Most expensive apartments are in these Latin American cities
It is increasingly difficult for the middle class to have enough money to pay off a mortgage or even to get a mortgage at the bank.
In fact, in the last decades, the incomes of the middle class worldwide have stagnated, while the piece of cake that concentrates the richest 10% of the population has grown, according to a recent report of the Organization for the Cooperation and Economic Development (OECD).
In this context, the large Latin American cities have experienced a steady increase in the value of the departments, especially in neighborhoods inhabited by young professionals.
Buenos Aires (Argentina) has on average the most expensive square meter in Latin America, followed by Santiago (Chile), Montevideo (Uruguay) and Rio de Janeiro (Brazil), according to a study by the Torcuato Di Tella University (Argentina) and the Navent consultancy, in which 14 large cities of the region were analyzed.
The average price in Buenos Aires of the square meter is the US $ 3.125; the US $ 3,111 in Santiago; US $ 3,051 in Montevideo and the US $ 3,039 in Rio de Janeiro (Brazil).
Higher and lower increases
The research was concentrated in some of the richest cities in the region, calculating the price by making an average of the published sales announcements.
The cities where the value of the departments increased most in the last six months were Sao Paulo (Brazil), Monterrey (Mexico) and Rio de Janeiro, according to the study, which measures prices in nominal dollars (quotation of one currency against another ).
The biggest price declines occurred in Santiago, Panama City (Panama) and Quito (Ecuador).
When comparing the purchasing power of local currencies, the highest increases were registered in Monterrey, Mexico City and Bogotá (Colombia), and the strongest falls in Buenos Aires, Córdoba (Argentina) and Rosario (Rosario).