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Is the property market in Buenos Aires still growing?

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SUMMARY

Yes. The property market in Buenos Aires is still growing structurally, but it has moved into a high-activity plateau rather than another phase of rapid price appreciation.

The strongest part of the market is completed sales. CABA recorded 35,528 purchases in the first seven reported months of 2026, only 1.8% below last year’s exceptional pace, and July was still the busiest month of 2026.

That small decline looks very different in context. Annual transactions rose from 40,539 in 2023 to roughly 54,800 in 2024 and 69,461 in 2025, so the market is holding close to a much higher level of activity than it had only a few years ago.

Prices are the weak link. Zonaprop’s asking-price index is up just 1.3% over twelve months, while the M² Real index shows used apartments actually closing 0.9% below their level a year earlier.

The gap between asking and closing prices is not a statistical curiosity. Sellers have regained confidence, but buyers still have enough inventory to reject ambitious prices, with more than 110,000 properties recently advertised across CABA.

Mortgage activity is the clearest missing accelerator. Mortgage-backed purchases surged in 2025 but are down roughly 36% across the first seven reported months of 2026, even while total transaction volume is almost flat.

That resilience is notable: Buenos Aires has kept most of its sales volume despite losing a large part of last year’s mortgage boost. Cash buyers, savings and non-bank financing are doing more work than many expected.

Rental economics are also much better than during the weakest years of the previous cycle. A citywide gross yield around 5.76% gives investors an income case that did not exist when gross yields were closer to 2% or 3%.

The citywide average hides a very uneven market. Prime neighborhoods, good renovated apartments, newer buildings and scarce family-sized units can behave much more strongly than outdated or overpriced stock only a few blocks away.

So the next real growth phase will probably require credit to return before prices can accelerate. If mortgage-backed sales recover while today’s transaction base stays high and inventory tightens, actual closing prices could finally start moving clearly higher again.

For now, Buenos Aires looks healthy rather than booming: sales remain unusually strong, investment returns have improved, but closing prices, mortgage growth and supply conditions are not yet confirming a new broad-based surge.

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Is the property market in Buenos Aires still growing?

Is the Buenos Aires property market still growing today?

Yes, the Buenos Aires property market is still strong today, but the rapid growth phase has clearly slowed.

The best place to see that is in completed sales. According to the latest figures from the Colegio de Escribanos de la Ciudad de Buenos Aires, 35,528 property purchases were signed during the first seven reported months of 2026. That was only 1.8% below the same period last year.

July alone produced 6,051 transactions. Sales were 9% lower than the unusually strong July of 2025, yet July was still the busiest month of 2026. More importantly, the Colegio de Escribanos pointed out that the two latest July readings were the strongest since 2008.

So activity remains unusually high even though it has stopped accelerating.

Someone looking only at annual growth rates could conclude that Buenos Aires real estate has stalled. Someone looking at the absolute number of sales would see a market operating near its strongest level in almost two decades.

We think the second interpretation is closer to reality, with one important caveat: high transaction activity has not translated into another big jump in property prices.

Buenos Aires market indicator Latest reading Change What it shows
CABA sales, first 7 months 35,528 -1.8% YoY Activity remains very high
July property sales 6,051 -9.0% YoY Below last year's exceptional month
June property sales 5,990 +4.0% YoY Demand remains strong
Asking price US$2,471/m² +1.3% YoY Very slow price growth
Used-apartment closing price US$2,112/m² -0.9% YoY Buyers are not paying more

Has the Buenos Aires property boom already ended?

The Buenos Aires property boom has lost its speed, but most of the recovery that created it is still intact.

The difference becomes obvious when we zoom out.

CABA recorded 40,539 property purchases in 2023. Transactions then climbed to roughly 54,800 in 2024 and 69,461 in 2025. That means the number of sales increased by about 71% in only two years.

Last year alone, transactions jumped 26.8%. The Colegio de Escribanos ranked 2025 as the fifth-strongest year in its 27-year series.

That is the base against which 2026 is now being compared.

So a 1.8% decline this year is much less alarming than it first sounds. Buenos Aires has gone from roughly 40,500 annual transactions to a market capable of handling close to 70,000. This year's sales have stayed remarkably close to that higher level.

The rebound happened much faster in transaction volume than in prices. Properties that could sit unsold for long periods are changing hands again. Buyers have returned. Mortgage lending briefly returned at scale. Sellers became more confident.

That recovery phase has mostly played out. The question now is whether Buenos Aires can turn a high-volume market into sustained price growth.

So far, the evidence says it has not quite done that.

Period CABA property sales Approx. change What was happening
2023 40,539 +20% Recovery starting
2024 ~54,800 ~+35% Sales accelerated sharply
2025 69,461 +26.8% Exceptional activity
First 7 months of 2026 35,528 -1.8% YoY High-level plateau

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Are Buenos Aires property prices still going up?

Buenos Aires property prices are still creeping higher on listing sites, but the increase has become very small.

Zonaprop currently puts the average advertised apartment price in CABA at US$2,471 per square metre. Prices rose only 0.1% in the latest monthly reading, 0.9% since the start of the year and 1.3% over twelve months.

That 1.3% annual increase is especially useful because Zonaprop says it is the weakest twelve-month gain in 28 months.

The slowdown has been dramatic.

Buenos Aires apartment prices had fallen for several years: Zonaprop recorded declines of 7.1% in 2020, 7.5% in 2021, 6.6% in 2022 and another 1% in 2023. The direction changed in 2024, when prices rose 6.8%, followed by another meaningful increase through much of 2025.

At one point last year, the annual increase was running above 6%.

Today it is barely above 1%.

Dollar property prices recovered from their lows, sellers stopped cutting prices aggressively, and that rebound has now flattened out.

Prices are also still 11.7% below the historical maximum in Zonaprop's series. Buenos Aires has recovered part of the previous fall, but nowhere near enough to call the current market expensive simply because prices have risen for two years.

Are buyers actually paying more for Buenos Aires apartments?

No, buyers are currently paying almost exactly what they were paying a year ago for used apartments in Buenos Aires.

This is probably the most useful price measure in the entire market because it tracks completed deals rather than advertisements.

The M² Real index, produced by RE/MAX Argentina, Universidad del CEMA and Reporte Inmobiliario, put the average closing price for a used CABA apartment at US$2,112/m² in July.

One year earlier, the figure was US$2,131/m².

That is a 0.9% decline.

The latest monthly movement is even flatter: US$2,108/m² in June versus US$2,112 in July. A US$4 difference on a price above US$2,100 is essentially noise.

May briefly reached US$2,200/m², but the index returned immediately to the previous range. Reporte Inmobiliario itself cautioned that monthly composition can move the average depending on which apartments happened to sell.

There is also still room to negotiate. Transactions in the index closed about 4.8% below their corresponding asking prices.

Sellers have successfully pushed advertised prices higher, but buyers are refusing to validate much of that increase at the closing table.

That is why we would place more weight on the transaction-price index than on headlines about higher listing prices when deciding whether Buenos Aires property is still appreciating.

Price measure Latest value YoY change What it measures
CABA average asking price US$2,471/m² +1.3% Advertised apartments
Used-apartment closing price US$2,112/m² -0.9% Completed transactions
One-room closing price US$2,302/m² Completed transactions
Two-room closing price US$2,126/m² Completed transactions
Three-room closing price US$2,054/m² Completed transactions
Average gap from asking price -4.8% Broadly stable Negotiated discount

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Why are Buenos Aires asking prices rising if real sale prices are flat?

Buenos Aires sellers are asking for more because the market is healthier, but buyers still have enough choice to resist those higher prices.

The gap between asking prices and closing prices makes more sense once we look at supply.

Buenos Aires still has an enormous number of homes competing for buyers. Recent Zonaprop data cited by La Nación showed more than 110,000 properties advertised for sale across CABA, including roughly 75,000 apartments.

Supply was still 3.4% higher year over year in June, although the stock had started to ease more recently.

Sellers have good reasons to feel more confident than three years ago. Transactions have surged, buyer interest has returned and the market no longer feels frozen. They therefore have little incentive to slash advertised prices just to attract an offer.

Buyers, however, can scroll through tens of thousands of alternatives. They can negotiate, reject overpriced properties or move to another neighborhood.

The result is exactly what the data show these days: asking prices drift upward while closing prices remain in a narrow band.

This also explains why Buenos Aires can record roughly 6,000 sales in a month without producing a strong citywide price increase. The city has enough inventory to absorb a lot more demand before buyers are forced into aggressive bidding.

Is Buenos Aires running out of good properties for sale?

Buenos Aires has plenty of properties for sale overall, but genuinely attractive apartments are much harder to find in some neighborhoods.

That difference gets lost when we look only at the city's 110,000-plus listings.

Recent market reporting has pointed to shortages in several specific categories: good three-room apartments in Palermo and Belgrano, newer units with parking in established middle-income neighborhoods, and well-presented apartments with usable outdoor space.

These properties compete in a very different market from an outdated apartment that needs a complete renovation, has high building fees or has been listed for months at an unrealistic price.

The neighborhood data show the same split.

Official Buenos Aires statistics based on Argenprop listings found that prices for used one-room apartments rose 8.1% year over year in Boedo, 7.6% in Villa del Parque, 7.3% in Colegiales and 6.7% in Belgrano during the first quarter.

At the other end, Floresta fell 5.4%, Retiro 5.3%, San Nicolás 3.5% and Villa General Mitre 3.4%.

Those are large differences inside the same city.

So the average CABA price is becoming less useful for individual buyers. A renovated apartment on a good block in Belgrano can have several interested buyers while a weaker unit elsewhere keeps cutting its price.

We would expect that gap between good and mediocre inventory to remain one of the defining features of Buenos Aires real estate for now.

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Which Buenos Aires neighborhoods are holding up best?

Prime and well-connected Buenos Aires neighborhoods are still commanding a large premium, while cheaper parts of the city remain much more sensitive to local purchasing power.

Puerto Madero is the extreme case. Zonaprop currently puts the neighborhood at roughly US$6,100/m², compared with about US$3,400/m² in Palermo and Núñez and around US$2,470/m² across CABA as a whole.

At the other end, Lugano sits close to US$1,050/m².

A square metre in Puerto Madero therefore costs close to six times as much as one in Lugano.

That enormous spread tells us more than the citywide average does.

Puerto Madero attracts affluent domestic buyers, foreign capital and investors looking for premium stock. Palermo combines lifestyle demand, tourism, rentals and a deep resale market. Núñez and Belgrano have strong family demand and significant new development. Many lower-priced neighborhoods depend much more directly on Argentine household income and access to credit.

The latest neighborhood appreciation figures also show that expensive does not automatically mean fastest-growing. Some mid-market neighborhoods have recently recorded stronger percentage gains than traditional luxury areas.

For buyers, there is no single Buenos Aires property cycle anymore. The city has several overlapping markets moving at different speeds.

Neighborhood Approx. asking price Versus CABA average Position
Puerto Madero ~US$6,100/m² ~2.5× Ultra-premium
Palermo ~US$3,400/m² ~1.4× Prime, high demand
Núñez ~US$3,400/m² ~1.4× Prime residential
CABA average US$2,471/m² 1.0× City benchmark
Nueva Pompeya ~US$1,500/m² ~0.6× Lower-priced
Lugano ~US$1,050/m² ~0.4× Among the cheapest

Are people in Buenos Aires actually interested in buying homes again?

Yes, buying a home is clearly back on people's radar in Buenos Aires after years when renting dominated the market.

Zonaprop's search data for the Buenos Aires metropolitan area showed that purchases accounted for 45% of property demand during the first quarter of 2026.

A year earlier, the share was seven percentage points lower. Two years earlier, it was 16 points lower.

That implies purchase interest has risen from roughly 29% to 45% in only two years.

The change is big enough that we should treat it as more than an improvement in sentiment. A meaningful group of households that had stopped seriously considering a purchase has returned to the market.

Still, Buenos Aires has been here before at a higher level. Zonaprop measured buying demand around 57% in 2017, when mortgage conditions were much more favorable.

Today's 45% sits between those two worlds.

People are looking to buy again, but the financing system still prevents a large share of that interest from becoming actual purchasing power.

That gap between interest and finance is probably the single biggest source of future upside in Buenos Aires. If more of those potential buyers become able to borrow, transaction volumes and prices could move again.

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Are mortgages still helping the Buenos Aires property market?

Mortgages are still helping Buenos Aires real estate, but the mortgage boom that powered much of last year's jump has faded fast.

In 2025, CABA recorded 13,953 property transactions backed by mortgages. That was almost 180% more than in 2024.

The increase coincided with a spectacular year for the wider market: total property sales jumped from roughly 54,800 to 69,461.

Mortgage lending was therefore one of the clearest changes between a recovering market and last year's much stronger one.

This year looks very different.

The Colegio de Escribanos counted 5,111 mortgage-backed deals during the first seven reported months. July produced 959, which was 31.2% below a year earlier. Across those seven months, mortgage transactions were down roughly 36%.

Compare that with total property purchases, which declined only 1.8%.

That gap is striking. Buenos Aires has managed to keep almost all of last year's transaction volume even after losing a large part of the mortgage boost.

Cash buyers, savings and purchases financed outside conventional mortgages are carrying far more of the market than we might have expected.

But there is an obvious limit. Buenos Aires can sustain a healthy resale market this way; broad price appreciation becomes much harder when middle-class buyers cannot access expanding long-term credit.

As seen above, transaction volume itself is still exceptionally strong. Mortgages are now the missing piece rather than the whole story.

Mortgage indicator Previous reading Current reading Change
Mortgage-backed purchases in 2025 13,953 ~+180% YoY
Mortgage purchases, first 7 months 2026 5,111 ~-36% YoY
July mortgage purchases ~1,394 in 2025 959 -31.2% YoY
Total purchases, first 7 months 35,528 -1.8% YoY

Could mortgages start pushing Buenos Aires property prices higher again?

Yes, another sustained rise in mortgage lending could restart stronger Buenos Aires property-price growth surprisingly quickly.

The market has already shown us what happens when financing returns.

Mortgage-backed purchases went from fewer than 5,000 in 2024 to almost 14,000 in 2025. Over the same period, total CABA sales increased by roughly 14,700 transactions.

We should not claim mortgages caused every additional sale. Plenty of other things improved at the same time, including confidence, inflation expectations and the willingness of sellers to transact.

Still, the timing is too strong to ignore.

The interesting setup today is that Buenos Aires has held onto most of its sales volume even while mortgage activity has dropped sharply. If banks start issuing substantially more loans again, those financed buyers would be entering an already active market rather than rescuing a frozen one.

That could finally put more pressure on actual closing prices.

There are some early reasons to keep watching. Argentine banks have adjusted UVA mortgage rates, and lending has continued rather than disappearing completely. Improving inflation conditions also make long-duration indexed credit easier to imagine than during Argentina's most unstable years.

We still would not call another mortgage boom the base case. The recent decline is too large for that.

But if mortgage transactions move back into sustained year-over-year growth, it would be one of the strongest reasons to turn more bullish on Buenos Aires property prices.

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Are Buenos Aires rental returns getting better?

Yes, Buenos Aires rental returns are considerably better than they were a few years ago, which gives investors a real reason to keep buying.

Zonaprop currently estimates the average gross rental yield in CABA at 5.76% a year.

At that rate, an investor would need roughly 17.3 years of gross rent to equal the purchase price.

The comparison with the recent past is dramatic.

Average yields were close to 3% in 2019, fell to around 2.3% in 2020, recovered to roughly 2.9% in 2021 and reached about 3.8% in 2022.

Buenos Aires investors were therefore accepting extraordinarily low rental income during the weakest part of the previous property cycle.

These days, a yield approaching 6% gives the buyer a much stronger income component.

Of course, 5.76% is gross. Building expenses, maintenance, vacancies, taxes, transaction costs and property management all reduce the return an owner actually keeps.

Even after those deductions, the change from a 2–3% gross market is hard to dismiss.

It also helps explain why Buenos Aires prices can remain firm despite losing some mortgage demand. Investors no longer have to rely almost entirely on capital appreciation to justify buying an apartment.

Period Approx. gross yield Gross payback period
2019 ~3.0% ~33 years
2020 ~2.3% ~43 years
2021 ~2.9% ~34 years
2022 ~3.8% ~26 years
Recent market 5%+ Under 20 years
Currently 5.76% 17.3 years

Are Buenos Aires rents still rising fast?

Buenos Aires rents are still rising in pesos, but tenants are no longer seeing the kind of real rent explosion that defined the previous rental crisis.

The average advertised rent for a two-room CABA apartment is currently around ARS 874,000 a month according to Zonaprop. A one-room apartment is about ARS 761,000, while a three-room unit is close to ARS 1.18 million.

Over twelve months, rents increased around 31%.

That looks enormous until we compare it with inflation.

During the latest reported portion of 2026, rents had increased roughly 17.5% while inflation was around 19.2%. In real terms, rents actually slipped slightly.

The market has changed considerably since the period when landlords withdrew long-term properties, rental supply collapsed and asking rents repeatedly outran inflation.

For investors, the current situation may actually be healthier. Rental yields have improved substantially without requiring another huge real increase in what tenants pay.

That makes the investment case more sustainable than one based purely on rents racing ahead of incomes.

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Is new construction making Buenos Aires property more expensive?

New construction is supporting higher prices in the best Buenos Aires locations, especially because buyers are paying a clear premium for modern apartments.

Official city statistics put the average asking price for new one-room apartments at about US$3,081/m² during the first quarter, compared with US$2,569/m² for used apartments.

That is roughly a 20% premium.

The difference also appears inside individual neighborhoods. New one-room units in Palermo averaged around US$3,789/m² versus US$3,166 for used properties. In Belgrano, the comparison was roughly US$3,628 versus US$3,225. Villa Urquiza showed about US$3,253 versus US$2,791.

Buyers are clearly willing to pay extra for new buildings.

Part of that premium reflects the product itself: newer layouts, balconies, amenities, lower maintenance needs, parking and better energy efficiency. Construction costs also put a floor under the price developers can accept.

That said, Buenos Aires still has too much resale inventory for developers to push prices wherever they want.

A new apartment can command US$3,500/m² in a strong location while an older property a few blocks away struggles to sell above US$2,500. Both observations can be true at the same time.

New construction is helping selected submarkets move higher, rather than dragging every existing apartment in CABA upward with it.

Is Buenos Aires property still cheap today?

Buenos Aires property still looks cheap compared with its own previous peak, but the discount alone does not guarantee another rise.

Zonaprop's current average of US$2,471/m² remains 11.7% below the historical high in its series.

For a buyer looking at the long-term chart, that gap naturally stands out. Buenos Aires went through years of falling dollar prices and has recovered only part of that decline.

Typical advertised values also remain relatively accessible by international big-city standards. Zonaprop estimates roughly US$108,000 for an average 40 m² studio, US$131,000 for a 50 m² one-bedroom apartment and around US$179,000 for a 70 m² two-bedroom unit.

But the previous peak should not be treated as a price target.

Argentina's interest rates, currency, household incomes, mortgage availability and political expectations were different when that peak was reached.

What the 11.7% gap gives buyers is room for further recovery if the country's macroeconomic normalization continues.

We see far more upside in a scenario where wages improve in dollar terms and mortgages become widely available than in a scenario where investors simply decide that Buenos Aires “deserves” to return to an old price.

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What would prove that Buenos Aires property is really booming again?

Buenos Aires would need rising closing prices, stronger mortgage lending and tighter property supply alongside its already-high sales volume before we would call this another real boom.

Today, the sales part of that test looks good.

The other pieces do not.

Actual used-apartment closing prices are 0.9% below a year ago. Mortgage-backed transactions are down roughly 36% during the first seven reported months. More than 110,000 properties are still advertised for sale. Asking-price growth has slowed to just 1.3% over twelve months.

These figures come from different parts of the market, which makes the pattern more convincing.

A genuine property boom normally becomes hard to hide. Buyers start closing deals at higher prices. Negotiating room shrinks. Inventory becomes harder to replace. Credit expands. Transaction growth persists despite higher prices.

Buenos Aires currently has the high transaction volume but only weak evidence on the rest.

That can change. If mortgages return to year-over-year growth while sale inventory starts falling and the M² Real closing-price index moves clearly above last year's level, we would have much stronger evidence that another growth phase has begun.

Until then, calling the current market a boom goes too far.

What we would expect in a new boom Situation now Verdict
Sales rising strongly High, but -1.8% YTD Not yet
Closing prices rising -0.9% YoY No
Asking prices accelerating +1.3% YoY No
Mortgage purchases increasing ~-36% YTD No
Sale inventory falling sharply Still above 110,000 listings No
Rental returns supporting investors 5.76% gross yield Yes

So, is the property market in Buenos Aires still growing?

Yes, but Buenos Aires property is now growing through strong activity rather than rapidly rising prices.

The recovery itself is no longer in doubt. Annual sales climbed from 40,539 in 2023 to roughly 54,800 in 2024 and 69,461 in 2025. This year, transaction volume is still within 1.8% of last year's exceptional pace. July was strong enough that Buenos Aires had to go back to 2008 to find a clearly higher July outside the latest two years.

That gives us confidence that the market has established a much higher level of activity.

Price growth tells a weaker story. Advertised apartments are only 1.3% more expensive than a year ago, the slowest annual increase in more than two years. Used apartments are actually closing at prices 0.9% below last year. Mortgage-backed purchases, which were one of the major engines of the 2025 surge, are down roughly 36%.

We would describe Buenos Aires today as a strong property market that has reached a plateau after a very large recovery.

The next leg will depend heavily on credit. If mortgage activity recovers while today's transaction base holds up, buyers would be competing in a market that is already busy. That could finally push actual closing prices noticeably higher.

For now, the more interesting story is that Buenos Aires has managed to stay this active without that mortgage support. Sales are no longer exploding, but they have not fallen back to anything resembling the weak market of a few years ago.

That is enough to say the Buenos Aires property market is still growing structurally. It is simply no longer growing fast enough, or broadly enough, to call it another boom.

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OUR METHODOLOGY

This analysis tests whether the Buenos Aires property market is still growing by separating the parts of the market that are currently moving in different directions: completed sales, asking prices, actual closing prices, mortgages, available supply, rental returns and neighborhood-level performance.

We prioritized realized outcomes over impressions. Completed deeds from the Colegio de Escribanos are used to measure transaction activity, while the M² Real index from RE/MAX Argentina, Universidad del CEMA and Reporte Inmobiliario is used to track what buyers actually paid for used apartments.

Zonaprop data are used for current asking prices, rental prices, gross yields and purchase-search demand. Asking prices are treated as seller expectations rather than proof of appreciation, especially when they diverge from completed transaction prices.

We also compare current readings with the recent historical base. A small year-over-year decline in sales after the exceptional 2025 market is not interpreted the same way as the same decline from a weak market, so the 2023, 2024 and 2025 transaction totals are used to show the scale of the recovery.

Mortgage-backed deeds are analyzed separately because financing can materially expand the number of households able to buy. The sharp fall in mortgage transactions during 2026 is therefore treated as an important constraint even though total sales have remained unusually high.

Official data from the Instituto de Estadística y Censos de la Ciudad de Buenos Aires are used to check neighborhood dispersion, new-versus-used pricing and the amount of property inventory available for sale. This helps avoid treating the CABA average as if every neighborhood were moving at the same speed.

Rental yields are included because stronger income returns can support investor demand even when capital appreciation is weak. The current gross yield is treated as a market-level indicator, not as a net return after building expenses, maintenance, vacancies, taxes and management.

We use a higher bar for calling the market a new boom. High transaction volume alone is not enough; we would also expect actual closing prices to rise, mortgage-backed purchases to strengthen and available inventory to tighten.

Key sources used for this analysis include: Colegio de Escribanos on July 2026 completed property sales and mortgage-backed transactions, Colegio de Escribanos on June 2026 sales, Colegio de Escribanos on the 2025 year-end market, Colegio de Escribanos on the 2024 recovery, Colegio de Escribanos on the 2023 transaction baseline, Zonaprop’s CABA sale-price index, Zonaprop’s CABA rental index, Zonaprop’s CABA rental-yield index, Zonaprop’s property-demand reports, Universidad del CEMA on the M² Real transaction-price methodology, the July 2026 M² Real report, the Instituto de Estadística y Censos de la Ciudad de Buenos Aires on property supply, prices and mortgage activity, the city’s official real-estate statistical database, the BCRA’s July 2026 Monetary Report, BCRA monetary and UVA series, and INDEC’s official consumer inflation series.

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