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Properties: The answers to 16 key questions that anticipate whether it is a good investment to buy today - La Nación Propieades
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www.lanacion.com.ar
August 13, 2023
August 13, 2023
Prices, opportunities and trends, the answers to 16 questions about the future of a market that is key to the development of the economy and that was analyzed in depth at the LA NACION Real Estate Summit
In Argentina, more than half of the people are not comfortable with their home and almost nine out of 10 people plan to move in the next 12 months . The data comes from a Zonaprop report and is the best proof that the real estate sector promises a change of cycle. This is the conclusion reached by the more than 200 businessmen who participated in the Real Estate Summit, the event that LA NACION has organized for eight years. During the day of more than five hours. Eduardo Costantini , the creator of Nordelta , made the agenda that comes with the answers to 15 key questions that worry investors who look to invest in real estate as a refuge for their capital.
1- Is it a good time to buy a property?
“Yes, because the prices touched their floor. There are opportunities because the sale values fell and they can only rise because there is an expectation of change”, explained the developer Gabriel Mayo, director of the G&D developer. In numbers, Leandro Molina, director of Zonaprop, quantified that they fell by 23.9% since 2019 . " We also see a rise in prices, for the first time in 52 months ," he explained. "It reaffirms that the brick continues to be a refuge of value for the Argentines", added Gabriela Goldszer, director of Ocampo Propiedades. "If you look at the historical data, it shows that prices were only lower than today in constant currency in 2002 and in 1989," compared Leandro Soldati, director of the eponymous real estate agency.
2- Should we look at the situation before buying a property?
No. The answer was given by Martín Boquete, director of Toribio Achával, who insisted that property is a product that transcends circumstances: “when values are recovered, it is when people remember that properties last 100 years, they are forever".
3- How much does a property cost?
The data was given by Leandro Molina, director of Zonaprop: "Today, with the same money that a few years ago you had access to a two-bedroom, today you can buy a three-bedroom that averages US$175,000 ," he explained.
Diego Cazes en el Summit de Real Estate (L.J. Ramos)
4-Is there room for aggressive counteroffers?
No. “The negotiations have shrunk: Haggling of between 15% and 20% is a thing of the past. Today they do not exceed 7%,” said Diego Cazes, director of LJ Ramos. He added that, "with a bit of fresh air, the market reacts and buys."
Miguel Ludmer, director of Interwin, elaborated on the reasons why there is no longer room for strong negotiations. “On the one hand, there is no bank pressing, which is why people try to associate the value with what they paid, or match it, and a large percentage [of the owners] even prefer to postpone the sale,” he explained.
5-Is it convenient to buy in a new construction development project?
Over the past year the cost of construction has remained stable but is still 10 percent below the decade average. "In other words, it is not the opportunity of October 2020 when it hit the historical floor in 20 years, but it is still an attractive investment," replied Gonzalo de la Serna, CEO of Consultatio. Gerardo Azcuy, president of the developer of the same name, estimated that the income from a project from start to finish is around 40 percent. De la Serna agreed and explained that this number gives between 10 and 12 percent per year. “Brick is more resilient than other assets such as financials that can yield more at some point and not at another,” he analyzed.
6- What is the risk that the quotas in pesos adjusted by CAC skyrocket?
Nobody has a crystal ball, much less in a macro situation as unstable as Argentina. “ You have to see the film and not the photo”, insisted Carlos Spina, partner of Argencons, the developer that owns the Quartier brand with more than 330,000 square meters under construction, which among other ventures is advancing with one in Bajo Belgrano in which it sells at an average of US$3,000/m². The businessman clarified that in his trust model at cost, he always complied with the amounts committed in pesos. Is it good business? "In dollars it is difficult to know," Spina replied and clarified that he is not in arrears.
Eduardo Costantini (Consultatio) en el Summit de Real Estate
7- Does the financial market anticipate what will happen to real estate?
“Yes”, responded without hesitation De la Serna, from Consultatio. The executive analyzed that a year ago shares were 70 below their maximums and real estate was more resilient, but in the last 12 months the value of companies more than doubled in dollars: it grew 110 percent, bonds rose 40 percent and cars too . These relative price adjustments implied that the sale values of the properties touched their floor and give perspective that they will rise. What happens is that financial assets, being more liquid, move faster but anticipate what can happen.
Real estate was more resilient but in the last 12 months the value of companies more than doubled in dollars: it grew 110 percent, bonds rose by 40 percent and cars as well
8- Is real estate a good alternative to dollarize pesos?
Faced with the impossibility of buying dollars, whoever has a flow of pesos can buy future dollars through real estate investing , for example in new construction projects. During his panel, Spina explained that in turbulent times, financiers talk to you about the flight to quality, but in this sector the flight to trust happens: "Pesos burn and in environments with little trust, they are invested in ventures with the brand of companies that comply with ", he claimed. Far from the residential market, Hernán Castro, senior broker at Cushman & Wakefield, highlighted offices as an opportunity, even in a context in which empty corporate meters abound. “ The companies place pesos, dollarize and have an income of 3 percent. It is not ideal but it is a way to protect value”, analyzed the executive.
9- What type of properties sell faster?
"The good ones", those consulted agree. De la Serna sold all the land in the new neighborhoods that he launched in Nordelta and Puertos. "In total there were 200, 100 of each for tickets that ranged between US$150,000 and US$250,000," explained the CEO. Rodrigo Nieto Silva, who manages Pilará, admitted that there was a tailwind due to the pandemic that continues today. The project has six consolidated neighborhoods and three more to be delivered. The last one, launched in September of last year, has already been sold: there were 130 lots with tickets between US$140,000 and US$220,000.. His next plan is to launch a new neighborhood in September. “It will have lots from 800 meters with tickets that will range between US$140/m² and US$220/m²,” explained the man who leads the venture where 600 families live. "We receive many inquiries from abroad because Argentina is cheap, as well as young families who want to change their lives and see Pilar as a good option that has nature and all the services," he analyzed.
Azcuy, for his part, is advancing with his first venture outside of Caballito: he will develop a project in Nordelta. “The quality product as an antidote to bad cycles. If you have a good product, adjust the price a bit and sell the same”, Azcuy clarified.
10- Is the return to the city consolidated?
The high flow of traffic and the return to face-to-face reaffirms the trend. Molina explained that the demand in closed neighborhoods dropped between 48% and 70%, depending on whether we are talking about the south or north corridor. In other words, life in the city is once again at the center of demand. Álvaro García Resta, Secretary of Urban Development of the City of Buenos Aires, quantified that nine out of ten Argentines live in cities and advanced the potential of the microcenter. There are two examples of conversion from offices to residences : the Tornquist and Del Plata buildings. "The first step was to generate supply, then the challenge of the demand for permanent use will come," he said.
Los multifamily son una oportunidad de inversión
11-Where are there investment opportunities within the country?
Patagonia is experiencing a great moment because it stopped being a seasonal destination. “ There is demand and supply with tickets from US$120,000 for a one-bedroom apartment with a flat rent of seven percent per year ,” replied Daniela Aiello, partner at Finca Sur Gestión Inmobiliaria. Lucas Salvatore, president of Idero, a company that builds homes from a structure with a steel core put another destination on the table: Añelo in Vaca Muerta, Neuquén . In that town that has a deficit of 50,000 beds, the businessman develops projects that he rents to companies for their employees: we have ten-year dollar contracts. " The rent starts at 8% for units of 60 m² and two bedrooms of US$120,000" , he explained.
12-Which are the most demanded neighborhoods?
"Caballito, Recoleta, Palermo, Villa Crespo and Saavedra are the most wanted ," Molina explained. “In Caballito there is an unexplored niche with a demand with purchasing power that used to build houses in gated communities in the southern zone of 1,500 square meters but lived in small, ugly, crowded apartments,” agreed Azcuy, who sells for an average of US$3,100/m².
Caballito, Recoleta, Palermo, Villa Crespo y Saavedra son los más buscados
13-What will the cities of the future be like?
"With the adoption of artificial intelligence, there will be smart cities where we have many algorithms that will allow the efficient solution of various problems that we have, such as logistics," responded Rebeca Hwang, general partner of Kalei Ventures. The specialist points out that these smart cities were designed many years ago and the visions of how they can be are diverse. “With the dizzying adoption of technology today we are going to start micro-ecosystems where these near-future pilots can be created,” she summed up.
14-What are the challenges posed by 15-minute cities?
Carlos Moreno, the man who created the concept and who works with the mayor of Paris, Anne Hidalgo, affirmed that this is a key point to combat climate change. He assured that it is not fought with technology but by changing the way of life and raised three challenges: sustainability, the creation of the local economy and giving neighborhoods public spaces and alternatives to reduce the weight of carsand the reduction of long distances. to go to work or daily activities. These three maxims created the concept today known as "15 minute city", which according to what he said also follows to the letter the saying of the famous urban planner Jane Jacobs: "A city has life when each inhabitant has the freedom to choose what they want to do without having to get into a car to achieve it."
15- What is neonomadism, the new trend in the sector?
Flexibility is a key premise for those who build a venture. A concrete example is the redefinition of the project that Eduardo Costantini had to do on the land that he planned to build on the land that he had bought in Catalinas. He will now move forward with a residential project based on the concept of the paradigm of life in motion." The buildings are no longer thought of as residential or office, they are spaces to be lived in that can attract people outside of their radius of influence and who are looking for an expanding life with good views and amenities”, summarized De la Serna.
16- What is the influence of spaces on people's emotions?
"There is a communication between the spaces and the person who is in our unconscious and sometimes we forget the memories they bring," explained Larissa Del Río, the psychologist who studies how spaces affect emotions, and clarified that "there are no better or worse colors than others, the key is to choose shades that evoke positive memories.”
www.buysellba.com
Source:
Propiedades: las respuestas a 16 preguntas claves que anticipan si es una buena inversión comprar hoy
Precios, oportunidades y tendencias, las respuestas a 16 preguntas sobre el futuro de un mercado que es clave para el desarrollo de la economía y que se analizó a fondo en el Summit de Real Estate de LA NACION
www.lanacion.com.ar
August 13, 2023
August 13, 2023
Prices, opportunities and trends, the answers to 16 questions about the future of a market that is key to the development of the economy and that was analyzed in depth at the LA NACION Real Estate Summit
In Argentina, more than half of the people are not comfortable with their home and almost nine out of 10 people plan to move in the next 12 months . The data comes from a Zonaprop report and is the best proof that the real estate sector promises a change of cycle. This is the conclusion reached by the more than 200 businessmen who participated in the Real Estate Summit, the event that LA NACION has organized for eight years. During the day of more than five hours. Eduardo Costantini , the creator of Nordelta , made the agenda that comes with the answers to 15 key questions that worry investors who look to invest in real estate as a refuge for their capital.
1- Is it a good time to buy a property?
“Yes, because the prices touched their floor. There are opportunities because the sale values fell and they can only rise because there is an expectation of change”, explained the developer Gabriel Mayo, director of the G&D developer. In numbers, Leandro Molina, director of Zonaprop, quantified that they fell by 23.9% since 2019 . " We also see a rise in prices, for the first time in 52 months ," he explained. "It reaffirms that the brick continues to be a refuge of value for the Argentines", added Gabriela Goldszer, director of Ocampo Propiedades. "If you look at the historical data, it shows that prices were only lower than today in constant currency in 2002 and in 1989," compared Leandro Soldati, director of the eponymous real estate agency.
2- Should we look at the situation before buying a property?
No. The answer was given by Martín Boquete, director of Toribio Achával, who insisted that property is a product that transcends circumstances: “when values are recovered, it is when people remember that properties last 100 years, they are forever".
3- How much does a property cost?
The data was given by Leandro Molina, director of Zonaprop: "Today, with the same money that a few years ago you had access to a two-bedroom, today you can buy a three-bedroom that averages US$175,000 ," he explained.
Diego Cazes en el Summit de Real Estate (L.J. Ramos)
4-Is there room for aggressive counteroffers?
No. “The negotiations have shrunk: Haggling of between 15% and 20% is a thing of the past. Today they do not exceed 7%,” said Diego Cazes, director of LJ Ramos. He added that, "with a bit of fresh air, the market reacts and buys."
Miguel Ludmer, director of Interwin, elaborated on the reasons why there is no longer room for strong negotiations. “On the one hand, there is no bank pressing, which is why people try to associate the value with what they paid, or match it, and a large percentage [of the owners] even prefer to postpone the sale,” he explained.
5-Is it convenient to buy in a new construction development project?
Over the past year the cost of construction has remained stable but is still 10 percent below the decade average. "In other words, it is not the opportunity of October 2020 when it hit the historical floor in 20 years, but it is still an attractive investment," replied Gonzalo de la Serna, CEO of Consultatio. Gerardo Azcuy, president of the developer of the same name, estimated that the income from a project from start to finish is around 40 percent. De la Serna agreed and explained that this number gives between 10 and 12 percent per year. “Brick is more resilient than other assets such as financials that can yield more at some point and not at another,” he analyzed.
6- What is the risk that the quotas in pesos adjusted by CAC skyrocket?
Nobody has a crystal ball, much less in a macro situation as unstable as Argentina. “ You have to see the film and not the photo”, insisted Carlos Spina, partner of Argencons, the developer that owns the Quartier brand with more than 330,000 square meters under construction, which among other ventures is advancing with one in Bajo Belgrano in which it sells at an average of US$3,000/m². The businessman clarified that in his trust model at cost, he always complied with the amounts committed in pesos. Is it good business? "In dollars it is difficult to know," Spina replied and clarified that he is not in arrears.
Eduardo Costantini (Consultatio) en el Summit de Real Estate
7- Does the financial market anticipate what will happen to real estate?
“Yes”, responded without hesitation De la Serna, from Consultatio. The executive analyzed that a year ago shares were 70 below their maximums and real estate was more resilient, but in the last 12 months the value of companies more than doubled in dollars: it grew 110 percent, bonds rose 40 percent and cars too . These relative price adjustments implied that the sale values of the properties touched their floor and give perspective that they will rise. What happens is that financial assets, being more liquid, move faster but anticipate what can happen.
Real estate was more resilient but in the last 12 months the value of companies more than doubled in dollars: it grew 110 percent, bonds rose by 40 percent and cars as well
8- Is real estate a good alternative to dollarize pesos?
Faced with the impossibility of buying dollars, whoever has a flow of pesos can buy future dollars through real estate investing , for example in new construction projects. During his panel, Spina explained that in turbulent times, financiers talk to you about the flight to quality, but in this sector the flight to trust happens: "Pesos burn and in environments with little trust, they are invested in ventures with the brand of companies that comply with ", he claimed. Far from the residential market, Hernán Castro, senior broker at Cushman & Wakefield, highlighted offices as an opportunity, even in a context in which empty corporate meters abound. “ The companies place pesos, dollarize and have an income of 3 percent. It is not ideal but it is a way to protect value”, analyzed the executive.
9- What type of properties sell faster?
"The good ones", those consulted agree. De la Serna sold all the land in the new neighborhoods that he launched in Nordelta and Puertos. "In total there were 200, 100 of each for tickets that ranged between US$150,000 and US$250,000," explained the CEO. Rodrigo Nieto Silva, who manages Pilará, admitted that there was a tailwind due to the pandemic that continues today. The project has six consolidated neighborhoods and three more to be delivered. The last one, launched in September of last year, has already been sold: there were 130 lots with tickets between US$140,000 and US$220,000.. His next plan is to launch a new neighborhood in September. “It will have lots from 800 meters with tickets that will range between US$140/m² and US$220/m²,” explained the man who leads the venture where 600 families live. "We receive many inquiries from abroad because Argentina is cheap, as well as young families who want to change their lives and see Pilar as a good option that has nature and all the services," he analyzed.
Azcuy, for his part, is advancing with his first venture outside of Caballito: he will develop a project in Nordelta. “The quality product as an antidote to bad cycles. If you have a good product, adjust the price a bit and sell the same”, Azcuy clarified.
10- Is the return to the city consolidated?
The high flow of traffic and the return to face-to-face reaffirms the trend. Molina explained that the demand in closed neighborhoods dropped between 48% and 70%, depending on whether we are talking about the south or north corridor. In other words, life in the city is once again at the center of demand. Álvaro García Resta, Secretary of Urban Development of the City of Buenos Aires, quantified that nine out of ten Argentines live in cities and advanced the potential of the microcenter. There are two examples of conversion from offices to residences : the Tornquist and Del Plata buildings. "The first step was to generate supply, then the challenge of the demand for permanent use will come," he said.
Los multifamily son una oportunidad de inversión
11-Where are there investment opportunities within the country?
Patagonia is experiencing a great moment because it stopped being a seasonal destination. “ There is demand and supply with tickets from US$120,000 for a one-bedroom apartment with a flat rent of seven percent per year ,” replied Daniela Aiello, partner at Finca Sur Gestión Inmobiliaria. Lucas Salvatore, president of Idero, a company that builds homes from a structure with a steel core put another destination on the table: Añelo in Vaca Muerta, Neuquén . In that town that has a deficit of 50,000 beds, the businessman develops projects that he rents to companies for their employees: we have ten-year dollar contracts. " The rent starts at 8% for units of 60 m² and two bedrooms of US$120,000" , he explained.
12-Which are the most demanded neighborhoods?
"Caballito, Recoleta, Palermo, Villa Crespo and Saavedra are the most wanted ," Molina explained. “In Caballito there is an unexplored niche with a demand with purchasing power that used to build houses in gated communities in the southern zone of 1,500 square meters but lived in small, ugly, crowded apartments,” agreed Azcuy, who sells for an average of US$3,100/m².
Caballito, Recoleta, Palermo, Villa Crespo y Saavedra son los más buscados
13-What will the cities of the future be like?
"With the adoption of artificial intelligence, there will be smart cities where we have many algorithms that will allow the efficient solution of various problems that we have, such as logistics," responded Rebeca Hwang, general partner of Kalei Ventures. The specialist points out that these smart cities were designed many years ago and the visions of how they can be are diverse. “With the dizzying adoption of technology today we are going to start micro-ecosystems where these near-future pilots can be created,” she summed up.
14-What are the challenges posed by 15-minute cities?
Carlos Moreno, the man who created the concept and who works with the mayor of Paris, Anne Hidalgo, affirmed that this is a key point to combat climate change. He assured that it is not fought with technology but by changing the way of life and raised three challenges: sustainability, the creation of the local economy and giving neighborhoods public spaces and alternatives to reduce the weight of carsand the reduction of long distances. to go to work or daily activities. These three maxims created the concept today known as "15 minute city", which according to what he said also follows to the letter the saying of the famous urban planner Jane Jacobs: "A city has life when each inhabitant has the freedom to choose what they want to do without having to get into a car to achieve it."
15- What is neonomadism, the new trend in the sector?
Flexibility is a key premise for those who build a venture. A concrete example is the redefinition of the project that Eduardo Costantini had to do on the land that he planned to build on the land that he had bought in Catalinas. He will now move forward with a residential project based on the concept of the paradigm of life in motion." The buildings are no longer thought of as residential or office, they are spaces to be lived in that can attract people outside of their radius of influence and who are looking for an expanding life with good views and amenities”, summarized De la Serna.
16- What is the influence of spaces on people's emotions?
"There is a communication between the spaces and the person who is in our unconscious and sometimes we forget the memories they bring," explained Larissa Del Río, the psychologist who studies how spaces affect emotions, and clarified that "there are no better or worse colors than others, the key is to choose shades that evoke positive memories.”
www.buysellba.com
