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The real estate market closed the best October in 6 years and a record in sales with mortgage loans - La Nacion Propiedades
Source:
www.lanacion.com.ar
November 22, 2024
In a still challenging economic market, specialists agree that a new growth cycle has begun for the sector
By Candela Contreras
The data from the deeds of the city of Buenos Aires reflect the best month of the last 78Shutterstock
With the economic context still challenging, the real estate market seems to have found an opportunity for recovery . In October, in the City of Buenos Aires, the total number of sales deeds reached 5,987 , marking an increase of 31.3% compared to the same month in 2023.
This increase confirms the best month in the last six years for the sector, with a total amount of transactions that rose to $635,115 million , which represents a year-on-year increase of 232.1%, according to data provided by the Notaries Association of the city .
Thus, the average amount of each deed was $106,082,380 , which is equivalent to approximately US$104,776 according to the average official exchange rate. This figure reflects a growth of 152.9% in pesos compared to October of last year , while in US currency the increase was 19.4%.
“ The number of deeds is extremely positive for the sector . In a way, we expected it, both because of the effects of money laundering and because of the operations that are being carried out with mortgage loans ,” says Gabriela Goldszer, director of Ocampo Propieades.
ompared to the previous month , when 5,157 deeds were registered, October showed a 16.1% increase in the number of deeds . This monthly jump reinforces the trend of sustained growth that the sector has been showing in the second half of the year.
“We are once again setting a record: the best month in the last 78 months and we have almost reached 6,000 deeds . It clearly reflects a new stage in the real estate market and now with a push for mortgage credit that has almost reached a thousand mortgages,” says Jorge De Bártolo, president of the Notaries Association of the city.
“The number of deeds is a very good sign considering that in 2017 -the year of the UVA credit boom- there were around 7,000 deeds,” says Lorenzo Raggio, general manager of Interwin. He adds: “It must be taken into account that deeds are acts that are made on delivered properties , so they do not include sales contracts or adhesions made on apartments in construction. If we look at the total market, we notice that it is expanding rapidly .”
“The return of mortgage loans has led to an acceleration in the volume of purchases in the market and an increase in demand ,” says Martín Boquete, director of Toribio Achával.
A key fact is that, so far this year, the cumulative number of mortgage transactions amounts to 2,914 , 113% more than in 2023. This increase is due, in part, to greater exchange rate stability and the reactivation of credit , fundamental conditions for boosting the market.
“ Mortgage credit multiplies the level of activity and generates exponential growth that will stabilize over time,” says Boquete. “For demand to really grow and for there to be a credit boom, income needs to grow . This will allow more people to access loans , pay the installments and have confidence that it is worth buying in Argentina ,” he adds.
Annual comparison of deeds with October mortgage
The return of mortgages as a viable option for families is a positive sign for the market. Not only does it allow more people to access their own home, but it also encourages new real estate operations and projects. “The impact of mortgage credit is already beginning to appear and this translates into greater accessibility to housing ,” says José Rozados, director of Reporte Inmobiliario.
“With this level we will surpass 50 thousand sales in the year and it allows us to have confidence for a 2025 with a more predictable scenario. We are working to systematize the mortgage wheel,” concludes De Bártolo.
Market specialists agree that the reason behind the high number of deeds is the attractiveness of prices and the exchange rate peace , elements that will ensure that the upward trend in purchase and sale operations will continue in the remaining months of the year .
What is the ideal scenario for the market to continue functioning? “There should be no sudden fluctuations in the dollar, which scares people and discourages or causes portfolios to fall because the budget increases,” the school explained.
The Interwin manager refers to this point: “ Economic stability is necessary because it controls inflation and allows mortgage loans to work . This gives families the confidence to invest in a long-term project, such as buying a home.”
As for supply levels, they are still low. “There are people who do not want to sell now; there are others who do; and then there are some who put their properties on the market but at prices not approved by demand because they are in no hurry,” explains the director of Toribio Achával. The broker states that property prices have been rising , after years of decline, and that this trend is expected to continue rising until “they settle down again.”
For her part, the director of Ocampo Properties stresses that her expectations regarding the future of the market are positive : “Of course, they are always tied to the macro, socio-political and economic situation; as long as the news is positive, demand will continue to grow .”
“The honesty of the real variables of the economy will inevitably lead us towards a more orderly financial life that will boost credit, investments, the possibility of expansion and a general virtuous circle. This is a complex economic moment, but it seems that the worst is already over ,” concludes Raggio.
www.buysellba.com
Source:
El mercado inmobiliario cerró el mejor octubre en 6 años y récord en ventas con crédito hipotecario
En un mercado económico aún desafiante, los especialistas concuerdan en que comenzó un nuevo ciclo de crecimiento para el sector
www.lanacion.com.ar
November 22, 2024
In a still challenging economic market, specialists agree that a new growth cycle has begun for the sector
By Candela Contreras
The data from the deeds of the city of Buenos Aires reflect the best month of the last 78Shutterstock
With the economic context still challenging, the real estate market seems to have found an opportunity for recovery . In October, in the City of Buenos Aires, the total number of sales deeds reached 5,987 , marking an increase of 31.3% compared to the same month in 2023.
This increase confirms the best month in the last six years for the sector, with a total amount of transactions that rose to $635,115 million , which represents a year-on-year increase of 232.1%, according to data provided by the Notaries Association of the city .
Thus, the average amount of each deed was $106,082,380 , which is equivalent to approximately US$104,776 according to the average official exchange rate. This figure reflects a growth of 152.9% in pesos compared to October of last year , while in US currency the increase was 19.4%.
“ The number of deeds is extremely positive for the sector . In a way, we expected it, both because of the effects of money laundering and because of the operations that are being carried out with mortgage loans ,” says Gabriela Goldszer, director of Ocampo Propieades.
ompared to the previous month , when 5,157 deeds were registered, October showed a 16.1% increase in the number of deeds . This monthly jump reinforces the trend of sustained growth that the sector has been showing in the second half of the year.
“We are once again setting a record: the best month in the last 78 months and we have almost reached 6,000 deeds . It clearly reflects a new stage in the real estate market and now with a push for mortgage credit that has almost reached a thousand mortgages,” says Jorge De Bártolo, president of the Notaries Association of the city.
“The number of deeds is a very good sign considering that in 2017 -the year of the UVA credit boom- there were around 7,000 deeds,” says Lorenzo Raggio, general manager of Interwin. He adds: “It must be taken into account that deeds are acts that are made on delivered properties , so they do not include sales contracts or adhesions made on apartments in construction. If we look at the total market, we notice that it is expanding rapidly .”
The encouraging data: mortgage loans
One of the most notable data is the increase in deeds formalized with a mortgage : 944 were registered in October , almost 16% of the total transactions. These numbers reflect an increase of 300% compared to the same month in 2023 and 33.9% more than the previous month (in September, mortgage transactions were 705 - almost 14% of the total for September). That is, in just four months the market went from having 150 to almost 1,000 credit transactions .“The return of mortgage loans has led to an acceleration in the volume of purchases in the market and an increase in demand ,” says Martín Boquete, director of Toribio Achával.
A key fact is that, so far this year, the cumulative number of mortgage transactions amounts to 2,914 , 113% more than in 2023. This increase is due, in part, to greater exchange rate stability and the reactivation of credit , fundamental conditions for boosting the market.
“ Mortgage credit multiplies the level of activity and generates exponential growth that will stabilize over time,” says Boquete. “For demand to really grow and for there to be a credit boom, income needs to grow . This will allow more people to access loans , pay the installments and have confidence that it is worth buying in Argentina ,” he adds.
Annual comparison of deeds with October mortgage
The return of mortgages as a viable option for families is a positive sign for the market. Not only does it allow more people to access their own home, but it also encourages new real estate operations and projects. “The impact of mortgage credit is already beginning to appear and this translates into greater accessibility to housing ,” says José Rozados, director of Reporte Inmobiliario.
“With this level we will surpass 50 thousand sales in the year and it allows us to have confidence for a 2025 with a more predictable scenario. We are working to systematize the mortgage wheel,” concludes De Bártolo.
Market specialists agree that the reason behind the high number of deeds is the attractiveness of prices and the exchange rate peace , elements that will ensure that the upward trend in purchase and sale operations will continue in the remaining months of the year .
What is the ideal scenario for the market to continue functioning? “There should be no sudden fluctuations in the dollar, which scares people and discourages or causes portfolios to fall because the budget increases,” the school explained.
The Interwin manager refers to this point: “ Economic stability is necessary because it controls inflation and allows mortgage loans to work . This gives families the confidence to invest in a long-term project, such as buying a home.”
Future expectations
Real estate market specialists agree that 2024 is just the beginning and that next year growth will be much greater . “Argentina is in years of transition and in 2025 that transition will continue. But what I do believe is that there will be a record of mortgage loans ; it will be the first of the good years,” Boquete says hopefully.As for supply levels, they are still low. “There are people who do not want to sell now; there are others who do; and then there are some who put their properties on the market but at prices not approved by demand because they are in no hurry,” explains the director of Toribio Achával. The broker states that property prices have been rising , after years of decline, and that this trend is expected to continue rising until “they settle down again.”
For her part, the director of Ocampo Properties stresses that her expectations regarding the future of the market are positive : “Of course, they are always tied to the macro, socio-political and economic situation; as long as the news is positive, demand will continue to grow .”
“The honesty of the real variables of the economy will inevitably lead us towards a more orderly financial life that will boost credit, investments, the possibility of expansion and a general virtuous circle. This is a complex economic moment, but it seems that the worst is already over ,” concludes Raggio.
www.buysellba.com
