Is it better to buy an old apartment in Buenos Aires now?

Flat resale prices, rising building costs: why used apartments look cheap now

Used apartments in Buenos Aires look cheap next to new ones because resale prices have barely moved while the cost of building keeps climbing.

Zonaprop's September 2026 CABA index puts the average asking price at USD 2,484/m², up just 0.3% in the month and 1.4% since January. It is still 11.3% below its old peak.

Closed deals are flatter still. The M² Real index from RE/MAX Argentina, UCEMA and Reporte Inmobiliario put used apartments at USD 2,097/m² in September 2026, 0.4% below September 2025.

New construction faces a very different cost curve. INDEC's construction-cost index for Greater Buenos Aires rose 31.3% in pesos over the year to September 2026, and Zonaprop's September report puts building costs in dollars up 18.5% since January and 21% over 12 months.

That is the whole story in two lines: developers price new units against today's costs, while sellers of existing apartments price against what buyers will actually pay.

How much cheaper is an old apartment than a new one in Buenos Aires today?

A lot, and more so as apartments get bigger.

The city statistics institute (IDECBA, based on Argenprop listings) puts used apartments at USD 2,561/m² for studios, USD 2,343 for one-bedrooms (2 ambientes) and USD 2,160 for two-bedrooms (3 ambientes) in Q2 2026. New units ask USD 3,105, USD 3,215 and USD 3,349.

So a new studio costs about 21% more, a new one-bedroom 37% more and a new two-bedroom 55% more.

That last gap is hard to ignore. At those averages, USD 150,000 buys about 69 m² of used two-bedroom but only about 45 m² new. On a 70 m² unit, that is about USD 151,000 used against USD 234,000 new, though those are different apartments, not matched pairs.

Apartment type (Q2 2026)	Used asking price	New asking price	New-build premium	Space for USD 150k used	Space for USD 150k new
Studio (1 ambiente)	USD 2,561/m²	USD 3,105/m²	21%	59 m²	48 m²
One-bedroom (2 ambientes)	USD 2,343/m²	USD 3,215/m²	37%	64 m²	47 m²
Two-bedroom (3 ambientes)	USD 2,160/m²	USD 3,349/m²	55%	69 m²	45 m²

Are old Buenos Aires apartments really selling at those prices?

No, they close lower than portals suggest, so there is room to negotiate.

The useful number comes from M² Real, which tracks completed RE/MAX sales rather than listings. Used apartments closed at USD 2,097/m² in September 2026.

Zonaprop's CABA asking average is USD 2,484/m². The two indexes cover different apartments, so the 18% gap between them is not a discount you will get. On the same closed deals, M² Real measures the real haggling: 4.75% below the last asking price in September 2026.

So be careful with a line like "this flat is already cheap at USD 2,300/m²". The seller may still close lower, especially if the apartment has been listed for months or needs work.

The market is not frozen. The Colegio de Escribanos recorded 6,055 sale deeds in CABA in August 2026 and 41,583 from January to August, only 2.3% fewer than a year earlier. Buyers are buying; they just have plenty of choice, with about 110,000 apartments listed for sale in the city in August 2026 (Monitor Inmobiliario).

Is the old-versus-new price gap unusually large right now?

Yes. A 37% to 55% premium is too wide to explain by normal wear on an older building.

A brand-new apartment should cost more. You get new installations, modern finishes, no immediate repairs and, in many projects, amenities.

The question is how much those things are worth.

Today the premium runs from about 21% for studios to 55% for two-bedrooms. Meanwhile, used closing prices are 0.4% below a year ago, and building costs in dollars are up 18.5% since January.

The two markets answer to different forces. Used prices are capped by what households can pay and by plenty of competing listings. Developers still have to cover land, labor, materials, financing, taxes and a margin, and most of those costs are paid in pesos that keep rising faster than the dollar.

So the premium on new apartments can widen without the apartments getting better. That is what looks unusual now.

Does renovation wipe out the savings from buying an old apartment in Buenos Aires?

A normal renovation leaves most of the saving intact. A full rebuild can eat almost all of it.

Reporte Inmobiliario put the full renovation of a small kitchen (5.6 m²) and bathroom (3.75 m²) in a standard Buenos Aires apartment at about ARS 18.5 million in May 2026, roughly USD 12,900 at the time. That includes demolition, new pipes and drains, gas, wiring, fittings and kitchen units. At today's rate it is about USD 11,900, but peso costs have kept rising, so budget about USD 13,000.

Take a 50 m² one-bedroom. At IDECBA's averages, the used unit is USD 872/m² cheaper than a new one: about USD 43,600 in total. A proper kitchen and bathroom still leave about USD 30,600.

The math changes fast once the apartment needs everything: wiring, plumbing, windows, heating or air conditioning, several wet rooms and layout changes.

The sweet spot is an apartment that looks old but works. Beige tiles and dated cabinets are easy. Forty years of neglected pipes are not.

Our scenarios on a 50 m² one-bedroom	Approximate renovation cost	Left from a USD 43,600 price gap
Light cosmetic update	USD 8,000	USD 35,600
Kitchen + bathroom (Reporte Inmobiliario benchmark)	USD 13,000	USD 30,600
Significant renovation	USD 25,000	USD 18,600
Deep renovation	USD 40,000	USD 3,600
Near-total rebuild	USD 50,000+	Saving gone

Which Buenos Aires neighborhoods give old-apartment buyers the biggest advantage?

The gap is biggest in established barrios where new projects target the top of the market, like Recoleta, Belgrano and Palermo. It is much smaller in Núñez.

IDECBA's Q2 2026 figures for one-bedrooms put used units at about USD 3,118/m² in Palermo against USD 4,005 new, USD 2,958 against USD 4,039 in Belgrano, and USD 2,680 against USD 3,893 in Recoleta. In Núñez, used one-bedrooms ask about USD 3,266 against USD 3,809 new, a premium of only about 17%.

For two-bedrooms the gaps are wider: about 46% in Palermo (USD 2,855 vs 4,174), 43% in Belgrano (USD 2,797 vs 3,995) and 29% in Núñez (USD 2,909 vs 3,746).

Caballito is the value pick on the used side: about USD 2,317/m² for a used one-bedroom, roughly 26% below Palermo. The official data has too few new listings there to publish a new-build price.

With USD 150,000, the used market gives you roughly 6 to 17 extra square meters in these prime barrios. That can mean a real second bedroom or a proper home office.

One-bedroom, Q2 2026	Used USD/m²	New USD/m²	Approx. new premium	USD 150k buys used	USD 150k buys new
Palermo	3,118	4,005	28%	48 m²	37 m²
Belgrano	2,958	4,039	37%	51 m²	37 m²
Núñez	3,266	3,809	17%	46 m²	39 m²
Recoleta	2,680	3,893	45%	56 m²	39 m²
Caballito	2,317	Not published	–	65 m²	–

Are older Buenos Aires apartments expensive to maintain?

Month to month, an old building is often cheaper than a new tower. The risk is the occasional big repair.

Expensas depend on what the building offers. Pools, 24-hour security, gyms, several lifts and big common areas all need staff, upkeep and utilities.

Industry estimates reported by iProfesional in May 2026 put expensas at about ARS 2,000 to 3,500 per m² a month in older buildings with few services, and ARS 5,500 to 8,000 in buildings with a pool, gym and 24-hour security. On 50 m², that is about USD 65 to USD 115 a month against USD 175 to USD 260.

The CABA average across all buildings reached ARS 379,774 a month in September 2026, about USD 245, up 28.6% in a year (ConsorcioAbierto).

The trade-off comes later. A plain old building may need façade work, a lift overhaul or new risers. A new one charges more every month but usually needs fewer big works in its first years.

So look at both numbers: the expensas today and the works the building is likely to need over the next few years.

Can an old Buenos Aires building suddenly become very expensive?

Yes. With an old apartment, the biggest financial risk is often the building, not the unit.

A seller can redo the kitchen and polish the parquet before a viewing. That says nothing about the façade, roof, lifts, water tanks, main electrics or the shared vertical plumbing.

The city requires periodic façade inspections, more often as buildings age (Law 257, as amended by Law 6,116): every 9 years between 45 and 55 years old, every 5 years after 55, and every 4 after 70.

So ask what the consorcio has actually done.

Recent meeting minutes show planned extraordinary charges. The accounts show whether there is a reserve. Past work on the façade, lifts, gas, roof and pipes shows whether the building has been maintained steadily or has pushed everything back.

This is where a USD 15,000 bargain disappears. If the owner is selling just before a big building project, part of the discount already belongs to somebody else.

Is paying 30% to 50% more for a new apartment ever worth it?

Yes, but only if it solves a real problem for you.

Some buyers get real value from new: people who want to move in straight away, avoid contractors, need step-free access, parking, permanent security or a pool they will actually use.

The mistake is to read "new" as "better investment".

Part of today's new-build price is just expensive construction: building costs in dollars are up 18.5% this year (Zonaprop, September 2026). Buyers pay for that cost base.

And the premium doesn't stop at closing. Amenity-heavy buildings usually charge more expensas every month.

If you use the gym, pool and security every day, that can be a fair trade. If you mostly want location, light, space and a good layout, you may be paying tens of thousands of dollars for things that barely change your life.

We would happily pay more for a better apartment. Paying more because nobody has lived there yet is hard to defend at today's gaps.

Does mortgage financing favor new apartments over old ones now?

No. Most Buenos Aires purchases still happen without a mortgage, and loans have slowed this year.

In August 2026, the Colegio de Escribanos recorded 1,059 mortgage-backed deeds out of 6,055 CABA purchases, about 17.5%.

From January to August, there were 6,170 mortgage deeds out of 41,583 purchases, or 14.8%. Mortgage deeds were down about 34% on the same months of 2025, and 20.8% in August alone, while total deeds fell only 2.3% over eight months.

A used apartment can be financed as long as the title and paperwork are clean and the bank accepts it as collateral. Banco Ciudad's best rate, UVA + 6.5%, is for a first home of up to 80 m², and its general line is UVA + 7.5%; these are loans for residents with local income. A non-resident with only foreign income has no confirmed access to UVA mortgages.

Units still under construction usually can't be mortgaged until they are finished, so developers sell them with their own instalment plans, often indexed to construction costs.

For most buyers, and for almost every foreign buyer, financing is not a reason to choose new over used.

CABA sale deeds (Colegio de Escribanos)	Total
August 2026: all sale deeds	6,055
August 2026: mortgage deeds	1,059
August 2026: mortgage share	17.5%
January–August 2026: all sale deeds	41,583
January–August 2026: mortgage deeds	6,170
January–August 2026: mortgage share	14.8%

Is an old apartment better for rental investment in Buenos Aires?

For a normal long-term rental, a well-bought used apartment starts with better numbers than an expensive new one.

Zonaprop's September 2026 index puts the citywide gross rental yield at 5.70%, about 17.5 years of gross rent to pay back the price, before costs, vacancy and tax.

The old-versus-new question comes down to how much capital you put in.

Take a 50 m² one-bedroom. At IDECBA's averages it costs about USD 117,000 used and USD 161,000 new. Zonaprop's model rent for that size is ARS 898,154 a month in September 2026, about USD 580. That is about 5.9% gross on the used unit and 4.3% on the new one.

To match the used unit's yield, the new one would need to rent for about 37% more, around USD 795 a month. A new flat in Palermo or Núñez with parking or amenities can earn a premium, but check real comparable rentals before you pay for it.

And gross is not net. A non-resident landlord may owe 35% withholding on a presumed 60% of rent, so 21% of gross rent, because the 2026 exemption for long-term rents (Decree 406/2026) is only confirmed for residents. On the used example, that alone takes the yield from about 5.9% to 4.7%, before expensas, ABL and vacancy.

Is the Buenos Aires used-apartment market weak enough to negotiate hard?

Yes. Buyers of used apartments can still push on price, even with sales running at healthy levels.

The Colegio de Escribanos counted 6,055 deeds in August 2026, 4.9% fewer than in August 2025. Over the first eight months, deeds were 2.3% below 2025.

Prices say the same. Zonaprop's asking index is up 1.4% since January, while M² Real shows used apartments closing 0.4% below a year ago.

It is a liquid market, not a booming one.

That suits buyers. There are enough sales to know the market works, but sellers can't count on another buyer turning up next week at any price.

The average closed deal settles 4.75% below the last asking price. Treat that as a floor for an apartment that needs work or has sat online for months, and push harder there.

A good used apartment will still draw competition. A mediocre one listed for months is a different negotiation.

Which old apartments in Buenos Aires are actually bad deals?

The worst old apartments are cheap for reasons renovation can't fix.

A dated bathroom doesn't worry us. Nor do old cabinets, ugly paint or worn floors if the materials underneath are good.

Poor light is much harder. So are a bad orientation, a noisy position, an awkward layout, no lift on a high floor or windows onto a dark air shaft.

Then there is the building. Old plumbing, pending façade work, recurring lift problems and weak consorcio finances can turn a nice-looking flat into years of extraordinary charges.

Before comparing anything, adjust the price:

purchase price + immediate renovation + buying costs + foreseeable building work.

A USD 105,000 apartment that needs USD 20,000 inside, with another USD 10,000 of likely building works, is a USD 135,000 decision, and about USD 142,000 once 7% buying costs are added.

A clean USD 140,000 alternative comes to about USD 150,000 with the same costs. A USD 8,000 difference is thin cover for an unknown building.

The best bargains are often boring: good street, good light, sensible layout, well-run building, dated interior.

Should someone living in the apartment choose old or new in Buenos Aires?

For a home to live in, we would start with used apartments, because the extra space usually matters more than newer finishes.

The numbers are strongest for families.

At the citywide two-bedroom averages, USD 150,000 buys about 69 m² used against roughly 45 m² new: about 25 m² more.

Twenty-five square meters can mean another bedroom, a separate office, a real dining area or enough storage that a family doesn't have to move again in three years.

The longer you stay, the easier a renovation is to justify. USD 15,000 spread over ten years is very different from the same amount spent before selling after two.

New makes sense when convenience dominates: you hate building work, need step-free access, want parking or care a lot about security.

But if you mostly want the barrio, light and usable space, the used market gives you far more room within the same budget.

Is the strong peso making renovation more expensive in 2026?

Yes. This is the 2026 twist for anyone buying old: the apartment is priced in dollars that barely move, but the works are paid in pesos that keep rising.

Consumer prices rose about 23.6% from January to September 2026 (INDEC), while the wholesale dollar rose only about 4.9%. Construction costs in Greater Buenos Aires rose 1.5% in September alone and 31.3% over 12 months in pesos.

In dollars, that means a renovation quote from early 2026 is already out of date. The ARS 18.5 million kitchen-and-bathroom benchmark from May would be about USD 11,900 at today's rate if prices had stood still, and they haven't.

What to do: get two or three quotes in pesos before you make an offer, ask for a fixed price with a short validity and staged payments, keep a 10% to 15% buffer, and knock the renovation cost off your offer. Sellers price in dollars; your contractor won't.

What do taxes and buying costs add to an old apartment in 2026?

Budget about 6.4% to 9.4% on top of the price in CABA if you buy through an agent, and 2.8% to 4.6% without one.

That covers the city stamp tax (2.7% up to a taxable value of ARS 226.1 million, 3.5% above, usually split between buyer and seller), the notary (1% to 2% plus VAT), certificates and registry (0.2% to 0.4%) and the buyer's agent fee (3% to 4% plus 21% VAT). On a USD 117,000 used one-bedroom, that is roughly USD 7,500 to 11,000.

One 2026 change helps old-apartment buyers who renovate and resell: since 1 January 2026, sales by individuals, resident or not, are exempt from income tax on the gain (Law 27.802, Decree 406/2026). Companies are not covered.

Two costs remain for foreign owners: up to 21% of gross rent in income tax (see above) and Bienes Personales, the wealth tax, at about 0.5% a year with no allowance, paid through a local representative.

If you pay cash, deals above ARS 275.85 million (about USD 178,000) are reported to the UIF from July to December 2026, and a contract priced in dollars must be paid in dollars.

So, is it better to buy an old apartment in Buenos Aires now?

Yes, in most cases we would look at a good used apartment before paying today's premium for a new one.

The gap is hard to ignore: new apartments ask about 21% more for studios, 37% for one-bedrooms and 55% for two-bedrooms (IDECBA, Q2 2026). Meanwhile, used apartments are closing 0.4% below last year.

New construction faces the opposite pressure: building costs in dollars are up 18.5% since January, and developers can't ignore that.

Renovation is not cheap either, so buying the cheapest wreck is the wrong lesson. A small kitchen and bathroom alone cost about USD 13,000, and peso costs keep climbing.

The best buy is more specific: an older apartment with good light and layout, in a building that has already done its big works, with a dated interior that keeps the price down.

For investors, the lower price lifts the yield: about 5.9% gross against 4.3% on the same one-bedroom new. For owner-occupiers, it can mean about 25 m² more for USD 150,000. Both matter more than being the first to use the kitchen.

New still wins when step-free access, zero works, parking, security or specific amenities really matter to you.

But with gaps this wide, new construction has to prove its premium. Choose an old interior, not an old problem.