July was the coldest month of the year in Buenos Aires in terms of temperatures and real estate activity. New numbers released today by the BA Notary College show sales are flat and peso-denominated prices are soaring as the Argentine peso is now trading at 14.25 to the dollar on the informal market.
The total number of real estate closings in the City of Buenos Aires fell to 3,113 in July, down 1.3% compared to June and 0.2% compared to July 2013. The total value of all transactions was $2.617 billion pesos (US$311 million at the official rate), and the average value of closings rose 67% to $840,725 pesos (US$100,020 at the official rate).
According to today’s analysis in iProfesional, the Buenos Aires real estate segments that pulled back the most in the past year are those priced below $500,000 pesos (US$59,484) while sales of Buenos Aires properties priced up to $900,000 pesos (US$107,000) rose 54% and properties priced over $900,000 pesos surged 136%.
City of Buenos Aires real estate sales activity for the first six months of 2014 was the lowest in the Notary College’s recorded history dating back to 1998. The 18,098 total closings were almost 2% lower than the same six-month period of 2013, almost 35% lower than 2012 closings and 46% lower than the first six months of 2011, according to Reporte Inmobiliario.
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