expensive. For investors, the explosive rental repricing phase has already passed.

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Are Argentine rental properties still attractive to investors?

Rental yields are still quite attractive by recent Argentine standards, especially outside central Buenos Aires, even though rent growth itself is cooling.

Zonaprop currently estimates the average gross rental yield in CABA at 5.76%. At that rate, gross rent would repay the purchase price in roughly 17.3 years. One year earlier, the required period was about 6.5% longer.

The numbers improve outside CABA. Córdoba offers around 7.8% gross, equivalent to a 12.8-year gross payback period. GBA Sur is close to 7%, while Rosario is around 6%.

Those are gross yields, so owners still have to pay building expenses, maintenance, taxes, vacancy costs and transaction costs. Even after allowing for that, Argentine residential property now produces much more rental income relative to purchase prices than it did during the weakest part of the previous cycle.

That helps explain why investor demand can remain alive even while capital appreciation in Buenos Aires has almost stopped.

Is Argentina building enough new property to call this a construction boom?

Argentina is building a little more than last year, but the latest construction data are far too weak and erratic to call this a building boom.

INDEC’s national ISAC construction index rose 4.0% year on year in June, taking first-half growth to 2.8%. The month-to-month number moved sharply the other way: activity fell 4.1% after seasonal adjustment, while the underlying trend-cycle slipped 0.1%.

Private construction-material data have weakened further since then. Grupo Construya reported that July shipments fell 6.5% year on year and 0.8% from the previous month after seasonal adjustment. Across the first seven months, shipments were 0.6% below the same period of 2025.

The picture is messy, and that is probably the point. Activity remains somewhat higher on INDEC’s first-half comparison, but private material demand has recently turned negative and the monthly data keep swinging around.

Overbuilding is one of the less convincing risks in Argentine housing today. Developers are hardly flooding the market with new homes.

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Are rising construction costs squeezing Argentine developers?

Yes. Argentine developers currently face construction costs rising much faster than sale prices in several important markets.

INDEC’s Greater Buenos Aires construction-cost index has continued increasing at a pace that dwarfs apartment-price growth. The latest official monthly reading showed another 2.6% increase, driven by materials, labor and general expenses.

Compare that with the property side. CABA apartment asking prices have risen only 0.9% during 2026. GBA Norte is up 1.7%, GBA Sur 1.5% and GBA Oeste around 0.4%.

Zonaprop’s own regional comparisons show the same problem when costs are converted into dollars. In GBA Sur, for example, apartment prices gained 1.5% during 2026 while construction costs measured in dollars rose roughly 13.5%.

Developers can still make projects work where land was bought cheaply, buyers will pay a large new-build premium or the location is unusually strong. Average projects have much less room for error these days.

This also helps explain why the recovery in property transactions has not produced a wave of construction. Resale prices simply have not risen fast enough to make every new project attractive.

Does Argentina’s economy still support higher property prices?

Argentina’s economic environment is far friendlier to property purchases than during the crisis years, but it still does not give housing an easy path to much higher prices.

Inflation has come down dramatically from the extreme rates that previously made long-term contracts and mortgages difficult to manage. Monthly consumer-price increases have recently been around 2%, a completely different environment from the worst part of the inflation shock.

Mortgage lending was able to return partly because of that improvement. Buyers can once again make multi-year financial decisions with more confidence, and banks can price credit with at least some visibility.

Household finances remain the constraint. Employment is not exceptionally strong, mortgage rates have risen, loan terms have shortened and property prices are still quoted largely in dollars while most salaries are earned in pesos.

The result fits the housing data: people are willing to buy again, but there is not enough fresh purchasing power to push transactions and prices rapidly upward across the whole country.

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Is Argentina heading into another property bubble?

Argentina currently looks far from a classic leveraged housing bubble.

Several ingredients we would expect to see in a bubble are missing. CABA apartment prices remain 11.7% below Zonaprop’s historical peak. GBA Sur remains 14.2% below its previous maximum, while GBA Oeste is still roughly 18% below its 2019 high.

Actual CABA closing prices have barely moved over twelve months. Mortgage lending, rather than accelerating, has dropped heavily from last year. New construction is only modestly above its previous level on the official first-half measure, and private material shipments have recently fallen.

Rosario and Córdoba have recorded much larger gains from their lows, so individual neighborhoods or developments can certainly become expensive. The national evidence is much calmer.

The more immediate risk is that high mortgage rates and expensive construction keep the recovery stuck around its current level.

What would make Argentina’s property market take off again?

Cheaper mortgages would probably do more than anything else to restart fast growth in Argentina’s property market.

The 2025 experience gives us a useful test. Mortgage availability expanded enormously, financed purchases became meaningful again and transaction volumes reached levels Buenos Aires had not seen for years.

Conditions have since tightened. Tejido Urbano’s latest monitor puts the average mortgage rate at just above 7%, the average term around 23 years and new originations dramatically below last year.

If rates come down and private banks return more aggressively, Argentina has a large pool of potential buyers who currently cannot buy a home entirely with savings. That would widen demand much more effectively than another year of purchases by existing cash buyers.

Real wage growth would make that mechanism stronger because banks could approve larger loans without stretching household affordability. Rental yields around 6% to 8% in several markets could also keep investors interested.

Those three ingredients together would give Argentina a credible path back to fast property growth. Currently, the mortgage piece is moving in the wrong direction.

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Could Argentina’s property recovery still stall?

Yes. Argentina’s property recovery could stall if weak mortgage lending lasts long enough, especially if construction costs keep rising faster than achievable sale prices.

The housing market has absorbed the credit slowdown surprisingly well so far. Much of that resilience comes from buyers who can transact without a mortgage.

A prolonged period of expensive credit would gradually narrow the buyer pool. Developers face a different problem: building becomes increasingly difficult when costs rise by double digits in dollar terms while apartment prices barely move.

A weaker employment or income environment would add another constraint because Argentine buyers usually earn pesos while properties remain heavily dollarized.

None of those pressures currently points to a sudden nationwide crash. They do make several years of slow, uneven growth much easier to imagine than another immediate surge like the one seen during the first stage of the recovery.

So, is the property market in Argentina still growing?

Yes, but Argentina’s property market is currently growing only in parts, while the national recovery has moved into a much slower phase.

The evidence is consistent once we stop treating “growth” as a single number.

Sales activity remains unusually high by recent historical standards, even though CABA has stopped posting year-on-year growth. Asking prices are still edging higher in Buenos Aires, while actual closing prices are basically flat. Rosario continues to post stronger gains, and Córdoba remains well above its 2023 low. Rental yields have recovered to levels that can still interest investors.

The weak side of the market has become harder to ignore. Mortgage originations have nearly halved from last year. Construction-material demand is slightly lower across the first seven months. Buenos Aires rent increases are now trailing inflation. CABA property appreciation has slowed to its weakest annual rate in more than two years.

So we would call the claim “Argentina’s property market is still growing” mostly true, with an important qualification. The multi-year recovery is still alive. Fast, broad-based growth is not.

The first leg of the recovery was driven by transactions returning from very low levels, mortgages coming back, rents repricing and dollar property values leaving their troughs. Those easy gains are largely behind us.

What happens next depends much more on financing. If mortgage rates fall and lending broadens again, today’s high transaction base gives Argentina room for another strong move. If credit remains expensive, the likelier outcome is a fragmented property market: almost flat prices in parts of Buenos Aires, better growth in selected regional cities, decent rental yields and plenty of transactions, but no nationwide boom.

As of now, Argentina’s property market is still growing enough for the recovery story to remain valid. It simply is not growing fast enough anymore to call the country a broad property boom.

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Fact-checked and reviewed by our local expert

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Franca Berta

Marketing Specialist, KasaFinder

Franca Berta has a strong understanding of Argentina’s real estate market through her work with KasaFinder, a platform focused on helping international buyers explore property opportunities across Latin America. With local roots and a close view of the market, she brings useful insight into the different cities, property types, and investment opportunities available across Argentina.

Who is the author of this content?

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