Buenos Aires Real Estate Sales Continue Rising Rhythm

Patrick Archer average prices, foreign investment, real estate

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)

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