Buy a garage in the most expensive district of CABA It costs about the same as a two-bedroom apartment in the south of the city.. According to the latest report, zonapropthe value of a 50 square meter (m²) apartment in that area is: 50,000 USD and 65,000 USDthe price per square meter is: 1000 dollars In some cases, 1275 USD.
In recent years, garages in Buenos Aires have gone through a phase of significant downsizing. loss of more than 1,400 parking spaces in 10 years Most have been replaced by real estate development, reducing available supply and revaluing storage space in high-demand areas. In addition to that, lack of trust and stability dollarthere has been a resurgence of interest in this type of asset, especially in areas where garages are rarely available.
Where is the highest demand?
According to another Zonaprop report, the regions with the highest demand for garages are Recoleta (12%), Belgrano (8%), Villa Urquiza (7%) and Palermo (7%), followed by Centro/Microcentro, Caballito and Flores (4%). This is followed by San Nicolas, Almagro, Barrio Norte, Collegiales, and Villa Crespo, with a share of 3%.
“The profitability of garages today is between 6% and 7% per year, which is in line with the profits of the sectors after the pandemic,” he claims. Esteban Scalidirector of Ecokeras. “After several years of lag as sales prices were not updating at the pace of other real estate markets, the sector is coming back to life.”
“Apartments represent the primary real estate market where demand was first reinvigorated. Garages operate as a secondary market, with smaller scale and lower production volumes. We are currently adjusting prices,” he explained.
Currently, used garages are Prices range from USD 16,000 to USD 23,000.units in a new project, or units in a brand new building. 25,000 USD and 35,000 USD.
Briones views these as follows: It acts as a store of value rather than as a high-yielding asset.. “The more expensive the garage, the worse the annual profit, the cheaper the better. But because it is valued in dollars, when inflation occurs in dollars, the garage increases its percentage every year, so this is a safeguard of value,” he explained.
in a place like Nuñez, Palermo, or Belgranothe garage price reaches below $60,000. Demand is concentrated in these regions. lack of garage and difficult to park. “In these areas, it’s very difficult to find a place, there aren’t that many garages and the transportation links are not very good, especially around Libertador,” the property developer said. Bertrand Brionesof briones group.
How much does it cost to rent a garage in CABA?
Scali said there is very little space in the northern corridor neighborhoods (Nunez, Palermo Chico, Belgrano R). With limited supply and few units available in the building, Prices range from $180,000 to $300,000 per month.
In intermediate areas, such as Caballito and Villa Crespo, the values are intermediate. $130,000 and $180,000 per month. Experts say demand is stable in these regions, but substitutes are increasing and supply is slightly higher.
Downtown presents the opposite scenario. Pedestrianization and reduced daily use have reduced occupancy rates, and many garages have switched to monthly payments. As a result, the stock price will fall and the price will fall below the most popular brokers.. “The centers were left with excess supply. When hourly garages switched to monthly subscriptions, the value went down,” said the Ecokeras director.
maintenance cost
When purchasing a garage, you need to consider the location and associated fixed costs, such as ABL, overhead costs, and water services, which in many buildings are now a regular expense. In most cases, these represent the main costs, as they fall within the following ranges: $30,000 and $35,000 Newer buildings and higher levels of service offer monthly service, but $70,000.
These costs are one of the most important points for investors. “Expenses are low and predictable. This allows us to predict performance without major shocks.”Scali mentioned. Location also plays a role; costs may be slightly higher in high-demand areas or in buildings with high turnover due to operational reasons.
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