New residential construction activity remains positive in the popular Buenos Aires neighborhoods of Belgrano and Colegiales, according to new annual data from Reporte Inmobilario.
Despite the slowdown in market activity caused by currency controls, iProfesional says developers remain optimistic as evident by the number of new buildings planned or currently under construction (46) with close to one million square feet (90,000 m2) of residential space. The 46 buildings represent a 21% increase over the 38 under construction in 2012, while total square footage rose 12% compared to last year.
For Belgrano and Colegiales condos being marketed and sold in dollars, the average price per square foot is US$214 ($2,304 per m2) compared to US$201 in 2012 and US$168 in 2009, a healthy 27% gain over the past five years (See How Much Does Real Estate Cost In Buenos Aires?).
Those Belgrano and Colegiales condos being marketed and sold in pesos, are selling at an average price of $15,403 pesos which suggests developers are using an unofficial exchange rate of 6.68 pesos per US dollar.
The report says the average size of new residential units being sold in Belgrano and Colegiales is 558 square feet (51.9 m2), while parking spaces in these same buildings are selling on average for US$21,700 or $170,500 pesos per space.
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