The crisis is not affecting the price of apartments in one of the most exclusive districts of Buenos Aires
The crisis is not affecting the price of apartments in one of the most exclusive districts of Buenos Aires
January, 16th 2009
The crisis is not affecting the apartments market in one of the most exclusive districts. In Puerto Madero, more that 60% of all new builds have already been sold. The Argentineans are in favour of investing in brick and It looks like the global financial crisis is not beating the property market in Puerto Madero. In fact, 60% of new builds, which are valued between 2.700 US$ and 5.000 US$ per m2 are sold, according to a study made by “Cámara Empresaria de Desarrolladores Urbanos” (CEDU)
However, this is the average. Some of them have more than 90% sold, such as Forum Puerto Madero Complex, valued at 2.700 U$D, built in Dique 4. In others cases, 75% are sold, like Chateau Tower, in Dique 2, valued between 3.500 U$D and 5.000 U$D
Alberto Fernández Prieto, one of the first architects who started building in this new porteño district and creator of Zencity and Yatch Towers, (now 60% sold) said: ‘Even with this crisis, the Argentinean consumers are not afraid like the majority of real estate investors. We are culturally obliged to invest in brick. This explains why the market is still moving. The only difference between the investor and the consumer is that consumers want to by when the projects are more advanced, published in el Diario Clarín.
Raul Sáenz Valiente, vicepresident of CEDU and director of Creaurban said that there had been a slight decrease in the activity -that could be related to the crisis, but as everything stops in January anyway- premium properties did not only maintain their prices but in many cases, started to go up.
In fact, the ‘Reporte Inmobliario’ said that between 2005 and 2008 there was an increase of around 39% in the price per square metres in this area of Buenos Aires.
