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The new mortgage loans boosted apartment sales: where are the opportunities and what are the prices? - Infobae
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Los nuevos créditos hipotecarios impulsaron la venta departamentos: dónde están las oportunidades y cuáles son los precios
Las valuaciones de propiedades se sostienen estables, generando expectativas positivas entre las inmobiliarias. Qué se espera para los precios en el mediano plazo
www.infobae.com
June 07, 2024
Property valuations remain stable, generating positive expectations among real estate companies. What is expected for prices in the medium term
By José Luis Cieri
There are already people and families with calculators in hand to see how to access mortgage loans and how much used homes for sale are worth (Photo: Getty)
The new mortgage loans revitalized the sector and in real estate agencies, inquiries grew to inquire about homes that mostly average between USD 100,000 and USD 120,000 located in different neighborhoods of the city of Buenos Aires and Greater Buenos Aires.
The real estate sector, which for more than five years had been waiting for a stimulus, finally received good news, marking a turning point in one of the longest and most unprecedented crises on record.
In this new context, used apartments once again occupy a central place, in a market where prices remain relatively stable, opening a range of opportunities with prices similar to 2008. Representatives of the marketing sector highlight this trend, and market studies Private companies confirm that the values of used properties stopped falling in CABA and in some neighborhoods they began a slight path of upward recovery, such as in Villa Ortúzar, Belgrano, Puerto Madero or Villa Crespo, for example.
Fabián Achával , who runs Radar Inmobiliario and Fabián Achával Propiedades, told Infobae that “mortgage loans are excellent news for the residential market used due to their multiplier effect on the demand for real estate. Although we still need to observe the volume of credits distributed to measure their real impact on activity, our forecast is optimistic.”
Current values
In April 2023, Real Estate Report noted that the price per square meter increased in studio apartments and varied slightly in two- and three-bedroom apartments, with decreases of 0.33% and 0.12% respectively, while the largest units experienced a drop of 1.6% year-on-year.Last April, it was observed that studio apartments reached the highest prices per m2, progressively decreasing with the increase in the number of rooms. The value for studio apartments stood at USD 2,106, while for two, three and four room units the average prices were USD 1,835, USD 1,719 and USD 1,628 per m2 respectively.
Regarding average sales prices in CABA, a used studio apartment was priced on average, last April, at $69,000. A three-bedroom apartment had an average price of USD 139,900, and one- and two-bedroom apartments were priced at USD 77,700 and $109,725.
In relation to the current situation of real estate market prices, Achával advises caution, especially when analyzing averages that today can be misleading. “We maintain a cautious view on price developments in 2024, especially in the higher mid-price segments. For now, the trend is not uniform across the board. “We are seeing greater pressure on prices in the segment up to USD 90,000, with this and up to USD 200,000 being the most dynamic,” he noted.
Demand
In the west and south of the GBA, a Zonaprop report observed that during the first seven months of 2023, demand exhibited a sustained reduction. However, as of last September, an interannual increase in demand pressure was detected, maintained to date and representing 46% more than the previous year. This rebound in demand coincided with the quarter in which the recovery of sales prices in CABA began.
The demand also seeks apartments to recycle and live in or then resell in case of buying with the possibility of renovating and then obtaining a margin of difference (Illustrative image Infobae)
Recoleta leads interest in Buenos Aires neighborhoods with searches 54% higher than average, followed by Colegiales (46%) and San Nicolás (44%). In contrast, Lugano, Mataderos and Liniers present the lowest demand.
With increases on the horizon
From the sector's perspective, short-term expectations point towards a gradual increase in prices.“There is a clear upward trend, driven both by the increase in the replacement cost of new units due to the increase in construction costs, and by a demand that has become more active since 2023. Added to this is the multiplier effect of mortgage loans, and possibly also the lifting of stocks and money laundering. "It is an opportune time for the purchase, since there are still many options at 2004 prices," said Achával.
If those who have dollars “under the mattress” and those who sold a property in order to expand or shrink in m2 have driven the activity of buying and selling properties until now, the recent introduction of credits opens the possibility for savers to choose to invest in real estate, taking advantage of opportunity prices.
“Buyers are mainly end users, people who had savings in dollars and had postponed their purchase decision. Currently, they prefer to invest those funds in an asset. In 2023, the buyers were those with a surplus in pesos. Currently, we have positive developments for the sector, such as the decrease in the inflation rate and the supply of new credits, although it is premature to measure their impact, they are signs of a positive trend,” added Hugo Koifman , of Branson Real Estate. .
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