Buenos Aires real estate sales activity posted another double-digit loss compared to 2013, according to the latest monthly report from the Buenos Aires Notary College.

Released today, the new report shows Buenos Aires real estate closings fell 15.4% in May compared to the same month in 2013.  But dig a little deeper, and it’s a tale of two markets with sales of the smallest, most affordable units tanking and sales of larger, high-end properties soaring.

That dichotomy is evident in the total dollar value of those sales. Even though the total number of deals fell 15.4%, in May, the dollar value of those sales rose 27.2% compared to May 2013. The total value of May closings was $2.197 billion pesos (US$270 million) or US$94,084 at the official exchange rate, according to Clarin.

The two segments posting the largest year-over-year declines were units priced below $150,000 pesos (-54%) and units priced between $150,000 and $250,000 pesos (-40%). The segments posting the largest gains were units priced between $500,000 and $900,000 pesos which rose 25% and units priced above $900,000 pesos which jumped 78% compared to one year ago. (Full Story in Spanish)

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