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Builders anticipate how the Government's new mortgage measures will impact housing development - Infobae
Source:
www.infobae.com
November 13, 2024
Private developers analyzed with the Housing Secretariat the key points of the new regulations, which promise to promote the construction of thousands of homes and the purchase of land
By Jose Luis Cieri
There are currently more than 50,000 homes under construction in CABA, including this one located between Cabildo and Congreso Avenues.
Representatives of the Chamber of Urban Developers (CEDU) and the Association of Housing Entrepreneurs (AEV) met this Wednesday with Rodrigo Aybar , Secretary of Territorial Development, Habitat and Housing of the Nation, to analyze in detail the scope of DNU 1017 published today in the Official Gazette. This new legal framework introduces an unprecedented system in Argentina that allows the purchase of sub-prime housing through mortgage loans and generates a significant change in access to the real estate market.
During the meeting, developers expressed their satisfaction with the measure, highlighting that the DNU offers a favorable outlook for the expansion of housing projects and the reactivation of the construction sector.
According to Aybar, the legislation aims to facilitate the acquisition of homes in the early stages of construction, something that was previously not possible through traditional bank financing.
“The new decree will not only boost the construction sector , but will also have a positive impact on the real economy by increasing the supply of housing that can be financed through the future mortgage format . This will allow us to promote more competitive prices and expand credit options for the population, making it easier for more families to access their own home,” he said.
Aybar stressed that the regulations encourage the construction of new homes by opening up financing alternatives for real estate developments and projects without title deeds. “These measures benefit both families looking for a home and the construction sector.”
The dialogue between the private sector and the Government highlighted the potential of this new tool to boost the development of thousands of housing units , which will boost both supply and demand.
Representatives of CEDU and AEV agreed that this measure, unprecedented in the country, could be a key driver to reduce the housing deficit and encourage investment in land and real estate developments.
Damián Tabakman , head of CEDU , whose members develop around 30,000 homes (mainly apartments in CABA and Greater Buenos Aires ), told Infobae that “this is very positive news. Although it will surely take a few months to implement the measure, we are fully confident that the sector will be strengthened both for developers and for those who invest in housing under construction.”
Carlos Spina , president of the Association of Housing Entrepreneurs (AEV) , expressed his satisfaction with the DNU and highlighted that it is the result of a joint work process with the Housing Secretariat. “We are very satisfied because the secretariat held numerous meetings with the chambers, where we were able to discuss various details. A significant advance is the elimination of the mandatory nature of article 2071 of the Civil and Commercial Code of the Nation (CCyC) , which was practically impossible for the sector to comply with,” he explained.
Article 2071 requires the purchase of surety insurance to protect the buyer of an apartment in the event that the transaction fails, guaranteeing the reimbursement of the installments paid plus interest or the release of liens not assumed in the contract. However, this provision was not effective until October 17, 2017 , when the Superintendency of Insurance published a resolution that enabled the implementation of these insurance policies and thus modified the previous scenario in the real estate market.
A current project in the Núñez neighborhood. Bank financing allowed users to buy used and brand new units, now it will be possible to buy them in a pit as well.
Article 14 of the recent DNU replaces article 2071 of the Civil and Commercial Code and establishes that, when entering into contracts for the sale of units under horizontal property , the owner of the domain may constitute insurance in favor of the purchaser to protect him in the event that the operation fails as agreed by the parties.
This change responds to a claim from the sector. “We met on several occasions with the National Insurance Superintendence (SSN) to communicate that the previous regulations were impossible to comply with , since there were no insurance companies that issued such policies,” explained Malí Vázquez , Institutional Director of CEDU .
Spina stressed that the effectiveness of the measure will depend on the banks' willingness to grant loans. "Financing for subprime housing impacts the flow, not the stock , also benefiting financial institutions. It was a tool that the sector had been demanding and we trust that the banks will adopt it soon," he said.
In addition to this measure, which still requires regulation, there are two other key actions that will complement the financing system for divisible mortgages.
Part of the Official Gazette that was published today
The first will allow banks to finance the work for the developer , and at the same time, they will be able to finance up to 30% of the purchase of the house under construction . Once the property is handed over, the buyer will continue paying the same mortgage , without needing to process a new loan, until the 10 or 20 year payment plan is completed , thus covering the remaining 70% of the financing.
“This modality is unprecedented in the country and we hope that savers and young people looking for their first home will be the first to register to purchase units under construction, which they will be able to move into once the work is finished, with payments adapted to their income,” explained Tabakman.
The third action focuses on access to land , especially in private neighborhoods where the lack of deeds has been an obstacle. With the possibility of registering the purchase agreement in the Real Estate Registry , this document can be used as collateral to obtain a loan.
Although this option is still in development and without concrete offers from banks, it will allow a person or family to access plots through the future mortgage system , which will open a new way to acquire land.
www.buysellba.com
Source:
Constructores anticipan cómo impactarán en el desarrollo de viviendas las nuevas medidas del Gobierno sobre las hipotecas
Constructores privados analizaron junto a la Secretaría de Vivienda los puntos clave de la nueva normativa, que promete impulsar la construcción de miles de viviendas y la compra de terrenos
www.infobae.com
November 13, 2024
Private developers analyzed with the Housing Secretariat the key points of the new regulations, which promise to promote the construction of thousands of homes and the purchase of land
By Jose Luis Cieri
There are currently more than 50,000 homes under construction in CABA, including this one located between Cabildo and Congreso Avenues.
Representatives of the Chamber of Urban Developers (CEDU) and the Association of Housing Entrepreneurs (AEV) met this Wednesday with Rodrigo Aybar , Secretary of Territorial Development, Habitat and Housing of the Nation, to analyze in detail the scope of DNU 1017 published today in the Official Gazette. This new legal framework introduces an unprecedented system in Argentina that allows the purchase of sub-prime housing through mortgage loans and generates a significant change in access to the real estate market.
During the meeting, developers expressed their satisfaction with the measure, highlighting that the DNU offers a favorable outlook for the expansion of housing projects and the reactivation of the construction sector.
According to Aybar, the legislation aims to facilitate the acquisition of homes in the early stages of construction, something that was previously not possible through traditional bank financing.
“The new decree will not only boost the construction sector , but will also have a positive impact on the real economy by increasing the supply of housing that can be financed through the future mortgage format . This will allow us to promote more competitive prices and expand credit options for the population, making it easier for more families to access their own home,” he said.
Aybar stressed that the regulations encourage the construction of new homes by opening up financing alternatives for real estate developments and projects without title deeds. “These measures benefit both families looking for a home and the construction sector.”
The dialogue between the private sector and the Government highlighted the potential of this new tool to boost the development of thousands of housing units , which will boost both supply and demand.
Representatives of CEDU and AEV agreed that this measure, unprecedented in the country, could be a key driver to reduce the housing deficit and encourage investment in land and real estate developments.
Damián Tabakman , head of CEDU , whose members develop around 30,000 homes (mainly apartments in CABA and Greater Buenos Aires ), told Infobae that “this is very positive news. Although it will surely take a few months to implement the measure, we are fully confident that the sector will be strengthened both for developers and for those who invest in housing under construction.”
The three main changes
The recent DNU will bring a significant change in the real estate sector by allowing divisible mortgages for developments under horizontal property. With this modality, each buyer will assume his own debt when acquiring a unit, facilitating independent financing and alleviating the financial burden of developers.Carlos Spina , president of the Association of Housing Entrepreneurs (AEV) , expressed his satisfaction with the DNU and highlighted that it is the result of a joint work process with the Housing Secretariat. “We are very satisfied because the secretariat held numerous meetings with the chambers, where we were able to discuss various details. A significant advance is the elimination of the mandatory nature of article 2071 of the Civil and Commercial Code of the Nation (CCyC) , which was practically impossible for the sector to comply with,” he explained.
Article 2071 requires the purchase of surety insurance to protect the buyer of an apartment in the event that the transaction fails, guaranteeing the reimbursement of the installments paid plus interest or the release of liens not assumed in the contract. However, this provision was not effective until October 17, 2017 , when the Superintendency of Insurance published a resolution that enabled the implementation of these insurance policies and thus modified the previous scenario in the real estate market.
A current project in the Núñez neighborhood. Bank financing allowed users to buy used and brand new units, now it will be possible to buy them in a pit as well.
Article 14 of the recent DNU replaces article 2071 of the Civil and Commercial Code and establishes that, when entering into contracts for the sale of units under horizontal property , the owner of the domain may constitute insurance in favor of the purchaser to protect him in the event that the operation fails as agreed by the parties.
This change responds to a claim from the sector. “We met on several occasions with the National Insurance Superintendence (SSN) to communicate that the previous regulations were impossible to comply with , since there were no insurance companies that issued such policies,” explained Malí Vázquez , Institutional Director of CEDU .
Spina stressed that the effectiveness of the measure will depend on the banks' willingness to grant loans. "Financing for subprime housing impacts the flow, not the stock , also benefiting financial institutions. It was a tool that the sector had been demanding and we trust that the banks will adopt it soon," he said.
In addition to this measure, which still requires regulation, there are two other key actions that will complement the financing system for divisible mortgages.
Part of the Official Gazette that was published today
The first will allow banks to finance the work for the developer , and at the same time, they will be able to finance up to 30% of the purchase of the house under construction . Once the property is handed over, the buyer will continue paying the same mortgage , without needing to process a new loan, until the 10 or 20 year payment plan is completed , thus covering the remaining 70% of the financing.
“This modality is unprecedented in the country and we hope that savers and young people looking for their first home will be the first to register to purchase units under construction, which they will be able to move into once the work is finished, with payments adapted to their income,” explained Tabakman.
The third action focuses on access to land , especially in private neighborhoods where the lack of deeds has been an obstacle. With the possibility of registering the purchase agreement in the Real Estate Registry , this document can be used as collateral to obtain a loan.
Although this option is still in development and without concrete offers from banks, it will allow a person or family to access plots through the future mortgage system , which will open a new way to acquire land.
www.buysellba.com
