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Record number of deeds in CABA: October had the highest number in seven years and there was a large presence of mortgage loans - Infobae
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www.infobae.com
November 22, 2024
Last month, 5,987 notarial acts were carried out for $635,115 million, an increase of 232.1% compared to the same month in 2023, according to the Buenos Aires Notary Association. What is driving the recovery of the real estate market and what is projected for the end of the year?
By Jose Luis Cieri
Mortgage credit appeared strongly among the deeds of last October in CABA (Illustrative Image Infobae)
In October 2024 , the city of Buenos Aires experienced a considerable increase in real estate sales deeds , with a total of 5,987 deeds registered , representing an increase of 31.3% compared to the same month of the previous year. This growth is accompanied by a significant increase in the total amount of transactions, which amounted to $635,115 million , 232.1% more than in October 2023.
The Buenos Aires real estate market set a record in the sales segment, the highest number of deeds in seven years. With 5,987 notarial acts, it was close to the levels of October 2017, when 6,154 acts were registered in the midst of the effervescence of UVA credits during the government of Mauricio Macri . This data reflects a significant change in the trend of the sector and confirms a full improvement after the worst years of crisis, which lasted between the end of 2018 and the beginning of this year.
Compared to September 2024 , the number of current deeds also showed an increase of 16.1%: it went from 5,157 to 5,987 acts. The average transaction amount was $106,082,380 , which is equivalent to approximately USD 104,776 at the average official exchange rate.
The president of the College of Notaries of the City of Buenos Aires, Jorge De Bártolo , highlighted that this October was the best month in the last 78 months, approaching 6,000. “This record reflects a new stage in the real estate market, driven by mortgage lending, which almost reached 1,000 mortgages formalized in the month.”
Source: Colegio de Escribanos de CABA. October 2024 was consolidated as the second best month of October since 2009, with a level of activity only surpassed by the record of 2017, when 6,154 operations were registered in full force of the UVA credits.
One highlight of the report is the increase in mortgage deeds, which reached 944 transactions in October, representing an increase of 300% compared to the same month last year. In the year to date, 2,914 mortgage deeds were registered , which implies an increase of 113%.
De Bártolo expressed optimism about the future of the real estate market, stating that with this level of activity, it is expected to exceed 50,000 sales in the year, which generates confidence for a more predictable 2025 scenario.
He also stressed the importance of systematizing the mortgage lending system to maintain the sector's momentum.
Source: College of Notaries of CABA
Fabián Achával , from Fabián Achával Properties and who produces Radar Inmobiliario, said that “ this level of activity exceeds that recorded in the last 12 years; only in 2017 and 2018 were higher volumes observed. This occurs in a context of foreign exchange restrictions and with mortgage loans that still have room to grow.”
Despite the recent increase, the recovery of mortgage credit has not yet reached its full potential. According to Achával, “although current levels are interesting, there is considerable room for further expansion, especially with the impact of money laundering .” This instrument, which seeks to formalize capital, could add an additional boost to real estate demand for the rest of the year.
The factors that explain this dynamism include prices that are still attractive compared to previous periods, improved economic expectations and the role of mortgage loans and money laundering as the main drivers.
Source: College of Notaries of CABA
Achával added that “these drivers generated a very marked change in trend, which will allow us to close 2024 as a record year in terms of operations.”
The last month of the year is traditionally the month with the greatest activity in the Argentine real estate market, driven by the need to complete transactions before the end of the year.
Alejandro Braña , a real estate expert and member of the Buenos Aires Real Estate Association, explained that “the arrival of the judicial recess in January forces us to speed up procedures, especially in cases that require abbreviated processes or procedures related to the judicial sphere. If they are not closed in December, these operations must be postponed until February.”
This context makes the last month of the year a key period for the sector.
Seasonal behavior also responds to a historical logic. The parties involved in the operations seek to close contracts before the judicial recess, to speed up the time of signatures and transfers.
Braña concluded: “This trend remains constant, as December usually concentrates the highest real estate activity of the year. This anticipates an even more active year-end in 2024, if the historical trend persists.”
www.buysellba.com
Source:
Récord de escrituras en CABA: octubre tuvo el mayor registro en siete años y hubo gran presencia del crédito hipotecario
El mes pasado se concretaron 5.987 actos notariales por $635.115 millones, un aumento de 232,1% frente al mismo mes de 2023, según el Colegio de Escribanos porteño. Qué impulsa la recuperación del mercado inmobiliario y qué se proyecta para el cierre del año
www.infobae.com
November 22, 2024
Last month, 5,987 notarial acts were carried out for $635,115 million, an increase of 232.1% compared to the same month in 2023, according to the Buenos Aires Notary Association. What is driving the recovery of the real estate market and what is projected for the end of the year?
By Jose Luis Cieri
Mortgage credit appeared strongly among the deeds of last October in CABA (Illustrative Image Infobae)
In October 2024 , the city of Buenos Aires experienced a considerable increase in real estate sales deeds , with a total of 5,987 deeds registered , representing an increase of 31.3% compared to the same month of the previous year. This growth is accompanied by a significant increase in the total amount of transactions, which amounted to $635,115 million , 232.1% more than in October 2023.
The Buenos Aires real estate market set a record in the sales segment, the highest number of deeds in seven years. With 5,987 notarial acts, it was close to the levels of October 2017, when 6,154 acts were registered in the midst of the effervescence of UVA credits during the government of Mauricio Macri . This data reflects a significant change in the trend of the sector and confirms a full improvement after the worst years of crisis, which lasted between the end of 2018 and the beginning of this year.
Compared to September 2024 , the number of current deeds also showed an increase of 16.1%: it went from 5,157 to 5,987 acts. The average transaction amount was $106,082,380 , which is equivalent to approximately USD 104,776 at the average official exchange rate.
The president of the College of Notaries of the City of Buenos Aires, Jorge De Bártolo , highlighted that this October was the best month in the last 78 months, approaching 6,000. “This record reflects a new stage in the real estate market, driven by mortgage lending, which almost reached 1,000 mortgages formalized in the month.”
Source: Colegio de Escribanos de CABA. October 2024 was consolidated as the second best month of October since 2009, with a level of activity only surpassed by the record of 2017, when 6,154 operations were registered in full force of the UVA credits.
One highlight of the report is the increase in mortgage deeds, which reached 944 transactions in October, representing an increase of 300% compared to the same month last year. In the year to date, 2,914 mortgage deeds were registered , which implies an increase of 113%.
De Bártolo expressed optimism about the future of the real estate market, stating that with this level of activity, it is expected to exceed 50,000 sales in the year, which generates confidence for a more predictable 2025 scenario.
He also stressed the importance of systematizing the mortgage lending system to maintain the sector's momentum.
Expectations for December
The real estate market maintains sustained growth, which is reflected in the cumulative total for the first ten months of the year, with an increase of 29.5% compared to the same period in 2023.
Source: College of Notaries of CABA
Fabián Achával , from Fabián Achával Properties and who produces Radar Inmobiliario, said that “ this level of activity exceeds that recorded in the last 12 years; only in 2017 and 2018 were higher volumes observed. This occurs in a context of foreign exchange restrictions and with mortgage loans that still have room to grow.”
Despite the recent increase, the recovery of mortgage credit has not yet reached its full potential. According to Achával, “although current levels are interesting, there is considerable room for further expansion, especially with the impact of money laundering .” This instrument, which seeks to formalize capital, could add an additional boost to real estate demand for the rest of the year.
The factors that explain this dynamism include prices that are still attractive compared to previous periods, improved economic expectations and the role of mortgage loans and money laundering as the main drivers.
Source: College of Notaries of CABA
Achával added that “these drivers generated a very marked change in trend, which will allow us to close 2024 as a record year in terms of operations.”
The last month of the year is traditionally the month with the greatest activity in the Argentine real estate market, driven by the need to complete transactions before the end of the year.
Alejandro Braña , a real estate expert and member of the Buenos Aires Real Estate Association, explained that “the arrival of the judicial recess in January forces us to speed up procedures, especially in cases that require abbreviated processes or procedures related to the judicial sphere. If they are not closed in December, these operations must be postponed until February.”
This context makes the last month of the year a key period for the sector.
Seasonal behavior also responds to a historical logic. The parties involved in the operations seek to close contracts before the judicial recess, to speed up the time of signatures and transfers.
Braña concluded: “This trend remains constant, as December usually concentrates the highest real estate activity of the year. This anticipates an even more active year-end in 2024, if the historical trend persists.”
www.buysellba.com
