Buenos Aires Real Estate

Most people may think of the typical homeowner as an established professional or couple, or perhaps a family. But even faced with the current lack of credit available in Argentina, it is still possible for young people to own homes, as well. Usually these places are smaller, and located in the more cost-efficient downtown neighborhoods, but it is a possibility.

Within this age group, there are the young, single professionals who are receiving financial help from their parents, and then the “DINK” segment (double income no kids) — a young, professional couple without children. Even the young couple, however, usually receives some sort of financial help from a relative.

Purchasing a first home shows a rather conservative attitude among young people, who would rather make an investment than spend that money on a daily basis. And many people purchase property these days with the sole intention of reselling it later.

Regardless of the reason, the decision is usually made by multiple parties. Young adults, often still students, simply don’t have the sort of money required to buy property, but if their parents do have those sorts of resources, they will often help their children in the purchase of their first home.

Each buyer has their own priorities when searching for the perfect piece of property — for young adults, location is most often the key factor. They want a unit that is not only close to the major arteries of the city, but they also look for something close to their work or school.

And although they expect the apartment to be somewhat small, sufficient light and certain amenities, such as a gym or pool, are also sought out. Today, units are built with the ultimate efficiency in mind, which means the buyers are able to find the same benefits in less square feet. Studio apartments are a great example of this, and are often perfect for those looking for their first home. Many times, with a simple room divider, the space can practically be converted into two rooms.

But while economy is important, young buyers are willing to set aside other aspects before sacrificing square footage; first, amenities, then location, and finally, the age of the building. And since living near work is often a priority, this often works in their favor when dealing with size.

For example, many would choose a larger apartment in Almagro before a smaller one in Palermo, as it would also probably be closer to work — and younger adults are often more flexible with location, being willing to live downtown rather than the more posh, residential areas.

Another important factor in the current Buenos Aires real estate market is the expansion of the subway lines, which connects more neighborhoods, adding new areas to the list of desirables. And of course, different areas cater to different professions. The university hospital area is bound to be populated with health professionals, and Plaza Güemes, also known as Palermo Freud, is more frequented by psychologists.

Furthermore, many apartments can be used as both living and work spaces for many young professionals, who may turn their apartment into a studio or office.

On the financial side of things, the values will always correspond to what the average selling price is in that specific neighborhood. As it is difficult to find an apartment for less than USD 50,000 or USD 60,000, in any part of the city, the average buying price for young buyers is around USD 100,000.

Being of European descent, it only makes sense that the home remains a priority for many Argentines, even at such a young age. It is something that is passed along throughout generations, which explains the parents’ willingness to help their children; it simply would not be possible without help from the family.