The number of real estate transactions closed in the Buenos Aires Province rose 13% in March, a positive indicator that could boost confidence and serve as a harbinger of a turnaround for the City of Buenos Aires in March as well.
The number of real estate sales in Buenos Aires Province was 10,558, a 13% increase over the 9,306 closings recorded in March of 2011, according to the Provincial Notary College. For the first quarter of 2012, there were 21,355 successful Buenos Aires real estate transactions, a 7% increase over the 19,837 closings in the first quarter of 2011.
The provincial numbers are important, because they indicate the traditional rebound in sales activity following the months of January and February when real estate sales typically take a back seat to summer vacations.
The 10,558 closings in March marked a 77% increase over the 5,960 sales in February, a double-digit boost that could be repeated in the City of Buenos Aires where February sales were disappointing but March data has yet to be released.
Putting the numbers in perspective, the president of the Notary College said, “the real estate market showed its usual behavior for the third month of the year. We believe the familiar pattern will grow in the coming months given the strength of real estate as a solid alternative for savings and investment.” (Full Story in Spanish)
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