New apartments already cost more than twice as much as used ones in some Porteño neighborhoods .

In some neighborhoods of Buenos Aires, new apartments have become more than double the price of used ones, according to recent market data. The real estate sector continues to experience a cooling trend, with June 2026 seeing 5,990 property sales, a 3.96% increase compared to the same month in 2025 and a 10.2% rise from May 2026. This brings the first half of 2026 close to matching the same period in 2025. The housing credit market shows a different picture. Despite improvements, mortgage financing remains far below the levels reached during the new phase of the UVA (Unidad de Valor Adquisitivo). In June alone, 765 mortgages were finalized, marking a 30.32% increase from May’s 587 transactions, yet still down 37.1% from the 1,216 operations recorded in June 2025. Developers face an even more challenging landscape. Construction was one of the worst-performing sectors between the fourth quarter of 2023 and the third quarter of 2025, experiencing a cumulative decline of 11%. Although the rate of rising construction costs has slowed in recent months, these costs remain above the selling prices of properties, squeezing developers' profit margins. The gap between new and used apartment prices has widened significantly. According to a June report by Zonaprop, a used apartment in Buenos Aires is, on average, 32.6% cheaper than a newly built one. The square meter price for a new unit stands at $2,945, while a used unit is priced at $2,221. In certain areas, this difference exceeds 100%. Candelaria Robaina of D’Aria Propiedades notes that the price gap has grown to its highest level in years. Last year, a new apartment was 28.4% pricier than a used one, with the square meter price for new units at $2,846 and used ones at $2,216, a difference of 4.2 percentage points less than today. Comparing this to five years ago, the gap was just 10.8%, nearly three times smaller than current figures. Alan Flexer, manager at Inmobiliaria Narvaez’s San Isidro branch, explains that while construction cost increases directly affect new units, used properties adjusted more slowly to price rises. He adds that renewed interest in developments and improved demand have helped maintain higher values for new units. Sebastián Suárez, CEO and founder of FILABE Desarrollos, emphasizes that the differential isn’t solely based on age. New units include current construction costs, land value, fees, taxes, and financing, along with better layouts, energy efficiency, and lower maintenance costs. Essentially, the gap reflects the difference between two generations of real estate products. Gabriela Goldszer, director of Ocampo Propiedades, highlights that the size of the gap depends on each neighborhood's characteristics. In areas with very old inventory and few new developments, the scarcity of new units creates a sharp contrast with used ones. Conversely, in zones where used properties retain high quality or there is ample new supply, the gap tends to narrow. Another influencing factor is the oversupply of used apartments. When there is an abundance of second-hand units, the price disparity between new and used properties can decrease. However, in markets where the supply of used homes is limited, the price gap widens due to increased competition and reduced availability.