City of Buenos Aires new construction requests fell 60% last year which means 2014 will be another year of diminished construction and sales activity, according to new data from Reporte Inmobiliario.
In 2013, Buenos Aires builders and developers submitted requests for 713,188 square meters of new construction, a 58% decline from the 1.705 million square meters submitted in 2012. The 2012 total represented a 24% drop from the 2011 permit requests.
A closer look at the 2013 new construction numbers shows Belgrano accounting for the most permit requests (10.5%), followed by Palermo (8.3%), Villa Urquiza (7.7%), Balvanera (7.3%) and Caballito (5%). In contrast, no new construction requests were submitted in Puerto Madero last year, as there are no remaining parcels for development.
During the height of the city’s most recent construction boom (2006/2007), annual permit requests were topping 3 million square meters, but US dollar currency controls and a falling peso have pushed would-be builders and developers to the sideline in recent years. (Full Story in Spanish)
For more information about living and investing in Buenos Aires, complete the form below.