Sales and rents of property in Buenos Aires on the rise
08-05-2012
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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.
