Buenos Aires Real Estate Higher Sales During the First Quarter
After a difficult 2009, the real estate and construction sector saw higher sales during the first quarter. In an inflationary context, the expected rises of up to 10% (in dollars) in property prices, those with an income surplus are more and more looking to real estate as a haven of value, an attractive investment that resists rising inflation, with low rates for fixed terms, and a relatively stable dollar.
The level of activity over the first quarter of 2010 has been surprising to many, as the local demand has risen. The situation seems to only be linked to the premium sector, where properties cost more than U$D 3,000 per m2. Works such as the Dorrego 1800 tower, which is now almost all sold, are moving much faster than last year. 13,338 deeds were transferred in the first 2 months of 2010, up 20% over the same period in 2009, although it is still a far reach from 2008.
Many people are entering into savings projects. For example, with trusts at costs, in which 30% is necessary to enter, and then the project is financed for 24 months to pay off the remainder. In that way, people have the power to save in real estate. Another significant development is that, with inflation and the stable dollar, you can buy fewer and fewer things and still maintain purchasing power.
Whoever has access to US dollars may have an advantage when it comes to buying square meters. Buildings retain their value, and thereby the owner’s savings, more than cash. Moreover, as construction costs are on the rise, buyers see the value in buying now, as they can get better rates sooner rather than later.
Others say that, while real estate is a great place to hold onto pesos, it is not as effective when it comes to dollars. For saving dollars, you must buy the right properties, and know the right price and time to buy. The key is knowing how to identify them.
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