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A measure has been regulated that provides greater security for those who buy apartments under construction in the city of Buenos Aires - La Nacion Propiedades
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www.lanacion.com.ar
July 25, 2025
A measure has been regulated that provides greater security for those who buy apartments under construction in the city of Buenos Aires.
This resolution aims to protect the end user, but it is also key to seeing how to generate interest in banks to implement divisible mortgages.
By Candela Contreras
It is a new attempt to organize and make the real estate market transparent. Soledad Aznarez
In a new attempt to organize and make the real estate market more transparent , the Real Estate Registry (PIR) of the City of Buenos Aires (CABA) published Provision 10/25 , which regulates the procedure for registering a construction project . That is, "the owner who wants to submit a construction project or a future project to the decree regime must come to the registry to register it," explains Bernardo Mihura de Estrada, director of the Real Estate Registry (RPI) of the Federal Capital, which depends on the Ministry of Justice of the Nation. This is the first jurisdiction in Argentina to regulate it .
This regulation comes less than a week after the government regulated the implementation of divisible mortgages , eight months after the issuance of Decree of Necessity and Urgency (DNU) 1017/2024, and constitutes a fundamental step towards the implementation of divisible mortgages , a credit scheme for the purchase of properties in progress.
Therefore, the new regulations are necessary for a real estate project to be able to issue registered deeds of sale . "That's why it's important to register the project first, to see how many units there are, what their characteristics are, and so on," explains Mihura de Estrada.
Although this measure doesn't solve the financing problem , it represents a step forward in terms of legal security and protection for those purchasing developments under construction . As Damián Tabakman, president of the Chamber of Urban Developers (CEDU), explains, until now, purchase agreements were private documents that weren't registered. "From now on, they will be able to be registered, which provides greater protection for buyers and prevents, for example, the same unit from being sold twice," he points out.
“ In the short term, the impact will be limited , because this makes sense when it can be complemented by the creation of mortgages for loans on future assets. It's a necessary measure, but not sufficient because the banking system lacks the necessary liquidity to move forward ,” adds Juan Manuel Tapiola, founder of Spazios.
The new measure is aimed at the purchase of units in the pitShutterstock
For her part, Sonia Lukaszewicz, legal and notarial advisor to the College of Notaries of the City of Buenos Aires (CECBA), explains how the system will work in practice :
"This would prevent the same unit from being sold twice or people from being unaware of the characteristics of what they are buying, because now they will be able to see a registered plan of what they are going to buy ," the notary explains.
It's important to clarify that this process doesn't replace the deed of transfer of ownership , which will still be required once the project is completed and the property is transferred to horizontal ownership. However, it does provide the buyer with a registered copy of their deed: "You can transfer it, you can apply for a personal loan because it's registered, and above all, you avoid the sale of a unit that doesn't exist on the plan," says Lukasewicz.
"As we can see, this provision complements and equates the annotations made before the entities authorized by the CNV to those made before the provincial Real Estate Registries for the purposes of disclosure to third parties as established in section d) of article 1170 of the Civil Code. Obviously, each province must issue the corresponding regulatory norms to ensure compliance with this provision ," explains the text extracted from the book "Real Estate Broker's Manual according to DNU 70/2023 and DNU 1017/2024" by Enrique Abatti, Ival Rocca (h) and Armando Pepe.
However, for that mortgage to be divided into future units, the developer must first register the project with the RPI (Regional Property Registry), detailing how many apartments will be built and allocating the land through a public deed. For example, a development is registered for the construction of 100 apartments. The developer then registers the corresponding plan, indicating all the units and their characteristics, so that the future creditor (in this case, the banks) can then divide the mortgage into that number of parts.
“The standard is there. Today, the necessary conditions exist. Now we have to work to ensure that banks have funding ,” explains Issel Kiperszmid, real estate developer and founder of Grupo Dypasa. He explains that the capital market in Argentina is weak, and after the disappearance of the AFJP (Retirement and Pension Fund Administrator), institutional sources of financing have been reduced to a minimum. Therefore, he considers it crucial that the government transparently sell shares in the Sustainability Guarantee Fund (FGS) and allocate part of those funds to securitize mortgages for new homes, which “generates jobs and value . ”
Federico González Rouco, an economist specializing in housing, believes that, in addition to the fact that banks lack funding , the question is "whether or not banks want to be part of the process of providing this type of financing , since in the purchase of a mortgage, an apartment is used as collateral; here, the real estate project can fail, and there are more parties involved in the process (all the buyers of the apartments in a building, for example), so it is a riskier model." The new measure of registering the tickets is intended to mitigate that risk.
This measure comes at a time when mortgage lending is reaching a "ceiling ," according to several market analysts, as banks' lack of funding makes it very difficult for them to continue lending at the expected rate . Therefore, for institutions to decide to begin offering this new form of financing, "the secondary mortgage market must be developed to generate a greater volume of credit," explained a private bank.
A clear example of this can be seen in the number of mortgage deeds registered in June 2025. According to data provided by the Buenos Aires Notary Association, 1,216 mortgage deeds were processed in the city, representing a 6.46% drop compared to the previous month. This situation had already been evident in the province of Buenos Aires the previous month .
"It speaks of stagnation, of having found a ceiling, although it's a marginal drop from one month to the next, and it maintains the level above 1200, so it's not that significant," González Rouco shares.
www.buysellba.com
Source:
Reglamentan una medida que da más seguridad a los que compran departamentos en construcción en la ciudad de Buenos Aires
Esta resolución tiene por objetivo proteger al usuario final, pero también es clave para ver cómo generar interés en los bancos para implementar las hipotecas divisibles
www.lanacion.com.ar
July 25, 2025
A measure has been regulated that provides greater security for those who buy apartments under construction in the city of Buenos Aires.
This resolution aims to protect the end user, but it is also key to seeing how to generate interest in banks to implement divisible mortgages.
By Candela Contreras
It is a new attempt to organize and make the real estate market transparent. Soledad Aznarez
In a new attempt to organize and make the real estate market more transparent , the Real Estate Registry (PIR) of the City of Buenos Aires (CABA) published Provision 10/25 , which regulates the procedure for registering a construction project . That is, "the owner who wants to submit a construction project or a future project to the decree regime must come to the registry to register it," explains Bernardo Mihura de Estrada, director of the Real Estate Registry (RPI) of the Federal Capital, which depends on the Ministry of Justice of the Nation. This is the first jurisdiction in Argentina to regulate it .
This regulation comes less than a week after the government regulated the implementation of divisible mortgages , eight months after the issuance of Decree of Necessity and Urgency (DNU) 1017/2024, and constitutes a fundamental step towards the implementation of divisible mortgages , a credit scheme for the purchase of properties in progress.
Therefore, the new regulations are necessary for a real estate project to be able to issue registered deeds of sale . "That's why it's important to register the project first, to see how many units there are, what their characteristics are, and so on," explains Mihura de Estrada.
Although this measure doesn't solve the financing problem , it represents a step forward in terms of legal security and protection for those purchasing developments under construction . As Damián Tabakman, president of the Chamber of Urban Developers (CEDU), explains, until now, purchase agreements were private documents that weren't registered. "From now on, they will be able to be registered, which provides greater protection for buyers and prevents, for example, the same unit from being sold twice," he points out.
“ In the short term, the impact will be limited , because this makes sense when it can be complemented by the creation of mortgages for loans on future assets. It's a necessary measure, but not sufficient because the banking system lacks the necessary liquidity to move forward ,” adds Juan Manuel Tapiola, founder of Spazios.
The new measure is aimed at the purchase of units in the pitShutterstock
What changes with this measure?
According to the Buenos Aires Notary Association, the five key points of the regulations are as follows:- Mandatory deed of appropriation : Before registering a purchase agreement, the owner of the property must register a public deed of appropriation to the horizontal property regime or another subdivision regime.
- Ticket registration : Tickets may be registered in the Real Estate Registry or in private entities authorized by the National Securities Commission (CNV), as decided by the parties.
- Duration: Project registration will last 10 years, with the possibility of renewal.
- Expiration: the allocation expires upon expiration, at the request of the parties, by court order, or when all units have been transferred.
- Legal certainty: The measure formalizes and makes the purchasing process traceable, protecting the buyer and facilitating access to personal loans backed by a registry (though not mortgage loans, for now).
For her part, Sonia Lukaszewicz, legal and notarial advisor to the College of Notaries of the City of Buenos Aires (CECBA), explains how the system will work in practice :
- The developer obtains the plan approved by the City Government.
- With this plan, he draws up a deed of appropriation before a notary public.
- This deed is registered in the Real Estate Registry.
- From then on, the purchase and sale tickets and their transfers can be officially registered.
"This would prevent the same unit from being sold twice or people from being unaware of the characteristics of what they are buying, because now they will be able to see a registered plan of what they are going to buy ," the notary explains.
It's important to clarify that this process doesn't replace the deed of transfer of ownership , which will still be required once the project is completed and the property is transferred to horizontal ownership. However, it does provide the buyer with a registered copy of their deed: "You can transfer it, you can apply for a personal loan because it's registered, and above all, you avoid the sale of a unit that doesn't exist on the plan," says Lukasewicz.
"As we can see, this provision complements and equates the annotations made before the entities authorized by the CNV to those made before the provincial Real Estate Registries for the purposes of disclosure to third parties as established in section d) of article 1170 of the Civil Code. Obviously, each province must issue the corresponding regulatory norms to ensure compliance with this provision ," explains the text extracted from the book "Real Estate Broker's Manual according to DNU 70/2023 and DNU 1017/2024" by Enrique Abatti, Ival Rocca (h) and Armando Pepe.
A preliminary step to divisible mortgages
The provision comes just days after the Government regulated Decree 1017/2024, enabling divisible mortgages , i.e., bank loans that can be granted on existing units, even before the property is subdivided . This would allow, for example, a person to access a loan to purchase an apartment still under construction, something that is currently not feasible with a traditional mortgage.However, for that mortgage to be divided into future units, the developer must first register the project with the RPI (Regional Property Registry), detailing how many apartments will be built and allocating the land through a public deed. For example, a development is registered for the construction of 100 apartments. The developer then registers the corresponding plan, indicating all the units and their characteristics, so that the future creditor (in this case, the banks) can then divide the mortgage into that number of parts.
“The standard is there. Today, the necessary conditions exist. Now we have to work to ensure that banks have funding ,” explains Issel Kiperszmid, real estate developer and founder of Grupo Dypasa. He explains that the capital market in Argentina is weak, and after the disappearance of the AFJP (Retirement and Pension Fund Administrator), institutional sources of financing have been reduced to a minimum. Therefore, he considers it crucial that the government transparently sell shares in the Sustainability Guarantee Fund (FGS) and allocate part of those funds to securitize mortgages for new homes, which “generates jobs and value . ”
Federico González Rouco, an economist specializing in housing, believes that, in addition to the fact that banks lack funding , the question is "whether or not banks want to be part of the process of providing this type of financing , since in the purchase of a mortgage, an apartment is used as collateral; here, the real estate project can fail, and there are more parties involved in the process (all the buyers of the apartments in a building, for example), so it is a riskier model." The new measure of registering the tickets is intended to mitigate that risk.
Mandatory or optional?
Although registration is optional , buyers are expected to begin requiring it as a minimum requirement for acquiring a well-off unit. " We're going to recommend it to give the developments more credibility ," Tabakman adds.This measure comes at a time when mortgage lending is reaching a "ceiling ," according to several market analysts, as banks' lack of funding makes it very difficult for them to continue lending at the expected rate . Therefore, for institutions to decide to begin offering this new form of financing, "the secondary mortgage market must be developed to generate a greater volume of credit," explained a private bank.
A clear example of this can be seen in the number of mortgage deeds registered in June 2025. According to data provided by the Buenos Aires Notary Association, 1,216 mortgage deeds were processed in the city, representing a 6.46% drop compared to the previous month. This situation had already been evident in the province of Buenos Aires the previous month .
"It speaks of stagnation, of having found a ceiling, although it's a marginal drop from one month to the next, and it maintains the level above 1200, so it's not that significant," González Rouco shares.
www.buysellba.com
