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The Real Estate Market
Argentina Economic Overview
Builidings under construction in the city of Buenos Aires increased by almost 80 % in the first two months of this year in comparison with 2005 --albeit concentrated in five neighbouhoods, according to a private study. TELAM agency cable 13/4/2006.
“During the first two months construction permits totalling 487.296 square meters were approved representing an increase of 79 %”, according to a ReporteInmobiliario.com analysis.
If this trend were to continue, 2006 could close with figures similar to those of the sixties or seventies when this city boasted its highest ever annual construction boom.
With regard to new homes during the first two months of this year “414.152 square meters were approved which represents an increase of 90 % when compared to the 217.649 meters approved in 2005” .
This situation confirms the fact that residential construction spearheaded growth within the entire sector.
85 % of total planned construction in the city is related to family dwellings but it is mainly circumscribed to the same neighbourhoods that saw this type of activity after the crisis.
Said neighbourhoods are Palermo, Caballito, Belgrano, Puerto Madero and Villa Urquiza, seeing as they “comprise 61 % of planned new buildings with a total of 250.833 square meters”.
According to the report the start of the new year and the traditional summer holidays did nothing to dampen the spirits of those involved in planning building projects and, quite the contrary, figures indicate that 2006 has done nothing but confirm the growth tendendy in the construction trade. (Telam) 13/4/2006
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