Greater access to mortgages in Argentina sent property prices soaring well above the country’s 2017 annual inflation rate, a report released Thursday by Reporte Inmobiliario indicates.
Property prices jumped 11.79 percent in dollars and 29.8 percent in pesos, the latter rate being significantly above the 25 percent annual inflation registered for 2017, Clarín reported. Such growth in property prices is the most significant since 2012.
The report looked at the sales prices of one-bedroom used apartments within Buenos Aires City and fixed the growth in the value of the dollar at an annual 16.5 percent.
The average price of an apartment in Buenos Aires in November 2017 hit US$ 2,205 per square metre, the report indicated.
The neighbourhood of Palermo continues to be the most expensive to buy a property, at an average US$ 3,115 per square metre. The neighbourhood of Constitución, meanwhile, is the cheapest with average property prices coming in at US$ 1,585 per square metre.