Buenos Aires Real Estate Closings Down 45% In June

Patrick Archer average prices, buenos aires events, real estate

Real estate closings in the City of Buenos Aires were down 45% in June compared to one year ago, as currency controls and election year uncertainty continue to put a damper on local sales activity.

While the total number of residential closings dropped 44.7%, the total peso-denominated value of those deals was down 37.2%, according to the Buenos Aires Notary College.

In the first six months of 2013 there were a total of 15,281 closings in Buenos Aires with a total value of 7.8 billion pesos, or roughly US$1.514 billion at the official rate. The number of closings from January to June was down 36% compared to the first half of 2012, and the value of those deals was down 31%.

Compared to May, Clarin says the average price of June closings rose 14% to 504,447 pesos or US$96,268 at the official rate. Meanwhile 36% of all closings in June were priced between 250,000 and 500,000 pesos (US$47,700 and US$95,400). (Full Story in Spanish)

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