Hear
After the month of March will register a significant increase in the number of writings of real estate sales in the city of Buenos Aires, with a total of 3,399 registrations, 53% more in February -2,213-, the April numbers reflected some stability compared to the previous month: 3,636 deeds were signed, 7% more than the third month of the year but 20% more than the same month last year. Meanwhile he The total amount of transactions carried out also grew: 345.4% more than the fourth month of 2023 with $279,237 millionaccording to the city’s College of Notaries.
Shared data They reflect to be the best April in the last five years and encourage the expectations of the sector after the debacle of the pandemic, when the sales prices at which a sale ended up closing collapsed by more than 35%,
The new data excites the sector that dreams of replicating the 2018 numbers the best year in the last 20 years.
“We are closing a quarter with a rise of 20% year-on-year. If we look at the last four years, it is a picture of climbing step by step. Now we enter a new challenge of taking the elevator up with mortgage loan advertisements. If new loans are generated, we believe that we could double real estate activity,” reflects Jorge De Bártolo, president of the Porteño College of Notaries and presents as an example the last period in which there were loans: during the first four months of 2018, more than 20,000 operations. “Today, despite the fact that it has been rising, we do not register more than 11 thousand writings. That is why we insist on working with all real estate actors together.”, says the official.
Other numbers revealed by the report that the College prepares every month is that in the fourth month of the year, the average amount of the operations was $76,798,020 (US$84,195 according to the average official exchange rate): that is grew 236.9% in a year in pesos, but in the US currency fell 17.4%.
Regarding the comparison with deeds formalized with a mortgage, in April only 114 deeds will be generated, a 5.8% less than the same month last year. While in the balance of the quarter there were 368, which represents a decrease of 3.4%. If a historical analysis is carried out, it is evident that when it exists mortgage credit availabilitythe real estate market is experiencing notable growth as reflected in the following graph.
This graph explains why the new loan lines announced by 13 banking entities in the last month raise hope in the sector that is slowly showing signs of reactivation: the average price per square meter (publication) in the City of Buenos Aires registered the largest monthly increase since April 2018, according to the latest Zonaprop report.
The publication value increased 0.8% in April and stands at US$2,219. If the gaze is set In the first quarter of the year, prices accumulate an increase of 1.9%, while in the year-on-year comparison prices rose by 2.5%. This rise could be explained by the increase in construction costs thatmeasured in dollars, records an increase of 40.4% in 2024. Currently, building costs almost triple what it cost in October 2020, the lowest in the series, and 34.9% above the 2012-2023 average.
On the other hand, the 79% of the neighborhoods register a monthly price increase (publication), with well apartments being the ones with the greatest increase. For its part, the average publication price of the apartments rose by 1.9%.
Another positive symptom is reflected in the fact that The volume of apartments for sale priced downwards stops falling in the last six months and remains stable at 18% in the first quarter of 2024. “The drop in the volume of delayed ads is one of the factors that explain the increase in the price registered since July 2023,” says Leandro Molina, director of ZonaProp.
In concrete data, A 40 m² studio apartment has a publication price of US$98,109 for sale, while one with two rooms and 50 m² is worth US$117,474 and one with three rooms and 70 m², US$161,697.
Until now they are 13 banks that announced UVA mortgage loans: the Nación, BBVA, Ciudad, Galicia, Hipotecario, Macro, Del Sol, ICBC, Supervielle, Santander and the provincial Córdoba, Neuquén and Corrientes.
The amounts are up to $250 million although there are cases without a limit such as the Galicia line, BBVA, Macro, Supervielle, Santander and del Sol. In general, they finance between 75 and 80% of the value of a property, although there is a single entity that lends 100% : the bank of Córdoba (Bancor), with a limit of $90 million. Macro finances 75% of properties up to $350,000,000, 60% of those over $350,000,000 and 90% if the person taking the loan is under 30 years old with parents who guarantee the loan and acquires their first home. In the case of Nation, it is clarified that it is up to 75%, as long as the value of the property does not exceed 120 million pesos.
THE NATION
