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Why is it a good time to sell your property? - La Nacion Propiedades
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Por qué es un buen momento para vender tu propiedad
El mercado de real estate se va recomponiendo y un dato revela que la demanda también brinda respuesta
www.lanacion.com.ar
August 20, 2024
The real estate market is recovering and a fact reveals that demand is also providing a response
By Maria Josefina Lanzi
Data shows properties could sell faster
In a market that is slowly recovering, and in which new players such as mortgage credit and the possibility of money laundering have appeared on the scene, hopes for the revival of the real estate market in Argentina are growing more and more. The big question that arises in the face of this panorama is whether the hornet's nest of demand is actually stirring , a question that the real estate portals decided to answer.
The visitor numbers for the four major property sites – in the first seven months of the year – revealed that demand is increasingly active . The figures for July show that there was a 46% growth in visits compared to July last year, and 19% compared to the previous month, June this year (these numbers correspond to searches for rent and purchase). “We are surprised as a real estate agency, that we see that enquiries have increased a lot and, specifically in sales (leaving aside rentals), they have grown in the last 12 months by 98%, almost 100% ,” shares Daniel Bryn, partner at Zipcode.
Visits to real estate portals have increased by 46% in July, compared to the same month last yearDaniel Bryn
“I think this will continue like this,” says Fabián Achával, CEO of the real estate agency of the same name, explaining that the graph above unifies search data for rentals and sales, but if we focus on inquiries for purchases, the numbers for increased demand are even higher: “ According to the inquiries we recorded in our portfolio, sales alone saw a year-on-year increase (July of this year versus the same month in 2023) of 110% , and from January to July 2024, 120% (compared to the same period last year).”
“All indicators show that the real estate market is on the rise,” says José Rozados, director of Reporte Inmobiliario, explaining that, above all, the clearest, most objective and irrefutable data are the deeds. In fact, the latest numbers revealed that in July 4,232 purchase and sale transactions were carried out in the City of Buenos Aires, which implied an increase of 27.5% year-on-year. He also explains that “ we are just seeing the awakening from a lethargy; as the loans that are in process are finalized, the increase in deeds will be greater and greater.”
In 2024, in Argentina, there were 21 banks that launched mortgage credit lines in 60 days Shutterstock
In this sense, Achával also shares the optimistic view and states: “We are all having operations and reservations with mortgage credit. It is still slow, if we compare it with the Macri era, but it is normal, since, at that time, everything started little by little, due to the logistical adjustment that the banks had to make. To this we will add the impact of the money laundering , so we have a very optimistic view of what is currently happening in the real estate market.”
Tailwind for real estate
Mortgage loans have reached Argentines again after five years of almost no supply of this type of loan in the country. Thus, in 60 days, 21 banks have launched to offer these lines of credit. This implies new tools so that demand can access the long-awaited dream of “owning a home” , since, in the words of Federico González Rouco, an economist from the Empiria team, Hernán Lacunza’s consultancy firm: “ The only way to access scalable property , in the sense that it can be accessible to everyone, easy and solve a problem, is mortgage loans.”
The emergence of mortgage loans and money laundering are other data that show optimism in the real estate market FABIAN MARELLI
Recently, the procedure for adhering to money laundering , contemplated in Law 27,743, was also regulated, which, in a nutshell, means that people who have money under their mattress will be able to launder that capital and buy different assets, including real estate. The regulation allows laundering up to US$100,000 without taxes, but higher than that amount progressive rates apply, unless it is destined for one of the investments authorized by the Ministry of Economy, such as, for example, investments in real estate projects. In that case , they can launder amounts without a limit and without penalty or taxes. “We think it is a good measure to promote development and investment in real estate projects. Construction is what generates work, investment, activity and deserves this privileged treatment,” says Damián Tabakman, president of the Chamber of Urban Developers (CEDU).
Other numbers also show the interest in bricks and mortar : the supply of properties has fallen sharply in recent months. In the numbers of the latest Radar Inmobiliario, prepared by Fabián Achával: “In July, Zonaprop recorded a reduction in available stock of 22.7% year-on-year, Argenprop a drop of 21%”. In addition, regarding closing prices, he assures that “a reduction in the negotiation percentages is observed, around 4/5%; they are converging again to the values that were the historical averages , which anticipates a bullish cycle also in the different price segments”. Therefore, the search for demand increases while waiting for the stock to validate and satisfy that demand.
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