At the end of the first half of 2018, the inventory of apartments in the country’s capital reached 17,871 units, 5% more than reported at the beginning of the year.

At the end of the first half-year, the absorption of units of apartments built and in progress has decreased, from 92.3% to 87.4% in the first semester of 2018 according to a report by CBRE. This represents a decline from 1,047 sales to a total of 255 sales of 233 buildings reported in our database.

The report details that the residential market reported an increase in availability from 7.1% to 8.2% in all its existing units. Both the average requested sales prices and the average requested rental value have decreased.

The residential market has been slowing down over the last 2 years, beginning to reflect an increase in availability, which projects a tendency towards slow consumption. Due to the economic context and prices per m2 offered that do not yet fit the needs of the local consumer, explains the document.

At the end of the first half of 2018, the average requested sales price for existing Class A projects decreased slightly from US$3,067.00 per m2 to US$2,980.00 per m2 as the availability of apartment units increased from 10.5% to 11.1%. As well, existing Class B projects decreased their prices from US$2,255.00 per m2 to US$2,180.00 per m2, due to the increase in availability from 4.8% to 6.3%.

See full report.