The real estate market in Buenos Aires fell 21.16% in value of sales in 2012, according to a report by the city’s Notary Public Association. The number of sales in the housing market, 46,625, was down roughly 27% compared to this time period in 2011.
The biggest decrease occurred in the month of September, when about 46% fewer deeds were purchased than in September 2011.
There are signs, however, than an improvement is in sight. Slight increases were registered in the final three months of 2012, in comparison to the previous respective periods.
The statistics come in the year following an implementation of restrictions on the purchase of US dollars in Argentina.
“The used market has entered a tunnel that it does not know how to get out of, and the situation worsens day by day,” said Germán Gómez Picasso, director of specialised counsel of Real Estate Report. “People do not want to sell their real estate because they do not want pesos, while the sellers do not want to part with their dollars.”
In this same time period, prices have also increased. The average deed cost about $460,000 in 2012, an increase of 8.29%.