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Buenos Aires Real Estate Sales Continue Rising Rhythm

On September 15, 2010, In foreign investment, real estate, by InvestBA
Pinares Bosque Privado

Roads are being paved and neighborhoods are taking shape in BA gated communities like Pinares

The sale of new and existing properties continues its upward trajectory in the City of Buenos Aires after a lethargic 2009. The market recovery that began last December has gained momentum during the course of 2010 as we reported in May.

Now the latest statistics from the BA Notary College show a 31.3% gain in real estate transactions closed in July 2010 compared to July 2009, as inflation fears continue to provide ample incentive for a “refugio de valor.” The total dollar amount of July’s 5,535 closings jumped 68% compared to July 2009, while the average value of properties sold rose 28%.

ElArgentino.com says the greatest demand was for properties priced in the US$63,000-US$228,000 range, followed by properties priced above US$228,000. While July’s 5,535 closings were a significant YOY improvement, the number represented a 1.4% decrease compared to June 2010.

There’s a similar story in the Province of Buenos Aires where the 10,730 July closings represent a 70% gain over July 2009. The president of the Provincial Notary College describes the data as proof that “real estate continues to be a good investment.” The broader, more sobering analysis this morning from Bloomberg underscores inflationary fears are fueling current Argentina consumer demand for housing and autos. (ElArgentino.com Story in Spanish)

For more information about real estate opportunities in Buenos Aires, download the new issue of InvestBA Privada.

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Recuperacion: Buenos Aires Real Estate Showing Strength

On July 13, 2010, In foreign investment, real estate, by InvestBA
Puerto Madero Construction

Back from the depths of 2009, BA's real estate sector posted a 41% gain in transactions in May.

A story we’ve monitored closely since the end of last year is the recovery of the BA real estate sector. After an abysmal 2009, December finally offered a positive note; a trend that continued during the first four months of this year.

Now the newly-released housing data for May suggest BA’s property rebound is in full swing. According to the BA Notary Association, the sale of properties jumped 41% in May compared to a year ago, while the value of all real estate transactions rose 91%.

Cronista says the second statistic reflects the large number of buyers taking delivery of high-end units that have been under construction for the last 2-3 years. The 5,165 real estate transactions in May were valued at 1.908 billion pesos argentinos or US$484.82 million.

While local analysts say signs of a recovery abound, it’s worth remembering the year-over-year basis of comparison: the first six months of 2009 was one of the worst periods for BA real estate. As the global financial crisis gathered steam, confidence was shattered and buyers were scarce in the Southern Cone. Now a year later, a rare global commodity has returned to Argentina and Uruguay: optimism.

The May housing numbers show units priced between US$60,000 and US$220,000 accounted for 38% of all sales, while units priced below $60,000 represented 56% of all transactions. The sale of units priced above US$220,000 doubled from 3% last May to 6% in May 2010. (Full Story in Spanish)

For more information about Buenos Aires investment opportunities, download Income BA and the new issue of InvestBA Privada.

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Maldonado, Uruguay Construction Reaches New Heights

On July 6, 2010, In foreign investment, real estate, uruguay, by InvestBA
New Construction in Maldonado

Local officials anticipate another record year of residential construction in Maldonado, Uruguay

The Uruguayan coastal state of Maldonado, home to popular beach side destinations like Punta del Este and Jose Ignacio, is poised for another record year of new residential development, according to state development and tourism officials.

In an interview with El Pais, the Director of City Tourism for Maldonado Horacio Di­az says in January and February, developers submitted approval requests for 170,000 m² of new residential construction. At the current rate, Maldonado forecasts 400,000 m² of new projects will be submitted for approval by year-end 2010. If that forecast is valid, the increase in new construction requests would exceed 2009 by 14.2%.

In 2009, developers submitted approval request for 350,000 m² of new construction, of which Maldonado approved 290,000 m² or 83%. Contrary to popular belief, most of the new construction requests in 2009 were for single-family homes (63%) vs. multi-unit dwellings (37%), of which only 10-12% were high-rise condominiums.

In the same article, El Pai­s points to the report we shared last month regarding the dynamic nature of the Maldonado real estate market vis-a-vis Buenos Aires. Over a recent 12-month period, the ratio of total area: sales was almost identical for both Buenos Aires (200,000 km² : US$4.26MM ) and Punta del Este (20,000 km² : US$437MM).

For more information about Maldonado real estate opportunities, download IncomeBA and the new issue of InvestBA Privada.

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Copa del Condo: Buenos Aires Real Estate vs. Punta del Este

On June 23, 2010, In foreign investment, real estate, uruguay, by InvestBA
Buenos Aires v. Punta del Este

Buenos Aires may have 300x more residents, but thousands of them own homes in Punta del Este.

The first round of the Copa del Mundo is over for local favorites Argentina and Uruguay, and both teams are safely through: Uruguay will face South Korea on Saturday, and Argentina will face Mexico on Sunday. Unfortunately, the only way the two teams would face each other would be in the World Cup final which seems highly unlikely.

So today Reporte Inmobiliario (RI) offers the next best thing: the Copa del Condo with Argentina’s capital city squaring off against Uruguay’s most popular beach resort. The Argentine journal sizes up Punta del Este in terms of total foreign investment, as well as its similarities and differences with Buenos Aires.

The Punta del Estate Real Estate Association says $934 million in transactions took place between March 2009 and February 2010. The majority of the deals were done in Punta del Este ($437M or 48%) followed by Maldonado ($175M or 19%), the Rural Zone ($128M or 13%), and La Barra ($45M or 5%). Over the same 12-month period, over $4.2 billion in deals were done in Buenos Aires or 4.5x as many as PdE, which shows how dynamic Punta’s market is when you consider BA has 300x the population.

Not surprisingly, the summer months (Dec.-Feb.) are the months when most deals are done in Punta del Este. In closing, RI says recent high profile lot acquisitions by U.S. investors will be one of the topics discussed at their July Conference. (Full article in Spanish)

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Buenos Aires Real Estate Sector Posts Strong Gains

On May 17, 2010, In foreign investment, real estate, by InvestBA
Buenos Aires real estate sales by segment

The Flight to Safety Continues: Locals and foreign buyers remain bullish on Buenos Aires real estate.

March housing data just released by the BA Notary Institute (BANI) shows continuation of a positive trend that started last December. According to BANI, the number of real estate transactions was up 37% in March 2010 compared to March 2009, while the total value of all sales climbed 57% and the median price per transaction rose 15%.

The breakdown of sales by price level shows demand is strong for smaller units, especially two-room layouts in the more affordable outskirts of Buenos Aires. 56.7% of the units sold were priced below US$65,000, while 26% were priced below US$39,000.

The segment accounting for the largest overall percentage of sales (38.4%) is the US$65,000 to US$230,000 range which encompasses a wide range of housing types and floor plans, many of them popular three and four-room layouts.

With three months of data in the books, BANI says the acceleration of real estate activity in the first quarter of 2010 is worth noting. There were 34% more transactions in the first quarter of 2010 (vs. 1Q09), the total dollar value of all transactions jumped 75% and the median price per transaction rose 33%.

The sector should continue to post strong gains current inflationary pressures, and the flight to safety mindset of those buying real estate, luxury cars and other durable goods today in BA. (Full article in Spanish)

For more information about Buenos Aires real estate opportunities, download IncomeBA and the new issue of InvestBA Privada.

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