Apartment sales price per square meter in Latin America 2023, by city
Among the cities shown in the graph, Montevideo (Uruguay) had the most expensive price per square meter in the region in September 2023, with an average selling price of 3,166 U.S. dollars for an apartment. Mexico City (Mexico) ranked second, with a selling price of 2,948 U.S. dollars per square meter.
House ownership and mortgage loans in Latin America
House ownership is the most common form of housing tenure in many Latin American countries. In Mexico, for instance, more than 23 million families owned their home in 2018, while in Peru, nearly three fourths of households live in their own house that same year. As a result, mortgage loans represent an important source of home financing in Latin America. In Colombia, approximately 1.3 million home credits are granted every quarter, reaching a value of 88.44 trillion Colombian pesos at the end of 2019.
The surge of PropTech in the region
PropTech refers to the use of technology to assist and enhance the real estate industry. In Latin America, the pioneer on this subject is Brazil - the most populated country in the region - with a total of 225 startups working on this sector. In 2019, PropTech concentrated approximately nine percent of the regions's venture capital investments, a clear sign of technology's potential for improving this traditional industry.
