BuySellBA
Administrator
Mortgage loan inquiries are on the rise: Which are the most sought-after apartments in CABA? - Infobae
Source:
Crecen las consultas para créditos hipotecarios: ¿cuáles son los departamentos que más se buscan en CABA?
También hay cada vez más carpetas pre-aprobadas. Se espera que los primeros desembolsos se realicen en las próximas semanas. Se mantiene el dinamismo de parte de la demanda
www.infobae.com
August 6, 2024
There are also more and more pre-approved portfolios. The first disbursements are expected to be made in the coming weeks. Demand remains dynamic.
By Jose Luis Cieri
It is expected that in a few weeks the disbursements will be allocated so that the demand can buy their house through the new mortgage loans
The return to the mortgage loan market and the participation of 18 financial institutions - each with its respective proposal - generated a flood of enquiries and a large number of pre-approved files. However, its impact on the purchase and sale of real estate in Buenos Aires is still incipient. In May, with 4,950 notarial acts, the deeds increased by 36% year-on-year, but it is expected that this process will be consolidated in the coming weeks and that operations with mortgage loans (UVA) will be increasingly greater.
Banco Hipotecario (the first to launch them) already has 46,000 registered users and more than 150,000 simulations, of which 15% are for amounts greater than $100 million pesos. Meanwhile, Banco Nación received 28,666 applications: 19,438 for purchase, 2,693 for second homes, 2,847 for construction, 2,883 for completion and 805 for change of home. And there are hundreds of pre-approved folders awaiting confirmation from the lending institutions to make the disbursements.
Meanwhile, families are touring to decide which home to buy.
“After five years of crisis in the sector, which included the Rental Law (repealed by the current Government's DNU) and emptied the market of supply, there is now great hope. Even people with savings understand that it is time to bet on brick and mortar and allocate their funds to the purchase and sale of properties. Regarding loans, we noticed a large number of inquiries for apartments that range between 90,000 and 100,000 dollars in all neighborhoods of the city,” Diego Frangella , president of the Buenos Aires Real Estate Association, told Infobae.
What to keep in mind
To access a mortgage loan, it is crucial to secure a down payment, since loans cover between 75% and 80% of the value. The monthly payment depends on the applicant's income, so it is advisable to evaluate income and payment capacity.The first step is to get pre-approved by a bank. Then, carefully review the terms of the contract, including additional costs and cancellation conditions, before signing.
Luis Cevasco , from Cevasco Negocios Inmobiliarios, pointed out that although there is a significant increase in demand, the lack of available properties remains an obstacle. “We are faced with a lack of available properties to meet this growing demand. Interested parties are eager to find options that fit their needs and financing possibilities.”
Two-room apartments are among the most sought-after on the real estate market today
Currently, the offer in CABA has been reduced, there are about 66,000 apartments for sale , but around 30% are not suitable for credit due to building deficiencies or lack of proper documentation to qualify for a mortgage loan.
This phenomenon is very similar to that reported by Jimena Maderna , of Maderna Relaciones Inmobiliarias, who mentions a 30% increase in inquiries, translating into specific visits.
Most Wanted
Two-room apartments are the most sought after by those seeking access to new mortgage loans, especially for their own home.“These buyers are targeting properties valued at up to USD 150,000, prioritizing well-connected locations with access to essential services,” said Maderna.
Real estate agencies report that inquiries about apartments have increased by almost 70% since mortgage loans were announced.
Lorena Lo Schiavo , from Lo Schiavo Lorena Real Estate, commented: “The enquiries are directed at properties with similar characteristics, coinciding in typology, location and values within the market. The most consulted are in the Centro and Microcentro areas, with great interest in 1 (studio) and 2-room apartments, with published values ranging between 40,000 and 65,000 dollars.”
The movement remains practically the same. In some units, especially the cheaper ones, a slight increase in enquiries was noted.
“The apartments that are seeing a little more demand since the loans were issued are those between USD 40,000 and USD 50,000, regardless of the area. Since the amount of income required to access higher amounts is so high, for now, those that are being issued are all for the minimum amount of USD 40,000,” said Tobías Fanelli , from Salguero Properties.
To access a mortgage loan, it is crucial to secure the down payment, since the loans cover between 75% and 80% of the value.
There are options for different budgets, and the larger the advance that can be allocated, the lower the amount and risk that those seeking access to credit will have to assume.
The main objective is for apartments to be in optimal conditions for living, with good ventilation and, above all, with balconies.
Market drivers
In recent months, studios and two-room apartments have led sales, attracting young professionals and singles looking for a first home in the city center. According to Cevasco, the new mortgage loans will facilitate the purchase of these units, which tend to have affordable prices and high demand in areas such as Recoleta and parts of downtown Buenos Aires.Central and well-connected areas remain the most preferred by buyers due to easy access to essential services. Maderna highlighted the focus on Palermo, Belgrano, Barracas, Retiro and Recoleta.
Sales of one- and two-bedroom apartments increased, making them popular for both investment and first-time homes, especially near universities. Lo Schiavo mentioned the interest in brand-new units, seen as a solid investment with rental potential.
Although the new loans have not yet been disbursed, the trend shows an increase in transactions of lower-priced properties and a demand for three-room apartments, especially in neighborhoods such as Floresta, Mataderos, Liniers, Villa del Parque and Saavedra.
Fanelli concluded that two-room apartments continue to be highly sought after due to their versatility in rental and sale, highlighting their constant turnover and popularity as a first home or investment.
www.buysellba.com
