Buenos Aires Real Estate Sales Rising

The number of real estate closings in the City of Buenos Aires rose for the second consecutive month, according to new data released this week from the Buenos Aires Notary College.

There were a total of 2,849 real estate deals in April which was a 3.6% increase over March and a 6.3% increase compared to April 2014. The total value of those transactions was $2.642 billion Argentine pesos or US$293.52 million for an average price per transaction around US$103,000.

The April sales numbers were the second sign of a positive momentum in the local real estate market following March when the 2,748 closings reversed almost a full year of declines. After an abysmal 2014 (See BA Real Estate Sales Hit Lowest Level in 30 Years) and a sluggish start to 2015, Buenos Aires real estate sales jumped 68% in March over February and 24% compared to March 2014.

Broader Context Less Bullish

With the release of the April data, iProfesional offers a comparison of the first four-month period of the year during which total closings only posted a 0.24% gain over the same cuatrimestre of 2014.

La Nacion offers additional context reminding readers the April 2015 numbers are a far cry from the 6,043 closings in April 2008, the best month of the past ten years reached prior to the implementation of currency controls in October 2011.

The graphs above compare the monthly closing data for 2013/15 and offer the four-month snapshot showing the total value of all deals closed in Buenos Aires in both Argentine pesos and US dollars.

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