Argentina’s capital sees huge increase in property salesNew figures have found that the sales of property in Argentina’s capital Buenos Aires have increased significantly in the last year. Data from the Provincial Notary College showed that sales of homes in Buenos Aires increased by 13 per cent between March 2011 and March 2012 with a particularly steep rise in sales in the last couple of months.
Keep reading to learn more about the booming sales and rental market in Buenos Aires.
House sales in Buenos Aires rose 77 per cent between February and March 2012
The figures also showed that house sales are up 7 per cent on a quarterly basis whilst sales have surged 77 per cent on a monthly basis with March seeing significantly a higher number of transactions than February.
Property Wire reports that ‘A spokesman for the Notary College said that transactions are expected to continue their growth in coming months as real estate is increasingly being seen as a solid alternative to savings and investment.’
Rents also booming in Argentina capital
As well as an increased number of house sales, rents in the Argentinean capital are also increasing. A report from Reporte Immobilario found that rents were increasing most notably in Centro, Palermo, San Telmo, Barrio Norte, Belgrano and Recoleta.
Overall, average rents in Buenos Aires increased between 5 per cent and 20 per cent in the last year. One bedroom apartments saw rents rise by one fifth while two bedroom apartments saw rents rise by 14 per cent.
The cost of renting also varies according to location. The Puerto Madero area saw a 30 per cent increase in rents for one bedroom apartments while San Telmo saw a 27 per cent increase.
Barrio Norte saw the biggest increase in rents from two bedroom apartments at 28 per cent while rents for three bedroom apartments increased by one fifth in Palermo.