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Buenos Aires real estate sales grow amid fear of rising prices - Buenos aires Herald
Source:
March 01, 2024
By Andrea Glikman
Real estate prices have dropped over the past four years and have only recently begun to show a slight recovery. The elimination of the Rent Law is one reason behind the change in landscape since a large chunk of properties have gone back to the rental market, decompressing the stock that was up for sale.
According to expert sources, those who have dollars saved should invest now in order to seize the opportunity of lower prices that will soon disappear.
“It’s the right moment to buy property at very good prices,” he stated.
Property prices will recover slowly, but they will recover. Hence, sources see a semester of decision-making and purchases by those who already have the money.
“Prices stabilized in the last quarter after more than 4 years of sustained drop, thus putting an end to the longest crisis in the history of the real estate sector. Property values in Buenos Aires City dropped between 30% and 45% since 2018, depending on the neighborhood. This is a real and solid opportunity for those who have dollars saved and are waiting to invest in real estate, since they would be purchasing at minimum values,” said Facundo Soldati, partner at Soldati Properties.
“With estimates saying that 60% of the current offer is outside market values, there is a significant number of properties that pose an excellent opportunity to buy at historical lows,” the specialist added.
“Although the outlook is encouraging, it is still premature to talk about a price increase. For the moment, we can confirm a stabilization of values after almost 5 years of sustained decline. Values still have a lot of room to recover,” said Soldati.
www.buysellba.com
Source:
Buenos Aires real estate sales grow amid fear of rising prices - Buenos Aires Herald
The market is moving again and many properties still have prices from a decade ago, a phenomenon experts say is not likely to last
buenosairesherald.com
March 01, 2024
The market is moving again and many properties still have prices from a decade ago, a phenomenon experts say is not likely to last
By Andrea Glikman
Real estate prices have dropped over the past four years and have only recently begun to show a slight recovery. The elimination of the Rent Law is one reason behind the change in landscape since a large chunk of properties have gone back to the rental market, decompressing the stock that was up for sale.
According to expert sources, those who have dollars saved should invest now in order to seize the opportunity of lower prices that will soon disappear.
Properties for sale at prices from a decade ago
“We’re selling [properties] with prices from 10 or 12 years ago. Lots of people who have dollars saved see this, they know prices will no longer drop, the plateau is over, and they will go up in the future,” said Gabriel Brodsky, CEO of Predial.“It’s the right moment to buy property at very good prices,” he stated.
Property prices will recover slowly, but they will recover. Hence, sources see a semester of decision-making and purchases by those who already have the money.
“Prices stabilized in the last quarter after more than 4 years of sustained drop, thus putting an end to the longest crisis in the history of the real estate sector. Property values in Buenos Aires City dropped between 30% and 45% since 2018, depending on the neighborhood. This is a real and solid opportunity for those who have dollars saved and are waiting to invest in real estate, since they would be purchasing at minimum values,” said Facundo Soldati, partner at Soldati Properties.
“With estimates saying that 60% of the current offer is outside market values, there is a significant number of properties that pose an excellent opportunity to buy at historical lows,” the specialist added.
Increase in new deeds
Real estate purchase and sale deeds in Buenos Aires City registered a 1.8% increase in the first month of 2024 compared to the year before. This represents an additional 1,882 deeds, while the total number of transactions rose 244.4%, all the way to AR$143 billion. Compared to December 2023, the number of transactions dropped by 58.7% (4,560 deeds). However, it should be noted that there are always fewer transactions in the summer and that the lack of credit loans is a constant problem.What are prospective buyers looking for?
Regarding current real estate options, pre-construction sales are well regarded. Also, large apartments. “Many people began to make purchasing decisions. It is the last chance to buy at good prices. There is a significant concentration in sales of 3 and 4 room apartments; people who want to upgrade,” Brodsky concluded.“Although the outlook is encouraging, it is still premature to talk about a price increase. For the moment, we can confirm a stabilization of values after almost 5 years of sustained decline. Values still have a lot of room to recover,” said Soldati.
www.buysellba.com
