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Real estate market boom in CABA: with record figures since 2017, what is expected for next year - Infobae
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Boom del mercado inmobiliario en CABA: con cifras récord desde 2017, qué se espera para el año próximo
El sector muestra un repunte significativo con datos alentadores sobre compra ventas y créditos hipotecarios mientras se proyecta un crecimiento consolidado para el próximo año. Se espera superar las 52.000 escrituras
www.infobae.com
December 27, 2024
The sector is showing a significant upturn with encouraging data on sales and mortgage loans, while consolidated growth is projected for next year. The number of deeds is expected to exceed 52,000.
By Jose Luis Cieri
The best "real estate" year is expected to end after a long crisis with more than 52,000 purchase and sale transactions in CABA (Illustrative Image Infobae)
With more than 47,000 deeds of sale registered by November, the real estate market in the city of Buenos Aires is on track to close the year with a minimum of 52,000 transactions, according to data released by the Buenos Aires Notary Association. This rebound marks a 30% growth compared to 2023 and positions the sector at its best moment since 2017, when mortgages played a key role in the market's dynamism.
According to figures provided by the agency, 5,755 deeds of sale were signed in November 2024, which represents an increase of 41.5% compared to the same month of the previous year.
The total amount involved in these transactions amounted to $584,653 million, which implies an increase of 342.6% year-on-year. This growth was also reflected in the average value of the transactions, which reached $101,590,456 (equivalent to 99,500 dollars at the average official exchange rate), an increase of 212.9% in pesos and 13.4% in dollars compared to November 2023.
The president of the College of Notaries of the City of Buenos Aires, Jorge De Bártolo , highlighted that the last quarter of the year will close with a monthly average close to 6,000 purchase and sale transactions and will thus consolidate an estimated total of 53,000 deeds by 2024.
Source: College of Notaries of the City of Buenos Aires
According to De Bártolo, “with the incentive of credit, we noticed that the second half of the year had a boost for activity and, with all the work done this year, we hope that in 2025 mortgages will be consolidated and there will be a minimum of one thousand operations in that regard.”
The role of mortgage credit in the recovery
One of the key factors behind the sector's recovery is the sustained growth of mortgage transactions. In November 2024, 950 mortgage deeds were formalized, representing an increase of 472.3% compared to the same month of the previous year. In the year to date, 3,864 such transactions were recorded, an increase of 152% compared to 2023.Mortgage lending, which had fallen to record lows in previous years, has begun to show signs of recovery in recent months. In November, mortgages accounted for 15% of total sales volume, a significant improvement compared to 13% in September and 8% in August. Although these figures are still far from the 40% reached during the UVA credit boom in 2018, sustained growth generates positive expectations for 2025.
De Bártolo stressed that “credit is a wheel that will have a good outlook as soon as it is oiled.” He also pointed out that, in an ideal scenario without sudden variations in the dollar, the market could reach activity levels similar to those of the years of greatest dynamism, when more than 70,000 annual sales were made.
Sustained growth
The performance of the real estate market in 2024 is part of a sustained growth trend that began almost four years ago.According to data from the Notary Association, November 2024 marked the 32nd consecutive month of year-on-year increase in the number of deeds. Of the last 47 months, only three recorded year-on-year declines, which shows a gradual but steady recovery.
Source: College of Notaries of the City of Buenos Aires
In historical terms, the market has shown significant development since the lows reached in 2020, when fewer than 20,000 deeds were recorded.
According to current projections, 2024 will end with a volume of operations close to that of 2018, a year that was marked by strong mortgage activity in its first half. De Bártolo compared this recovery to “a six-year climb up the stairs” and expressed his optimism about the possibility of continuing to expand in the coming years.
What drives the sector and the challenges ahead
The growth of the real estate market in CABA is driven by several factors, including the increase in mortgage lending, the relative stability of the dollar and the general economic recovery. However, challenges persist that could affect the pace of growth.One of the main obstacles is the volatility of the exchange rate, which creates uncertainty among buyers and can lead to the cancellation of transactions.
According to De Bártolo, “the ideal scenario is that there are no sudden fluctuations in the dollar, as this scares people and discourages them or causes them to lose their portfolios because their budget is running out.”
Source: College of Notaries of the City of Buenos Aires
In addition, the president of the College of Notaries recommended that buyers consult a notary from the beginning of the credit application process to ensure that transactions are carried out safely and efficiently.
Best Sellers
In 2024, one- and two-room apartments are among those leading in sales, according to data from the real estate sector. These units, mainly located in neighborhoods such as Palermo, Belgrano and Caballito, were the most sought after by young professionals and couples, driven by their lower dollar value and maintenance costs compared to larger properties.
Los precios más competitivos y la alta demanda en zonas con buen acceso al transporte público y espacios verdes consolidaron a departamentos de 1 a 3 ambientes como la opción preferida en el mercado
También los tres ambientes fueron muy solicitados. “Sobre todo los bien ubicados. En el caso de estos departamentos, en pisos altos, luminosos, con balcón, lavadero independiente, baño completo y toilette, en edificios de menos de 25 años y en excelente estado de conservación, los precios de venta muestran un incremento nominal del 10% respecto de 2022″, señaló Soledad Balayan, de Maure Inmobiliaria.
Estas características específicas responden a las exigencias actuales del mercado, donde funcionalidad y calidad resultan prioritarias.
Balayan concluyó que los departamentos de tres ambientes son una opción ideal para quienes inician una familia, ya que ofrecen espacio y versatilidad. “Incluso las parejas sin hijos los prefieren, ya que el segundo dormitorio suele utilizarse como escritorio o área de trabajo para el home office”.
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