Buenos Aires, capital of Argentina and the second-largest city in South America, is experiencing a boom in property sales and rents. The Provincial Notary College reported a 13% overall increase in March over the same period last year, and a 77% increase in sales over the previous month as more people view property as a more secure investment. Reporte Inmobilario reported that some areas are seeing greater increases than others including Barrio Norte, Centro, Recoleta and San Telmo. Rents jumped an average of 5% to 20% on average, with a handful of areas like Puerto Madero climbing as high as 30%. For more on this continue reading the following article from Property Wire.
Sales of real estate in Buenos Aires increased by 13% in March compared with a year earlier according to data from the Provincial Notary College.
Sales are also up on a quarterly basis, some 7% up, and have surged 77% on a monthly basis with March seeing much more transactions than February.
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.
Rental prices are also increasing, most notably in Barrio Norte, Belgrano, Centro, Palermo, Puerto Madero, Recoleta and San Telmo, according to a report from Reporte Inmobilario.
In the city overall average rents increased between 5% and 20% in the last year. One bedroom apartments saw a 20% rise, two bedroom apartments were up 14% and three bedrooms up 5%.
Rent increases also vary according to location. Puerto Madero saw a 30% increase in rents for one bedroom apartments while San Telmo saw a 27% increase, Centro a 25% increase and Palermo an 18% rise.
Barrio Norte saw the biggest increase in rents from two bedroom apartments at 28%, San Telmo at 23% and Palermo at 21%, while rents for three bedroom apartments increased by 20% in Palermo, by 19% in Centro and by 12% in San Telmo.
Three bedroom apartments saw rents decrease in three barrios. They were down 1% in Recoleta, down 5% in Belgrano and down 11% in Puerto Madero.
This article was republished with permission from Property Wire.