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The money laundering gave a strong boost to real estate projects in the pit: what types of housing are of most interest - Infobae
Source:
www.infobae.com
Octobr 23, 2024
This tax tool is reactivating real estate projects in CABA and other regions of the country, especially in areas such as Palermo, Belgrano and Villa Urquiza, where inquiries increased by 40%, according to developers.
By Jose Luis Cieri
Even with economic distortions in the city of Buenos Aires there are currently more than 50,000 homes under construction
The recent money laundering in Argentina is having a significant impact on the real estate market for construction projects, reactivating a sector that was showing signs of stagnation. The measure, with its tax incentives, attracted a large number of investors interested in taking advantage of the opportunity to regularize their funds and invest them in real estate projects with less than 50% progress as of last July.
"We have many people interested in tax disclosure. We can confirm that out of every 10 current opportunities, 4 are for money laundering," Federico Rosbaco , CEO of Rosbaco & Partners, told Infobae.
Money laundering has generated a significant flow of money into the real estate market and 40% more inquiries in the last 4 weeks, particularly in projects that are still under construction and with little progress. Investors' expectations are focused on the revaluation of properties, driven by sustained demand and limited supply in strategic areas such as Palermo, Belgrano and Villa Urquiza.
The most common prices are between USD 75,000 and USD 100,000, driven by the exemption from paying taxes for the first USD 100,000.
Facundo Soldati , director of Soldati Botánico, also pointed out that projects in the works, or those with less than 50% progress, are the biggest beneficiaries of this regulation. “In recent weeks, inquiries for this type of development have increased significantly. With tickets of up to USD 200,000, especially for units of up to three rooms.”
This is because the law allows avoiding fines by investing in real estate developments that have not yet exceeded 50% progress as of July 8.
Leonardo Rodríguez Nader , CEO of CMNV, stressed the importance of money laundering in this context: “The trend suggests that investors are recognizing the opportunity to enter the market at a time when prices are still competitive.”
A construction project in Palermo, one of the most sought-after neighborhoods for buying in a well
The money laundering, coupled with the incipient return of mortgage credit , generates expectations of greater demand, which could put upward pressure on property prices in the near future.
"The delivery process is the same as for any other purchase, although for those who do not rely on money laundering it can be faster, since they do not need that special account or the regularization of funds," said Rosbaco.
Most of those who participated in the money laundering scheme opted to regularize the minimum amount to avoid tax costs, without being obliged to invest in the real estate or financial market, which limits the flow of capital towards investment projects.
According to Rodríguez Nader, the system is simple: after laundering the funds, interested parties have a period of time to invest in the real estate market and avoid taxes on amounts over USD 100,000. The projects must have a specific progress and be certified by the new National Agency for Collection and Customs Control (ARCA).
In addition, investors have until December 30, 2025 to decide which ARCA-registered development they will invest in.
Mali Vazquez , institutional director of CEDU, commented: “Our website has been working to facilitate access to information on registered real estate projects, deadlines, rates and requirements to access these benefits.”
The exemption from paying taxes for investments of up to USD 100,000 had a positive impact on the market, stimulating demand and facilitating access to housing, especially in the middle segment.
This measure also encouraged the development of projects in areas that were previously less attractive to investors, such as some towns in the interior of the country (Puerto Madryn, Neuquén, in Patagonian areas, and in San Miguel de Tucumán, in the northwest region).
As for the possession of the houses acquired through money laundering, there are no differences with respect to purchases with regularized funds. “Buyers can take possession once the property has been completed, without legal delays,” explained Vázquez.
Interest in real estate in Argentina has increased, driven by money laundering, which allows investors to externalize undeclared assets with tax benefits.
Interest in these investments comes from both end users looking to live in the properties and investors who see a business opportunity in them.
Vázquez added: “The Chamber has observed an increase in daily queries, which reflects a more active real estate panorama than in previous money launderings. This dynamism is due in part to the inflow of cash, which exceeds that of previous money launderings, and to the expectation of a significant reactivation in investment in real estate projects.”
The most important stage of the money laundering process, which raised USD 14 billion in deposits and reinforced the Central Bank's reserves, is about to end. The window for declaring cash will close next Thursday, completing the first phase of the process, which has already been extended until the end of the month.
“In addition to stimulating investment and economic activity, construction has the potential to create thousands of jobs, which represents an additional benefit for the country's economy,” concluded Vázquez.
www.buysellba.com
Source:
El blanqueo le dio un fuerte impulso a los proyectos inmobiliarios en pozo: qué tipos de viviendas interesan más
Esta herramienta fiscal está reactivando proyectos inmobiliarios en CABA y otras regiones del país, especialmente en zonas como Palermo, Belgrano y Villa Urquiza, donde las consultas aumentaron en un 40%, según desarrolladores
www.infobae.com
Octobr 23, 2024
This tax tool is reactivating real estate projects in CABA and other regions of the country, especially in areas such as Palermo, Belgrano and Villa Urquiza, where inquiries increased by 40%, according to developers.
By Jose Luis Cieri
Even with economic distortions in the city of Buenos Aires there are currently more than 50,000 homes under construction
The recent money laundering in Argentina is having a significant impact on the real estate market for construction projects, reactivating a sector that was showing signs of stagnation. The measure, with its tax incentives, attracted a large number of investors interested in taking advantage of the opportunity to regularize their funds and invest them in real estate projects with less than 50% progress as of last July.
"We have many people interested in tax disclosure. We can confirm that out of every 10 current opportunities, 4 are for money laundering," Federico Rosbaco , CEO of Rosbaco & Partners, told Infobae.
Money laundering has generated a significant flow of money into the real estate market and 40% more inquiries in the last 4 weeks, particularly in projects that are still under construction and with little progress. Investors' expectations are focused on the revaluation of properties, driven by sustained demand and limited supply in strategic areas such as Palermo, Belgrano and Villa Urquiza.
The most common prices are between USD 75,000 and USD 100,000, driven by the exemption from paying taxes for the first USD 100,000.
Facundo Soldati , director of Soldati Botánico, also pointed out that projects in the works, or those with less than 50% progress, are the biggest beneficiaries of this regulation. “In recent weeks, inquiries for this type of development have increased significantly. With tickets of up to USD 200,000, especially for units of up to three rooms.”
This is because the law allows avoiding fines by investing in real estate developments that have not yet exceeded 50% progress as of July 8.
Leonardo Rodríguez Nader , CEO of CMNV, stressed the importance of money laundering in this context: “The trend suggests that investors are recognizing the opportunity to enter the market at a time when prices are still competitive.”
A construction project in Palermo, one of the most sought-after neighborhoods for buying in a well
The money laundering, coupled with the incipient return of mortgage credit , generates expectations of greater demand, which could put upward pressure on property prices in the near future.
How to buy
Anyone who buys through money laundering must open a Special Account for Regularization of Assets (CERA) to regularize the funds and make payments from there."The delivery process is the same as for any other purchase, although for those who do not rely on money laundering it can be faster, since they do not need that special account or the regularization of funds," said Rosbaco.
Most of those who participated in the money laundering scheme opted to regularize the minimum amount to avoid tax costs, without being obliged to invest in the real estate or financial market, which limits the flow of capital towards investment projects.
According to Rodríguez Nader, the system is simple: after laundering the funds, interested parties have a period of time to invest in the real estate market and avoid taxes on amounts over USD 100,000. The projects must have a specific progress and be certified by the new National Agency for Collection and Customs Control (ARCA).
In detail
According to the Chamber of Urban Developers (CEDU), inquiries are mainly focused on small studio- and one-bedroom units, both used and under construction.In addition, investors have until December 30, 2025 to decide which ARCA-registered development they will invest in.
Mali Vazquez , institutional director of CEDU, commented: “Our website has been working to facilitate access to information on registered real estate projects, deadlines, rates and requirements to access these benefits.”
The exemption from paying taxes for investments of up to USD 100,000 had a positive impact on the market, stimulating demand and facilitating access to housing, especially in the middle segment.
This measure also encouraged the development of projects in areas that were previously less attractive to investors, such as some towns in the interior of the country (Puerto Madryn, Neuquén, in Patagonian areas, and in San Miguel de Tucumán, in the northwest region).
As for the possession of the houses acquired through money laundering, there are no differences with respect to purchases with regularized funds. “Buyers can take possession once the property has been completed, without legal delays,” explained Vázquez.
Interest in real estate in Argentina has increased, driven by money laundering, which allows investors to externalize undeclared assets with tax benefits.
Interest in these investments comes from both end users looking to live in the properties and investors who see a business opportunity in them.
Vázquez added: “The Chamber has observed an increase in daily queries, which reflects a more active real estate panorama than in previous money launderings. This dynamism is due in part to the inflow of cash, which exceeds that of previous money launderings, and to the expectation of a significant reactivation in investment in real estate projects.”
The most important stage of the money laundering process, which raised USD 14 billion in deposits and reinforced the Central Bank's reserves, is about to end. The window for declaring cash will close next Thursday, completing the first phase of the process, which has already been extended until the end of the month.
“In addition to stimulating investment and economic activity, construction has the potential to create thousands of jobs, which represents an additional benefit for the country's economy,” concluded Vázquez.
www.buysellba.com
