by Nick Marr 
Brazil
São Paulo and Rio de Janeiro continue to attract high-net-worth individuals and foreign investors, particularly in the luxury sector. According to a report by Global Property Guide, luxury apartment prices in São Paulo have increased by 7% year-over-year, reaching an average of $3,800 per square meter. Rio de Janeiro’s high-end market has seen a 5% rise in property values over the same period. However, the residential sector in cities like Recife and Fortaleza is struggling with affordability issues, as home prices have risen by 4% while average incomes have remained relatively stagnant.
“While luxury properties are thriving, the middle-class market faces significant affordability challenges,” said Ana Paula Costa, a real estate analyst at Brazil’s National Association of Real Estate Agents (Creci).
Argentina
Buenos Aires is showing signs of recovery with luxury properties in Palermo and Recoleta experiencing a 6% price increase in the past year, according to Argentina’s Real Estate Chamber (CPI). The city’s residential market saw a notable boost, with average home prices rising to $2,200 per square meter. Conversely, Cordoba and Mendoza are grappling with a 3% increase in property supply, leading to a slight dip in prices and slower sales.
“The recovery in Buenos Aires is encouraging, but we still face challenges in other regions due to oversupply and economic adjustments,” commented Laura Fernández, an economist with the Buenos Aires Real Estate Group.
Chile
Santiago’s real estate market is booming, with new residential developments increasing by 10% year-over-year, as reported by the Chilean Chamber of Construction. The average price for new apartments in Santiago has risen to $2,800 per square meter. However, the commercial real estate sector is experiencing oversupply, with office vacancies in Santiago reaching 12%, according to a report by JLL Chile.
The residential market remains strong, but the commercial sector is adjusting to new work patterns,” noted Ricardo López, head of research at JLL Chile.
Colombia
Bogotá’s real estate sector is robust, with luxury residential properties increasing by 8% in the past year. The city’s commercial real estate market is also expanding, though some areas affected by recent violence have seen a decrease in property values by up to 4%, as reported by the Colombian Real Estate Association (ACI). Medellín is experiencing similar growth, with an overall market increase of 5% in property values.
“Bogotá and Medellín are performing well, but we must remain vigilant about regional instability,” said Carla Gómez, a senior analyst at ACI.
Peru
Lima’s real estate market is buoyed by high demand in upscale districts like Miraflores and San Isidro, where property prices have risen by 6% to an average of $2,500 per square meter, according to Peru’s Real Estate Institute (IRI). The commercial sector is less dynamic, with fluctuations in demand affecting office space prices. In Cusco and Arequipa, the market remains stable, with a 3% increase in residential property values.
“Lima’s high-end market is thriving, but economic uncertainty is impacting commercial spaces,” remarked Javier Rodríguez, director at IRI.
