Boston, MA -- (SBWIRE) -- 04/30/2014 -- Subdued construction growth and macroeconomic headwinds, combined with questionable economic measures put in place by the government, are having a detrimental effect on the country's commercial real estate sector. Construction industry growth will remain under 2% under 2016; however, there are projects in the pipeline that give us hope the sector can recover. Office space is a particular bright spot, especially in Cordoba and Buenos Aires, and this segment is arguably keeping the real estate sector afloat. Overall, however, opportunities for growth are limited and will be continue to be so until the economy picks up.
Growth in the commercial real estate segment is predicated upon a healthy macroeconomic environment. Argentina's real estate sector has been the victim of sluggish growth in this regard, with real GDP growth set to come in at just 2.2% in 2014. High inflation, which is estimated to be as high as 25%, is also weighing on the economy. In addition to the poor outlook for construction industry growth, the country has been affected by the economic policies enacted by the government, particularly the decision to ban the use of US dollars in property transactions.
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