The College of Notaries of the City of Buenos Aires reported that real estate purchase deeds grew by 36% year-on-year in May, which in this way became the best month in the last five years after the peak due to the mortgage boom in 2018.
During last month, 4,590 deeds were signed, a number that has been rising gradually and steadily so far in 2024 from the 1,882 signed in January. The average amount was $75,536,614, which is equivalent to $81,430 at the average official exchange rate: it grew 268% year-on-year in pesos and fell 4.4% in dollars.
Among the total number of deeds, there were 141 formalized with a mortgage, an increase of 5.2% compared to the same month last year. However, in the first five months of the year there was a decrease of 1.2% year-on-year, since only 509 deeds were carried out under this modality.
real estate
In the last decade, the month of May with the lowest number of deeds signed in the City was 2020, at the beginning of the pandemic, with 681 operations. On the contrary, the one that registered the largest amount was in 2018, with 5,944 writings.
“We have two reasons to see a better outlook. May was the best in the last 65 months, after the peak of the mortgage boom in 2018. But at that time there was still an influence of credits and today that still has no impact,” highlighted the president of the Buenos Aires College of Notaries, Jorge De Bártolo.
“We are expectant due to the number of banks that have already launched their mortgage proposals, so we are convinced that with this push the market would have a clear growth effect,” he added.
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