Real estate activity in the City of Buenos Aires fell for the third consecutive year making 2014, a year when over 800 real estate offices closed their doors, one of the slowest years in three decades.

According to the Buenos Aires Notary College, the total number or residential real estate closings in the Argentine capital fell to 33,694, a 6.2% decrease compared to 2013 and a 27% drop compared to 2012. The current level is even lower than total closings recorded during the economic crisis of 2001 (54,000) and 2002 (56,000).

The total value of 2014 closings was $30.667 billion pesos, a 55% increase over the $19.781 billion pesos exchanged for bricks in 2013. As such, the value of the average BA real estate deal in 2014 was $910,182 pesos compared to $550,820 pesos in 2013.

Measured in dollars, the total value of all 2014 closings was US$3.545 billion compared to US$3.41 billion in 2013 and US$4.564 billion in 2012. The size of the average residential real estate transaction in 2014 was US$105,223, a 10.7% increase over the 2013 figure of US$94,968 per closing.

“Buenos Aires real estate prices are lower than they were three years ago. Since the beginning of the currency controls (which went into effect in 2011), Buenos Aires property prices measured in dollars have fallen 10 to 15%, and they remained flat during the last half of 2014,” writes La Nacion’s Juan Pablo de Santis. (Full Story in Spanish)

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