BA City real estate market picks up

Source: Buenos Aires Herald
By: Santiago Del Carril
10.09.2016

The Buenos Aires City real estate market has experienced its strongest monthly growth in sales since President Mauricio Macri was sworn-in, showing signs of a tepid rebound after years of stagnation that had been caused by stringent capital controls. However, although the latest numbers were positive, experts continue to disagree over whether the recent uptick in real estate sales confirmed that sales are about to embark on sustained growth.

In August real estate transactions grew by 43.9 percent in comparison to the same month last year, and by 18.4 percent from July.

“Since capital controls were removed we’ve gone from getting zero inquiries over real estate purchases to now several,” Soledad Balayan, director of Maure Real Estate Company, told the Herald. The capital controls implemented by former President Cristina Fernández de Kirchner’s administration had caused the market to destabilize as it made it difficult for people to have access to dollars, which is used for the majority of real estate transactions in the country, the real estate agent said.

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