I started calculating something that probably many already suspect, but seeing the numbers is shocking: how many hours of work does an Argentine worker need to buy an apartment in Recoleta? The answer is brutal.

First, the context. Recoleta remains that neighborhood everyone wants. Tree-lined streets, French architecture, a privileged location in the city—everything that has made it the Argentine Paris for nearly two centuries. Of course, prices reflect that. But when you start calculating how many hours you'd need to work, reality hits hard.

Early-year figures showed that a two-room apartment in Recoleta was around $135,000, though there’s quite a range: from $95,000 to $180,000 depending on location and condition. Some market analysts mentioned higher averages, close to $160,000. In pesos, considering the parallel exchange rate at that time, we're talking about figures in the hundreds of millions.

Now, the painful calculation. If a worker earns the minimum wage set by the government at 341,000 pesos per month, and works 48 hours a week as standard, that’s just under 200 hours of work per month. Doing the simple math: to save up $135,000 converted to pesos, you'd need more than 114,000 hours of work. Yes, you read that right. More than 114,000 hours. That’s nearly 13 years working nonstop, without vacations, without anything.

What’s interesting is that this has improved significantly compared to 2020. A few years ago, you needed about 370 minimum wages to buy a 60-square-meter apartment. Now, it’s around 130 wages. What changed? Two things: on one hand, the dollar salary recovered after the lows of the 2020 currency crisis. On the other, peso appreciation improved purchasing power. But, well, it’s an improvement in relative terms. The reality is that it remains practically impossible for someone earning the minimum wage.

Looking ahead, real estate market experts said they expect stable prices or moderate increases by 2026. Some pointed out that the used residential market is practically the cheapest asset in the entire Argentine economy, so there could be fundamentals suggesting current prices are at a minimum. But of course, that doesn’t mean it suddenly becomes accessible for most people.

The question remaining is how many more hours of work workers will need if prices indeed rise during the year. Because while it has improved compared to 2020, the absolute level remains science fiction for anyone with an average salary.