Buenos Aires Housing Market Plunges
The number of homes sold in the City of Buenos Aires in February plummeted 53.6% compared with the same month a year ago, the public notaries association, or “Colegio de Escribanos,” said Monday.
Sales fell only 2% from the previous month (January). February 2009 sales were the lowest since Argentina’s 2002 economic meltdown. They were also the lowest that month since at least 1999.
Just 2,519 homes were (formally) sold in February, compared with 5,426 a year ago.
The total value of of the homes sold was 617 million pesos (US $167 million), down from 1.3 billion pesos a year ago. That puts the value of the average home s0ld in February at 245,038 pesos (US $66,586).
Real estate agents say the housing market here is not crashing like it did in Miami, where prices plummeted and real estate moguls lost fortunes. But realtors do expect both sales volumes and prices to decline in the months ahead as Argentina’s economic slowdown deepens.
Prices have risen almost constantly since the 2002 crisis. That year the average price of a home sold in the City of Buenos Aires was just 65,113 pesos, or a jaw-droppingly cheap US $17,693 (in current dollars).
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Any idea was the average price of a BA home is now?
It depends in the area. For exple where I live, recoleta area: its arround u$d2000-u$d2500 m2. (or more)
In puerto madero: u$d 2800-3400 or more
Barrio norte: 1600-2000
If u need more info let me know as I work in real estate.
Rgds,
Nick
Hi Nick ,we are looking at investing in the Argintinian market this year perhaps buying a couple of apartments ,is this a good time to buy?? Where would you suggest??
We have about $150,000 US to spend.
Kind Regards Tom Ranson
How much would a large heritage building with at least three aparments near the big park in san telmo be worth and is the price expected to rise in the next 10 years?
Hey Jude,
There are probably other readers who would be much better than I at answering this question. I don’t have any idea how much that building would be worth, especially without more details. As for the second part of your question, my bet is that in most cases, in most parts of the world, property values will indeed rise over the next decade. My guess is that once we’ve managed to get out of the current slump, we’ll into a prolonged period of high inflation in almost all areas of the world.
Cheers,
Taos
You already had the hyperinflation. From to 17,000 USD to 66,000 USD in 7 years is hyperinflation (in US and here in Eu you had a 100-200 % increase only). Now you gotta have wages’ rise as well, otherwise no further upward movement in real estate. If wages don’t rise you’ll get a long deflative sideways.
does anyone know of any good websites to track the values of apartments/houses/properties in buenos aires and possibly specific ares (recoleta, palermo, san telmo).
i wanted to see how the property prices have acted over the past year or so since the stabilization of the global economy.