With buyers wary, Argentina's zombie mortgage market has a long road to revival

[Finance Prof]

I am still amazed at cash property closings. Mortgages might be starting for locals but cash is still how foreigners mostly close. I keep waiting for this to change with President Milei.

https://www.reuters.com/world/americas/with-buyers-wary-argentinas-zombie-mortgage-market-has-long-road-revival-2024-07-16/

Non Paywall

https://archive.ph/EKJGr

 

[Pink Panther]

For all the talk about mortgagees and all the interest, there are hardly any getting approved. I talked to my banker and he told me they had tons of applications in the tens of thousands but not many have gotten funds yet. It's a long painful process.

 

[Digital Nomad]

I still think it's crazy that locals all close with cash. I just went to a closing for my girlfriend's new apartment and it was crazy seeing all those stacks of $100 USD bills. It's wild that they all pay with cash. By the sounds of things, even those mortgages are coming again, most view them as too risky with inflation adjustment.

https://www.reuters.com/world/americas/with-buyers-wary-argentinas-zombie-mortgage-market-has-long-road-revival-2024-07-16/