Growth in Cordoba Real Estate Argentina
Most investors in property in Argentina have traditionally focused their attention on the Buenos Aires real estate market, without even considering the other major cities in Argentina. However, the results from 2010 revealed that the real estate market in the city of Córdoba is experiencing a boom. Construction projects and new developments in the real estate market are experiencing a record increase, which is being boosted by finance deals and mortgages for buyers.
The province of Cordoba is known for its stunning sierra and natural beauty. The people from this region of Argentina are famous for their warmth and party spirit. The city of Córdoba is celebrated for having the oldest and best university in Argentina. And now the capital city of the province Córdoba is attracting attention from investors as it has the highest rate of construction projects in the whole of Argentina.
Last year, in 2010, 20% of construction projects in Argentina were concentrated in Córdoba. This is higher than the percentage of projects going up in Buenos Aires, meaning that Córdoba is the city in Argentina with most real estate movement.
One of the reasons for the growth in the Cordoba real estate market is down to the introduction of mortgage schemes that allow buyers to pay for their investment over a long period. Investing in property is the favored way of saving and safely storing savings for Argentineans, so it’s no wonder that so many Córdoban residents want to get a piece of the action.
The types of real estate that are most popular currently in Cordoba are two and three bedroom apartments in the city centre. Prices differ depending on the location and the proximity to the city centre. For instance, a one-bedroom apartment in the centre costs around $70,000 US dollars, whereas, five/ten minutes further out, you’ll find a home for $55,000.
Just like in the rest of Argentina, the city of Córdoba has recently seen a sharp increase in construction costs and the peso is experiencing inflation due to the slow recovery of the dollar. Cordoba Real estate experts are predicting that property prices could increase by 10 to 15%, due to these price increases. The average rent will also increase by around 5%, meaning that investing now is the smart choice and why so many in Cordoba are investing in property. However, some people also worry that the growth in Córdoba could just be temporary as the country’s presidential elections in November 2011 may cause the market and economy to slump.
The election results in November will reveal whether or not the growing market in Cordoba will be able to hold steady, as Argentine politics and economy are rocked and tested under the changes ahead.
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