Bank savings account customers have seen the sun in Buenos Aires. They are steadily ditching lower-interest investments for property, which is booming in sales and rent of apartments. Recent research has shown that apartment rent increases by an Average of 5 to 20 percent in March compared with February from the Provincial Notary College in Buenos Aires, Reporte Inmobilario and Property Wire. companies
Since February, property sales have surged by 77 percent.
Rent increased on average 5% to 20% in Barrio Norte, Centro, Puerto Recoleta and San Telmo.
In March, rents in Puerto Madero jumped by 30%.
Rent continues to increase in Belgrano, Palermo and Madero. Sales also increase quarterly, with some up by as much as 7%.
One-bedroom apartments grew by 20%, two-bedroom flats by 14% and three-bedroom apartments by 5%.
Rent increases can varies by area. One-bedroom apartment rents in Puerto Madero grew by 30%. San Telmo increased 27 percent, Centro grew 25 percent, and Palermo grew 18 percent.
Two-bedroom rentals have grown by 28% in Barrio Norte, 23% in San Telmo and 21% in Palermo. Palermo experienced a 20% increase in three-bedroom rent, Centro saw an increase of 19% and San Telmo saw a 12% increase.
Three-bedroom rentals fell in three neighbourhoods. In Recoleta, they fell 1% in Belgrano, they fell by 5%, while in Puerto Madero they fell by 11%.
In another element of the growing property market in Argentina, the government has adopted additional restrictions to prohibit foreigners from buying land rights. The reason for this is increased demand for food.
The idea of "country land" is the most controversial element of the law. Rural land is described as land outside an urban area which is defined as any zone having a population of 2,000 or more.
According to legal sources under the new legislation, the rule is effectively on the bulk of the territory of Argentina with extra restrictions for areas near to the country's borders.
The regulation shall apply retrospectively to foreigners who already possess this kind of property, according to JDSupra of Buenos Aires. JDSupra is an online forum where attorneys submit their court files, judgments and writings in a publicly available searchable database.
Changing commodity prices, especially for food and basic necessities, have prompted an increase in arable land demand. The demand for arable land in Argentina, according to JDSupra, has boosted rural land prices, resulting in the flourishing of international investment.
390 new hotels are under construction for Central and South America.
According to the March 2014 STR World Construction Pipeline report, the hotel production pipeline in Central and South America comprised 390 hotels with a combined capacity of 63,780 rooms.
At the conclusion of the month, Brazil, with 12,937 rooms under construction, had the largest number in the country. Other five nations have more than 800 rooms, including Colombia (2,805), Panama (1,919 rooms), Argentina (1,719 rooms), Chile (985 rooms) and Costa Rica (985 rooms) (899 rooms).
Those in the construction, final plan and planning phases are included in the overall outcomes of the contract while projects in the unconfirmed phase are not included.