Is BA real estate selling? If so, where and how much?

[DA]

I believe in premium areas there will always be demand ( Recoleta, Barrio Parque, Palermo Chico, etc for example ) however I see more and more " for sale " signs all over the city, several on brand new buildings, and lately the addition of " or Rent "...this means late investors trying to get out and stay liquid, while others have already sold at sky high prices. Sales are being closed at 10% less of the pubished prices, rental prices are being negotiated more ( there was an article on La Nacion last Saturday ), I believe only people that look for their primary home are buying nowadays, the rest are awaiting for prices to drop +/- 30%, especially if the peso is devalued. The local system doesn´t guarantee anything, especially if they confiscate the private retirement funds, so I honestly doubt this will be appealing for any investors...

Right on Nikad! This is a good observation.

 

[criswkh]

FishFace, it was genuine, but we would have to move again. Since Argentina is going to be our home for a long while and we just moved our stuff here I didn't want to find another house. We looked at 30 houses to find one. We had the same problems that tangobob had to get this one. At least we know how the market is doing.

 

[steveinbsas]

Here's an article I read when I was shopping for an apartment in 2006: Buenos Aires enjoys property boom | Business | guardian.co.uk.

 

[tangobob]

I notice here that all the downbeat comments are from people who feel that..., or have noticed that..., but those with real experience like chriswkh and Pericles (the most experienced here with property) are all upbeat.

Is there anyone here who has real experience of property prices falling, or is it just all speculation?

 

[soulskier]

TB, great observation. I have bought and sold property in both BA and Mendoza province and done really well, toque madera.

 

[Fishface]

TB, thing to do is get your place valued by 3 indipendent agents and take a look at comparables and see (you probably don't care because your not selling but...if you want to find out if it is speculation).

look on argenprop.com

...there does seem to be a global phenomena of the 'one man property boom' - i.e a denial of the global recession and property prices have affected his neighbour's house but not his.

 

[Stanexpat]

Here is an article that is bullish on real estate investment in Latin America.

Sam Zell looks to Latin America for investment - South Florida Business Journal:

 

[perry]

Even though I do work in real estate I am a straightshooter and will not spin a yarn to anyone. The truth of the matter is good apartments in Barrio Norte and Palermo sell well.

There has been a downturn in sales in Buenos Aires due to Coti and less tourism . Saying that if you have a good property that is market priced it will sell quick.

Properties do not sell because of peoples unrealistic expectations of the values of their home. In Palermo Soho this seems to be more of the case . Remember three years ago this was a cheap area and has seen the biggest increase since 2005.

While in the short term prices may go down in speculative areas of Buenos Aires in the long term property will always be the safest bet . The rise of the dollar is short term and there will be a correction soon creating a stronger market.

 

[tangobob]

TB, thing to do is get your place valued by 3 indipendent agents and take a look at comparables and see (you probably don't care because your not selling but...if you want to find out if it is speculation).

look on argenprop.com
.

I don't need an idependant valuation, because last month the flat above mine (identical) sold for nearly a third more than I paid for mine, and that was before we even had the escritura.

 

[soulskier]

I think one thing we can agree on is finding the right property. I have found in Argentine real estate (BA, Mendoza and Patagonia), one has to sift thru the properties to find "the one". I know this is true in all real estate markets, but especially so in Argentina. Safe to say marketing of said properties isn't an Argentine strong point.