There are signs of life and renewed strength in Rosario, and Argentina’s third-largest city may give brokers, developers and would-be sellers in other metros cause for optimism in 2013.
Despite double-digit drops in monthly closings during the first two-thirds of 2012 vs. 2011, Rosario real estate activity is showing new signs of life after dollars.
Successful pesofication of the new construction market is one of the catalysts for double-digit monthly gains today compared to the slumping scenario following the implementation of currency controls in the fourth quarter of 2011.
“Rosario with Visibility and Pesos” is the headline of today’s feature story from economist Salvador Di Stefano which details how Rosario has rebounded from the “most controversial, onerous and restrictive measure of 2012.”
The proof? New sales are being recorded in everything from high-rise residential towers to gated communities to Rosario condo-hotel units which are all being marketed and sold in Argentine pesos.
Di Stefano points to the recent release of the second 43-story Maui tower, the successful launch of 587 lots in a new gated community, and the pending sale of hotel units in a new Rufino hotel which will carry the Howard Johnson flag. Local hotels like the Savoy are also expanding in response to the growing number of Argentines planning summer staycations in Rosario. (Full Story in Spanish)
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