Mauricio Macri has won Argentina's presidential elections on Sunday.

The Conservative Macri led ruling Victory Front party candidate Daniel Scioli by 51.5 percent to 48.5 percent, BBC reported. Macri, who was the mayor of Buenos Aires, lost the first round of voting to Scioli.

As Scioli conceded defeat, Macri and his supporters celebrated the victory in a party filled with Latin music along with white and sky blue balloons, the colors of Argentina's national flag, Buenos Aires Herald wrote.

"This is the beginning of a new era that has to carry us toward the opportunities we need to grow and progress," Macri told supporters at his headquarters, as quoted by the news outlet.

Prior to his political ambitions, Macri, the son of one of Argentina's richest men, had a lengthy business career. He was the president of Boca Juniors Football Club and used his success at the organization to jumpstart his political career, BBC noted.

In the October 25 elections, Scioli and Carlos Zannini got about a 3-point lead (37.08 percent) over Macri and Gabriela Michetti (34.15 percent), a tighter-than-expected edge that resulted to last weekend's landmark voting, Buenos Aires Herald noted.

His victory marks as the first in more than a decade for Argentina's center-right opposition, BBC noted. His presidency also ended a political era dominated by Christina Kirchner and her late-husband, Nestor Kirchner.

Macri vows to bring new investment into the ailing economy, tackle crime, and combat corruption, the news outlet wrote. Economic reform, his top priority, will not be easy. Middle class citizens want a more liberal, open economic state, while the working class wishes that welfare reform and government cuts will not happen.

Macri said that he will veer away from Kirchner's leftist economic policy and will enforce a more business-friendly environment, Al Jazeera reported. Kirchner has reached the end of her two-term limit after serving as Argentina's president since 2007.

The country has enjoyed early fiscal success but the economy started deteriorating due to financial problems, issues which Macri will have to deal with as president, Al Jazeera wrote. Argentina is experiencing inflation and is involved in a legal battle against two American hedge funds criticizing its plans to restructure the $100bn in debt it defaulted on in 2001.

Just recently, Macri filed a complaint against Central Bank of Argentina President Alejandro Vanoli and the bank's directors, accusing them of putting the country's diminishing foreign-currency reserves at risk by forcefully trading derivatives. Critics said that the policy could cause major budgetary problems for Macri's presidency and "fulfills his pledge to remove some forex controls and devalue the peso," Seeking Alpha wrote.