BBC News Mundo
During the pandemic, there was a real estate boom and housing prices skyrocketed in much of the world.
Global home values saw an average increase of 7.3% in the first quarter of this year, compared to the same period last year.
This is the fastest growth since the end of 2006 , according to a study by British real estate consultancy Knight Frank that analyzed the market in 56 countries.
"House prices are rising because of the pandemic, not in spite of it," Kate Everett-Allen, head of International Residential Research at the firm, told BBC Mundo last July.
This increase in prices is due to greater demand for housing. But in Latin America in particular, where are people looking to buy?
Which neighborhoods in the region have seen the most searches recently? And did the pandemic change those preferences?
"In general, the pandemic has brought changes" in housing preferences, says Pedro Romero, director of the Master's Program in Economics at the San Francisco de Quito University in Ecuador.
"But there are trends that were probably already in place and are simply being reinforced by the pandemic in several countries in the region," Romero, who analyzes the real estate market in Latin America, tells BBC Mundo.
We consulted two real estate agencies with search engines in the region and this is what they showed us about the most sought-after neighborhoods, districts, towns, colonies or parishes to buy homes in 5 capital cities.
1. Mexico City
Mexico City has more than 1,800 neighborhoods (or districts) and people are looking for more housing in those places that offer conditions that promote their development.
In the first quarter of 2020, the neighborhoods of Santa María La Ribera, Polanco and Del Valle Centro were the most in demand in searches for homes to buy.
This is a trend that has been repeated in recent years, highlighting the popularity of neighborhoods with a longer tradition, close to major shopping and corporate centers.
But with the arrival of the Covid pandemic, the list of the most sought-after neighborhoods underwent significant changes, according to data from Vivanuncios , one of the most popular portals for searching for homes in Mexico.
In the first quarter of 2021, searches predominated in Roma Norte, Agrícola Oriental and Del Valle Sur.
Thus, it can be seen that there was a change in buyer preferences, leaning more towards comfort, more space and more affordable prices.
"Thanks to remote education and work, buyers prefer to rent or buy homes in neighborhoods with a residential tradition, where they can satisfy the demand for larger spaces, rather than looking for properties near commercial and corporate areas," Roberto Esses, CEO of Vivanuncios, tells BBC Mundo.
2. Bogotá
Traditionally, the north of Colombia's capital is the most popular area for those looking to buy a home.
Of the five most in-demand areas, four are in northern Bogotá or across the border in the same direction, in the department of Cundinamarca.
In a comparison between the first half of 2020 and the same period in 2021, there were not many differences in the list of most popular places.
The most sought-after locations remain the same year after year: Usaquén, Suba, and Chía , although with a slight variation in order, according to a report by Properati, a digital real estate platform with a presence in Colombia, Ecuador, Peru, Argentina, and Uruguay.
However, there are some details to highlight in the trends during the Covid-19 pandemic.
"Chapinero, the most expensive area in Bogotá, dropped out of the top five most popular neighborhoods for buying housing with the arrival of 2020. It fell from fourth place to eighth," Properati points out.
Another key finding is that "western Bogotá has been gaining strength every semester. Engativá, Fontibón, and Kennedy are currently more popular places to buy housing than they were in 2019," he adds.
3. Quito
Neighborhood preferences, or rather parish preferences, also did not vary much in the comparison of the first half of 2020 with the same period in 2021 in the capital of Ecuador.
Iñaquito remains the most desirable parish to live in for the middle and upper classes in Quito.
Within this area are some neighborhoods with similar characteristics such as: La Carolina, González Suárez and El Batán, Properati points out.
Cumbayá, Conocoto, Calderón and Tumbaco are other parishes with the most searches for buying housing.
But the real estate company points out that in Pomasqui, in northern Quito, the demand for houses quadrupled, while in Puembo, in the east, it doubled.
4. Lima
The center of Peru's capital is the most popular in the search for housing.
The pandemic does not appear to have changed people's preferences when looking for a home to buy.
The most in-demand districts are Miraflores, Santiago del Surco, San Miguel and Magdalena del Mar , and this has remained the case for two years, Properati points out.
"Pueblo Libre, in Modern Lima, is the district that has grown the most in popularity since 2019. It rose from ninth place to fourth," he points out.
5. Buenos Aires
The demand for properties in the City of Buenos Aires did not register major changes in search preferences.
The most popular neighborhoods to look for housing in the first half of 2021 are Caballito, Almagro, Palermo, Belgrano and Villa Crespo, almost the same as the previous year.
"Unlike what happened in the other three countries analyzed, there was no notable growth in Buenos Aires. The metrics show that the neighborhoods that stand out are those that declined the least in recent years," Properati explains.
The neighborhoods of Chacarita, Villa Crespo and Colegiales showed a higher demand in searches but have not yet made it into the list of the "most popular".
Trend changes
During the pandemic, some trend changes were observed in the demands of those seeking housing in several of the Latin American capitals analyzed.
But it is still too early to determine whether these changes in searches will last over time.
Working from home, as one of the measures to avoid Covid infections, also made online shopping more common and efficient.
" The growth of e-commerce has contributed, since it is no longer strictly necessary to be located near shopping malls and supermarkets to acquire all the products necessary to enjoy a comfortable life," says Esses of Vivanuncios.
"The list of the best neighborhoods to live in Mexico City has changed compared to historical trends . With the arrival of the COVID vaccine and the economic recovery, we will see if these changes are permanent or if previous trends return," he analyzes.
The pandemic also caused many people to begin reevaluating the comforts of their homes and prioritizing other aspects of their lives.
"The pandemic established new conditions and needs for people," says Andrés Vega, CEO of Properati.
"When we analyzed the neighborhoods that saw the most growth in searches (between the first half of 2020 and the first half of 2021), we noticed that middle-class areas stand out. These areas share a key characteristic: they offer opportunities for real estate growth," he adds.
"Furthermore, these neighborhoods offer spacious homes or homes with access to open areas " says Vega.
Similarly, Professor Romero points out that "people have shown a preference for seeking out more green and open spaces. They don't want to be in buildings where they have to use elevators and share many common areas.".
But there is also another trend that predates the pandemic : healthcare .
"People are concerned about having a better environment, getting away from the environmental and noise pollution that exists in the city center," says the real estate expert.
"I think there are trends that were already there before and that the pandemic probably reinforced. It was like saying: look, here's another excuse for us to leave the city," he observes.
