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Real estate market: Real estate sales grew by 24% in the Province of Buenos Aires in May - Ambito Financiero
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Mercado inmobiliario: creció 24% la venta de inmuebles en Provincia de Buenos Aires en mayo
Según el Colegio de Escribanos de la Provincia de Buenos Aires, hubo un aumento del 17% respecto a abril y destacan el potencial de crecimiento por los créditos hipotecarios.
www.ambito.com
June 24, 2024
According to the Association of Notaries of the Province of Buenos Aires, there was an increase of 17% compared to April and they highlight the potential for growth due to mortgage loans.
For the real estate market, purchase inquiries grew thanks to the emergence of UVA credits.
Real estate market data in the Province of Buenos Aires indicated a year-on-year increase of 23% in the number of operations registered during the month of May.
The statistics compiled monthly by the College of Notaries of the Province of Buenos Aires indicated a total of 9,459 sales and purchases for the fifth month of the year, compared to 7,715 in May 2023.
The inter-monthly variation, meanwhile, was positive by 24%, since in the month of April 7,617 operations had been recorded. Regarding mortgages, 349 were registered in May, showing an increase of 17% compared to last April (299) and a decrease of 65% compared to May 2023 (994).
"Beyond possible variations that may occur month to month , it is positive to see the increase in operations that was recorded in May. Moving forward we hope that the trend will consolidate to be able to speak of an effective recovery of the market; for this it will be very important that happens with the mortgage loans that the banks are offering ," said the President of the College of Notaries of the Province of Buenos Aires, Diego Leandro Molina.
"Mortgage credit is important to reactivate the real estate market , with the impact that this entails on the economy in general. As a result of the latest announcements from the banks, we are already receiving queries in the notary offices, and that is where the need and the expectation that Argentines have to be able to access credit," Molina explained.
Mortgage credit boom
The resurgence of UVA mortgage loans - named after the acronym “Purchasing Value Unit” - aroused great interest, and so it was that in the first month alone more than 64,500 queries were registered and today, a little less than two months after launched, queries exceeded 250,000. Without a doubt, this line of credit became hope for a future economic recovery and for all those who dream of owning their own home.There are already 15 banks that grant these lines of credit: Hipotecario, Nación, Supervielle, Macro, Santader, Ciudad, Galicia, BBVA, Del Sol, ICBC, Brubank, Bancor (Córdoba), Banco de Corrientes, Banco Provincia del Neuquén and Patagonia . Employees and self-employed workers can access it, whether they are registered responsible persons or monotributists. Retirees and pensioners who receive their salaries in that entity are also included in Banco Nación .
There are 15 banks that grant lines of credit to access a property
Payment times are around 20 years, but there are some entities that offer up to 30, so it is important to consult the different proposals for these loans that can also be taken to buy a second home. “It is key to highlight that mortgage credit in a country is very necessary.
Although in Argentina we normalize that in recent decades it is almost an impossible mission to access it - during the last 5 years there was no offer -, in all developed and developing countries it is an essential tool for the economic growth of society. ”argues Ariel Champanier, CEO of RE/MAX Premium, a leading agency in real estate services and No. 1 in network sales in Argentina, who have already registered 50% more inquiries to buy properties since the loans were launched.
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