Buenos Aires Real Estate Sales

The double-digit increase could signal a market turnaround after 23 months of sluggish activity.

The number of real estate deals in the Province of Buenos Aires rose 27% in January reversing a two-year trend of slumping sales caused by currency controls meant to protect dollar reserves in the Central Bank.

The Notary College attributes the turnaround in Buenos Aires real estate sales to the partial loosening of those controls last month, and the fact that bricks are still the preferred investment option for most Argentines.

In total, 3,918 real transactions closed in January which represents a 27% increase over January 2013. The total value of those deals was $1.32 billion pesos (US$168 million) which is a 57% increase over the total value of deals closed in January 2013.

The timing of the double-digit increase was also surprising considering real estate activity is typically very slow during the summer vacation month of January. (Full Story in Spanish)

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