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Argentine Real Estate Market: Poised for Transformation in 2024

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BNN Correspondents
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Argentine Real Estate Market: Poised for Transformation in 2024

The Argentine real estate market is poised for a transformation in 2024, with the forthcoming presidency of Javier Milei instilling a renewed sense of optimism and dynamism. As the political and economic landscapes shift, individuals who have managed to accumulate savings are considering real estate investments as a viable option. This is catalyzing a resurgence of activity in the sector that has been dormant for the past few years.

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Optimism Reigns in Buenos Aires

According to real estate broker and analyst, Diego Migliorisi, there's a palpable sense of optimism in Buenos Aires, with a noticeable uptick in inquiries for family homes and buildable lots. The market, he observes, is showing signs of stabilizing, with a marginal decrease in final sale prices. This has prompted those with savings to seize the opportunity brought on by a significant reduction in property prices over the past four years.

Property Transactions and Preferences

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Most property transactions in Buenos Aires are occurring within the price range of USD 90,000 to USD 200,000, particularly for 2 and 3-bedroom apartments in various neighborhoods. Interestingly, buyers are leaning towards properties for personal use rather than for rental purposes. Preferences have shifted in favor of units with balconies, an abundance of natural light, and amenities such as swimming pools and grills.

A Promising Consolidation

Despite the unpredictability of the Argentine economy and the volatility of the parallel dollar, property prices in some areas are on the rise. There's a promising consolidation of the real estate market underway, evidenced by a year-over-year increase of 53.3% in property deeds signed in October. The market is buzzing with activity, with end users and investors making purchase decisions in anticipation of a positive shift in 2024.

This impending shift promises not only to revitalize the economy but also bring about much-needed stability. As the Argentine real estate sector prepares for this turnaround, it stands as a testament to the resilience and adaptability of markets, even in the face of significant challenges.

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