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Deeds in CABA reached their highest level in 7 years in December - Infobae
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Las escrituras en CABA alcanzaron en diciembre su máximo histórico en 7 años
Con 7.667 actos notariales en diciembre, según el Colegio de Escribanos porteño, el año cerró con más de 54.000 operaciones, una cifra que no se alcanzaba desde 2017. Qué factores impulsaron esta expansión y cuál fue el impacto del regreso de los créditos hipotecarios
www.infobae.com
January 23, 2025
With 7,667 notarial acts in December, according to the College of Notaries of Buenos Aires, the year closed with more than 54,000 operations, a figure that had not been reached since 2017. What factors drove this expansion and what was the impact of the return of mortgage loans?
By Jose Luis Cieri
Mortgage lending in CABA grew by 874% year-on-year in December 2024 (Illustrative Image Infobae)
The real estate market in the city of Buenos Aires closed 2024 with positive indicators that marked the best December in terms of deeds of sale in the last 7 years. According to information from the College of Notaries of CABA, 7,667 acts were registered in the last month of the year, which represented an increase of 68.1% compared to the same month of the previous year.
In addition, the total amount of transactions increased by 250.8% year-on-year, reaching $819.375 billion , reflecting overall growth in a sector that had faced significant difficulties in previous years and left behind more than five long years of crisis.
The average transaction amount was $106,870,398 (equivalent to USD 101,877 at the average official exchange rate) , which represents a year-on-year increase of 108% in nominal terms in pesos and 38% in dollars, according to official figures.
The credit impact
The upturn in the economy helps in the reappearance of credit. December was a record month for mortgages : 1,130 deeds backed by mortgage loans were recorded , which represented a growth of 874.14% compared to the same period in 2023.This factor is key to understanding the market recovery, as credit is beginning to regain its importance.
Source: College of Notaries of the City of Buenos Aires
The president of the College of Notaries of CABA, Jorge De Bártolo , expressed his satisfaction with these results to Infobae and pointed out that “the data for December confirmed that there had not been a month with so much activity for seven years. What's more, it was on the podium for the highest number of sales in a 17-year period, with more than 7,600 transactions.”
De Bártolo also highlighted: “Behind us are years of exchange rate jumps, pandemic, restrictions, inflation and few stimuli. Since 2020 we have been climbing step by step and, finally, we managed to close the year with more than 54,000 deeds . ”
This increase is explained, in part, by the economic stability that characterized the last quarter of the year, where there were no abrupt jumps in the exchange rate and inflation was more controlled, factors highlighted by De Bártolo.
“Those who had the opportunity, embarked on the dream of owning a home. The last quarter began to see a greater impact of mortgage credit with around 1,000 loans per month ,” he said.
Another aspect worth highlighting is that this December is positioned as one of the best months of real estate activity in the long term. According to De Bártolo: “This December is on the podium of the best months of the last 17 years: only December 2017 (7,900) with the UVA furor and December 2007 (8,500), when the country clearly had other indicators, surpassed it.”
He also pointed to the possible effect of money laundering regulations that may have boosted transactions, although he acknowledged: “We were honestly pleasantly surprised by the December figure.”
As mortgages begin to gain ground, the data also suggest that the recovery is taking hold. One important trend was the growth in the percentage of mortgage loans in relation to the total volume of sales over the last few months.
Source: College of Notaries of the City of Buenos Aires
According to De Bártolo, the percentage reached 15-16% in the last quarter of 2024, while in September it was 13% and in August 8%; compared to the UVA boom in 2017, where 40% of operations involved loans, the share of mortgages is still far from that level, but with prospects of continuing to increase, he reported.
However, De Bártolo stressed the need to move towards a “credit culture” that would allow this trend to be consolidated: “For the act of buying and selling, the buyer can choose the notary, because in the case of a mortgage, the bank appoints one.”
He also highlighted the joint work with banks and specialists to simplify the processes and ensure that the properties are in optimal condition. “A secure title makes a secure loan ,” he emphasized.
Looking ahead, expectations for the summer months are moderate but optimistic . According to the analysis, January and February tend to be less active in notarial terms, with an average of 4,000 deeds per month when credit is active.
De Bártolo reaffirmed this forecast and said that "although credit has not yet grown, we believe that activity will multiply this summer."
Real estate opinion
The recovery was also largely driven by the government's change of heart and economic direction, which revived activity and generated significant dynamism in the sector.
Source: College of Notaries of the City of Buenos Aires
Fabián Achával , CEO of Fabián Achával Properties and head of Radar Inmobiliario, highlighted that “the December figure exceeded expectations. We already had a very positive outlook and we closed an exceptional year, especially considering that exchange controls still exist.”
Achával stressed the key role of operations financed with mortgage loans: “The restructuring of wages in dollars was also a central factor, and strongly boosted activity.”
On the other hand, he pointed out additional factors that favored the market, such as exchange rate stability ( pax cambiaria ) and the fact that wages are outpacing inflation, a situation that enables buyers' ability to save.
These elements, combined with a demand for an exit from renting and a commitment to buying through mortgage loans, create “an optimistic outlook for the future.”
According to Achával, the continuation of these conditions would further strengthen the real estate sector during 2025.
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