Buenos Aires property starts to boom

Buenos Aires property is starting to boom, new reports suggest, as sales increased by 13 per cent in March compared to 2011.

Transactions also increased on a monthly and quarterly basis, according to the Provincial Notary College, surging by 77 per cent in March from February.

And the growth is expected to continue, the Notary College told Property Wire , with real estate considered a more secure form of investment as opposed to savings.

Rental rates are on the up as well, with prices zooming up in the districts of Barrio Norte, Belgrano, Palermo and San Telmo. According to Reporte Inmobilario, rates increased across the city by up to 20 per cent; one bedroom apartment rents jumped by one-fifth, while two-bedrooms increased by 14 per cent and three-bedroom properties grew by 5 per cent.

Barrio Norte's rents increased the most, with two-bedroom apartment rates climbing by 28 per cent.