Cities concentrate a large share of a country’s population, and South America is no exception. As a result, cities are often densely populated and access to affordable housing is difficult. In 2022, buying a home in Lima, Peru took about 19 years for an average-income household, whereas in
. About
, but it is safe to assume that in large cities, including the capital, Lima, this percentage is much higher.
, where the share of rental homes in many of the country’s departments exceeds 40 percent. Colombia’s capital, Bogota was the city in South America where investing in
, alongside Santiago de Chile.
How much does housing in some of the major South American cities cost?
Residential real estate prices vary widely across and within different cities. The
most expensive neighborhood to buy an apartment in South America was Puerta Madero in Buenos Aires, Argentina, where the average square meter price reached almost 6,000 U.S. dollars in 2022. Nevertheless, Buenos Aires had
many neighborhoods where apartment prices were below 2,000 U.S. dollars. In the central part of the city (the neighborhoods of San Nicolas and Montserrat), apartment prices were between 1,700 U.S. dollars and 1,800 U.S. dollars per square meter. Comparing the
average price in South America’s major cities, Argentina’s capital only came third after Santiago, Chile, and Montevideo, Uruguay. In Santiago, the average selling price of apartments was almost 3,600 U.S. dollars per square meter in March 2022. Like in Buenos Aires, Santiago’s residential real estate prices
varied greatly across different communes. Well-off communes like Vitacura and Las Condes had significantly higher prices than mid-income communes further away from the city center, such as La Reina.
How much does renting an apartment in some of the major South American cities cost?
Buying an apartment in some of the large cities is not always affordable and for many renting is not a choice but necessity. In 2022,
renters in Lima, Peru, paid on average 577 U.S. dollars for a two-bedroom apartment in a mid-income neighborhood, meaning that the household’s income needed to be at least 1,440 U.S. dollars for the rent to be considered affordable. In Santiago,
this figure was even higher, and the average renter needed to earn at least 1,650 U.S. dollars to afford the equivalent apartment. Nevertheless, to live in one of the more prominent areas, renters need to be ready for a heftier price.
Rio de Janeiro’s popular neighborhood Ipanema which is surrounded by beautiful beaches and mountains had an average monthly rent of 11 U.S. dollars per square meter, making the price for a 90 square meter about 990 U.S. dollars.
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data than referenced in the text.
