A new report just released by Reporte Inmobiliario, an Argentinean Real Estate consulting company, shows that São Paulo, the largest city in South America has also the highest prices in commercial and residential real estate in the region. Buenos Aires, the capital of Argentina, comes in second, followed by Santiago de Chile and Montevideo, Uruguay.
In the denominated "garden" towers, which include services and compound security the average price for a brand new flat, in Montevideo, is in the range of US$ 1,200 to US$ 1,500 per square meter (11 square feet) depending on the zone, materials quality and amenities.
For a similar category in São Paulo, prices range from US$ 3,000 to US$ 5,000 per square meter and in Santiago, the Chilean capital, US$ 1,500 to US$ 2.000. The same towers with amenities and security measures in Buenos Aires go for between US$ 1,800 and US$ 2,500.
Regarding office space, in Montevideo the highest category is selling from US$ 1,700 to US$ 3,000 a square meter with a monthly rent of US$ 14 to US$ 25 per square meter. In Santiago, prices range from US$ 1,850 to US$ 2,500.
In São Paulo, top office rents reach US$ 30 to US$ 50 per square meter and sell at US$ 2,500 to US$ 4,000 a square meter. In Buenos Aires the average rent is US$ 32 per square meter and the selling price is above US$ 2,500.
Commercial outlets rent for US$ 19 to US$ 30 per square meter in Santiago; US$ 25 to US$ 100 in São Paulo; 10 to 30 in Montevideo and 20 to 50 in Buenos Aires.
Construction costs of an average building in Montevideo is in the range of US$ 650 per square meter, while in Buenos Aires in the more consolidated areas it jumps to US$ 1.000, but for average quality ranges between US$ 600 and US$ 650 plus taxes.
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