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Mortgage credit boosts the real estate market in the interior: 50% of enquiries are for purchasing with financing - Infobae
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www.infobae.com
November 25, 2024
What type of housing leads sales and what are their values in Córdoba, Mendoza, Rosario, Paraná, Ushuaia, Mar del Plata and Tucumán. Price expectations for next year
By Jose Luis Cieri
In the interior of the country, as in CABA, mortgage loans are beginning to be key to the takeoff of the real estate sector (Illustrative Image Infobae)
The real estate market in the interior of the country is undergoing a transformation driven by the return of mortgage credit , a phenomenon that is also observed in CABA. In cities such as Córdoba, Mendoza and Rosario, 50% of the inquiries received by real estate agencies are aimed at the purchase of homes through financing.
The most sought-after properties are one-, two- and three-bedroom houses and apartments, with prices ranging from USD 70,000 to USD 150,000 depending on the city. These prices, which remain stable compared to previous years, could increase by up to 20% if mortgage credit consolidates its role next year.
Sector operators point out that financing has revitalized key towns in the interior, thanks to the loan offer from 23 banks. Families have turned their priority to buying homes through credit, displacing the traditional focus on renting.
The amounts allocated to the purchase of homes are usually between $65,000,000 and $70,000,000, with initial installments of approximately $450,000 per month adjusted by UVA, depending on the advance payment provided, according to data from the Real Estate Federation of the Argentine Republic.
Most banks finance between 75% and 80% of the value of the property. However, there are exceptions, such as Banco Macro, which offers up to 90% for young people, and Bancor, in Córdoba, which has a line that finances 100% of the value of the property.
Below is an overview of what is happening in some of the main cities in the interior of the country.
Aerial view of the La Cañada area, one of the key areas of Córdoba capital
Depending on the location, prices for apartments in the center of “La Docta” range from USD 55,000 to USD 60,000, while in Nueva Córdoba the values range from USD 68,000 to USD 100,000. Meanwhile, houses in open neighborhoods are priced between USD 75,000 and USD 130,000, while in gated communities they reach between USD 180,000 and USD 450,000.
Virginia Manzotti , owner of the real estate agency of the same name and president of the Federal Council of Real Estate Associations (Cofeci), told Infobae about the positive impact of the loans in the sector.
“The combination of competitive prices and access to mortgage credit is favouring both first-time buyers and those looking for larger properties in gated communities. If the macroeconomy manages to stabilise, the growth of the sector could be even more significant,” he stressed.
New Cordoba, always in demand in the city
Diego Ferreyra , a member of the Rosario College of Real Estate Brokers (Cocir), told this newspaper that “the most sought-after three-room units have a price range between USD 85,000 and USD 100,000, while the three-bedroom units, depending on the square meters, range between USD 90,000 and USD 120,000.”
The Municipal Bank of Rosario leads the credit offer with its “Nido” program, which already has nearly 75,000 pre-qualified people. According to Ferreyra, this initiative stands out in the region for its favorable conditions, which allow more buyers to access financing through draws organized by the Provincial Lottery, which guarantees transparency in the process.
Although demand for apartments shows sustained growth, single-family homes have not yet seen a significant impact in this context.
Ferreyra stressed: “Today, in many cases, the mortgage payment is lower than the rent for a similar property, which encourages families to opt for a purchase.”
View of the downtown area of Mendoza capital
Andy Landa , director of Inmodata Mendoza and specialist in the local market, explained that “the average ticket in Mendoza is around USD 70,000, but the most sought-after properties are currently in private neighborhoods, where values range between USD 110,000 and USD 500,000 depending on the characteristics of the property.”
As for banks, Banco Nación leads with financing of up to 90% for public employees, which positions it as the main driver of the market. In second place, Banco Patagonia offers competitive rates, attracting a broad segment of buyers.
According to Landa, “the growth in credit applications demonstrates the positive impact of these policies, especially for properties of up to USD 100,000, which concentrate the greatest demand.”
A report by Inmodata indicated that only 15% of properties in Mendoza are eligible for mortgage loans, although this percentage is increasing. Programs such as the “mortgage for future good” project promise to speed up access to the market for units under construction or without a final deed.
In one of the capitals of Cuyo, demand is expanding in Mendoza capital, Godoy Cruz, Maipú and Luján de Cuyo, areas close to this city
Since the implementation of the new credits, deeds in Mendoza have grown by 127% compared to previous periods, with around 1,000 transactions registered in July and August, of which more than 10% were mortgage transactions.
The most common price ranges are between USD 60,000 and USD 150,000. This includes one-bedroom apartments in central areas or larger units in residential neighborhoods.
The range of banking options is helping to generate greater confidence in the sector, especially among those looking to purchase their first home in Mar del Plata
Guillermo Rossi , president of the College of Auctioneers and Public Brokers of the Judicial Department of Mar del Plata, said that the supply of properties is wide and that the loans represent a significant incentive for the purchase.
"Although there is still no significant impact on the percentage of transactions, we are confident that in the medium term the market will continue to expand if the value of the dollar remains stable," said Rossi.
The expert stressed: “Mortgage lending is beginning to boost the sector, but it will still take time for this trend to translate into more marked growth in operations.”
Alejandro Aybar , director of Aybar Properties, explained that “Before June we made one or two visits per month to each property, and today we make at least one per day. This not only eliminates the margin for negotiation in prices, but in some areas with greater demand we are already beginning to see increases in prices.”
View of a central area of the capital of Tucumán where the Virgen de la Merced Church can be seen. 80% of the queries in the Tucumán market are linked to mortgage loans, a full growth considering the almost zero demand that existed before the implementation of these lines of financing.
The impact of credit is also reflected in a change in buyer habits. Although most are looking to buy their first home, many families are selling smaller properties to buy larger or better-located properties. “This phenomenon not only makes it easier to access housing, but also allows for tangible progress for many families,” Aybar said.
Aerial view of Paraná, the capital of Entre Ríos
María Paula Armandola , president of the College of Public Real Estate Brokers of Entre Ríos, highlighted that the loans are generating dynamism in the market.
“It is a good time to buy because prices were low due to low demand. If mortgage credit remains stable, values will tend to rise in the medium term,” Armandola explained.
The specialist said that “Currently, there are around 30 weekly consultations, and it is expected that next year the market will feel the positive effects of this financial tool more strongly.”
In the southernmost land in the world, mortgage loans also boost the housing sector
Sergio Arroquy , president of the Supervisory Commission of the Professional College of Auctioneers, Appraisers and Brokers of Tierra del Fuego, explained that “The financing lines are beginning to energize the market, generating a slight increase in prices and differentiating family homes from the pit apartments intended for temporary rental.”
Since the implementation of the new mortgage loans, demand in Ushuaia has grown steadily, although it still represents a limited proportion of total operations.
Arroquy concluded: “This is a first step towards consolidating a more accessible and functional market, in which the banking offer plays a key role. With an offer tailored to the needs of local families and the promotion of mortgage credit, the Tierra del Fuego market is showing signs of recovery.”
www.buysellba.com
Source:
El crédito hipotecario impulsa el mercado inmobiliario del interior: el 50% de las consultas son para comprar con financiación
Qué tipo de viviendas lideran las ventas y cuáles son sus valores en Córdoba, Mendoza, Rosario, Paraná, Ushuaia, Mar del Plata y Tucumán. Expectativas de precios para el año próximo
www.infobae.com
November 25, 2024
What type of housing leads sales and what are their values in Córdoba, Mendoza, Rosario, Paraná, Ushuaia, Mar del Plata and Tucumán. Price expectations for next year
By Jose Luis Cieri
In the interior of the country, as in CABA, mortgage loans are beginning to be key to the takeoff of the real estate sector (Illustrative Image Infobae)
The real estate market in the interior of the country is undergoing a transformation driven by the return of mortgage credit , a phenomenon that is also observed in CABA. In cities such as Córdoba, Mendoza and Rosario, 50% of the inquiries received by real estate agencies are aimed at the purchase of homes through financing.
The most sought-after properties are one-, two- and three-bedroom houses and apartments, with prices ranging from USD 70,000 to USD 150,000 depending on the city. These prices, which remain stable compared to previous years, could increase by up to 20% if mortgage credit consolidates its role next year.
Sector operators point out that financing has revitalized key towns in the interior, thanks to the loan offer from 23 banks. Families have turned their priority to buying homes through credit, displacing the traditional focus on renting.
The amounts allocated to the purchase of homes are usually between $65,000,000 and $70,000,000, with initial installments of approximately $450,000 per month adjusted by UVA, depending on the advance payment provided, according to data from the Real Estate Federation of the Argentine Republic.
Most banks finance between 75% and 80% of the value of the property. However, there are exceptions, such as Banco Macro, which offers up to 90% for young people, and Bancor, in Córdoba, which has a line that finances 100% of the value of the property.
Below is an overview of what is happening in some of the main cities in the interior of the country.
Cordoba
In the capital of Córdoba, mortgage loans have revived the real estate market, with growing interest in one-bedroom apartments and houses with up to three bedrooms.
Aerial view of the La Cañada area, one of the key areas of Córdoba capital
Depending on the location, prices for apartments in the center of “La Docta” range from USD 55,000 to USD 60,000, while in Nueva Córdoba the values range from USD 68,000 to USD 100,000. Meanwhile, houses in open neighborhoods are priced between USD 75,000 and USD 130,000, while in gated communities they reach between USD 180,000 and USD 450,000.
Virginia Manzotti , owner of the real estate agency of the same name and president of the Federal Council of Real Estate Associations (Cofeci), told Infobae about the positive impact of the loans in the sector.
“The combination of competitive prices and access to mortgage credit is favouring both first-time buyers and those looking for larger properties in gated communities. If the macroeconomy manages to stabilise, the growth of the sector could be even more significant,” he stressed.
New Cordoba, always in demand in the city
The center of Rosario predominates
In Rosario, the most sought-after properties are apartments located in the city centre, especially those with three or four rooms. This segment concentrates the largest number of enquiries, driven by families and first-time buyers.Diego Ferreyra , a member of the Rosario College of Real Estate Brokers (Cocir), told this newspaper that “the most sought-after three-room units have a price range between USD 85,000 and USD 100,000, while the three-bedroom units, depending on the square meters, range between USD 90,000 and USD 120,000.”
The Municipal Bank of Rosario leads the credit offer with its “Nido” program, which already has nearly 75,000 pre-qualified people. According to Ferreyra, this initiative stands out in the region for its favorable conditions, which allow more buyers to access financing through draws organized by the Provincial Lottery, which guarantees transparency in the process.
Although demand for apartments shows sustained growth, single-family homes have not yet seen a significant impact in this context.
Ferreyra stressed: “Today, in many cases, the mortgage payment is lower than the rent for a similar property, which encourages families to opt for a purchase.”
Mendoza
In Mendoza, the real estate market is showing signs of recovery thanks to the increase in mortgage loans. Initially, demand was concentrated on one- and two-bedroom apartments in central areas such as Godoy Cruz and Guaymallén, with prices between USD 45,000 and USD 55,000. Currently, interest has shifted to larger homes in gated communities in Luján de Cuyo and Maipú, where prices exceed USD 120,000.
View of the downtown area of Mendoza capital
Andy Landa , director of Inmodata Mendoza and specialist in the local market, explained that “the average ticket in Mendoza is around USD 70,000, but the most sought-after properties are currently in private neighborhoods, where values range between USD 110,000 and USD 500,000 depending on the characteristics of the property.”
As for banks, Banco Nación leads with financing of up to 90% for public employees, which positions it as the main driver of the market. In second place, Banco Patagonia offers competitive rates, attracting a broad segment of buyers.
According to Landa, “the growth in credit applications demonstrates the positive impact of these policies, especially for properties of up to USD 100,000, which concentrate the greatest demand.”
A report by Inmodata indicated that only 15% of properties in Mendoza are eligible for mortgage loans, although this percentage is increasing. Programs such as the “mortgage for future good” project promise to speed up access to the market for units under construction or without a final deed.
In one of the capitals of Cuyo, demand is expanding in Mendoza capital, Godoy Cruz, Maipú and Luján de Cuyo, areas close to this city
Since the implementation of the new credits, deeds in Mendoza have grown by 127% compared to previous periods, with around 1,000 transactions registered in July and August, of which more than 10% were mortgage transactions.
Mar del Plata
In Mar del Plata, mortgage loan transactions are concentrated on houses and apartments with three or more rooms, although there is also interest in smaller units.The most common price ranges are between USD 60,000 and USD 150,000. This includes one-bedroom apartments in central areas or larger units in residential neighborhoods.
The range of banking options is helping to generate greater confidence in the sector, especially among those looking to purchase their first home in Mar del Plata
Guillermo Rossi , president of the College of Auctioneers and Public Brokers of the Judicial Department of Mar del Plata, said that the supply of properties is wide and that the loans represent a significant incentive for the purchase.
"Although there is still no significant impact on the percentage of transactions, we are confident that in the medium term the market will continue to expand if the value of the dollar remains stable," said Rossi.
The expert stressed: “Mortgage lending is beginning to boost the sector, but it will still take time for this trend to translate into more marked growth in operations.”
Tucuman
In San Miguel de Tucumán and nearby towns such as Yerba Buena and Tafí Viejo, the real estate market is undergoing a significant change with the arrival of mortgage loans. Demand is split between houses and apartments, with prices varying between USD 50,000 and USD 200,000 depending on the type, condition and location of the property.Alejandro Aybar , director of Aybar Properties, explained that “Before June we made one or two visits per month to each property, and today we make at least one per day. This not only eliminates the margin for negotiation in prices, but in some areas with greater demand we are already beginning to see increases in prices.”
View of a central area of the capital of Tucumán where the Virgen de la Merced Church can be seen. 80% of the queries in the Tucumán market are linked to mortgage loans, a full growth considering the almost zero demand that existed before the implementation of these lines of financing.
The impact of credit is also reflected in a change in buyer habits. Although most are looking to buy their first home, many families are selling smaller properties to buy larger or better-located properties. “This phenomenon not only makes it easier to access housing, but also allows for tangible progress for many families,” Aybar said.
Parana
In Paraná, Entre Ríos, the demand driven by mortgage loans is concentrated in two- and three-bedroom houses and apartments, with prices ranging between $50,000,000 and $130,000,000. These properties are attractive for families who, without this financial tool, would not be able to afford to buy them.
Aerial view of Paraná, the capital of Entre Ríos
María Paula Armandola , president of the College of Public Real Estate Brokers of Entre Ríos, highlighted that the loans are generating dynamism in the market.
“It is a good time to buy because prices were low due to low demand. If mortgage credit remains stable, values will tend to rise in the medium term,” Armandola explained.
The specialist said that “Currently, there are around 30 weekly consultations, and it is expected that next year the market will feel the positive effects of this financial tool more strongly.”
Ushuaia
In Ushuaia, Tierra del Fuego, the most sought-after homes with mortgage loans are thwo-bedroom houses with a patio, with prices between USD 120,000 and USD 200,000. These properties are ideal for families looking for functional and comfortable spaces in a province characterized by its extreme climate.
In the southernmost land in the world, mortgage loans also boost the housing sector
Sergio Arroquy , president of the Supervisory Commission of the Professional College of Auctioneers, Appraisers and Brokers of Tierra del Fuego, explained that “The financing lines are beginning to energize the market, generating a slight increase in prices and differentiating family homes from the pit apartments intended for temporary rental.”
Since the implementation of the new mortgage loans, demand in Ushuaia has grown steadily, although it still represents a limited proportion of total operations.
Arroquy concluded: “This is a first step towards consolidating a more accessible and functional market, in which the banking offer plays a key role. With an offer tailored to the needs of local families and the promotion of mortgage credit, the Tierra del Fuego market is showing signs of recovery.”
www.buysellba.com
