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Deeds went up in CABA: It is the first quarter with the most registrations in the last six years - Infobae
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Subieron las escrituras en CABA: es el primer trimestre con más registros de los últimos seis años
El mercado inmobiliario muestra señales de recuperación y las operaciones de compra-venta efectuadas alcanzaron un monto involucrado de $300.553 millones
www.infobae.com
April 24, 2024
The real estate market shows signs of recovery and the purchase and sale operations carried out reached an amount of $300,553 million.
By José Luis Cieri
In March, 3,499 deeds were recorded, marking the strongest start to the quarter in six years
After six years of continuous difficulties, the real estate sector shows signs of some recovery.
According to the most recent report on deeds carried out by the College of Notaries of the City of Buenos Aires, in March it was observed that the total value of real estate operations amounted to $300,553 million. This amount reflects a growth of 347% compared to March 2023.
Likewise, the total number of real estate purchase and sale deeds increased by 18.3% in March 2024 compared to the previous year, reaching 3,499 notarial acts. The strongest start to the year since 2018 to date is confirmed.
The school report also confirmed that compared to last February, the writings increased by 53.6% (2,213 had been carried out)
The average value of real estate transactions reached $88,418,261, equivalent to USD 98,758 according to the average official exchange rate, marking an increase of 277.9% in pesos in the last year. However, in dollars, this value experienced a decrease of 11.3 percent.
Regarding deeds formalized with a mortgage, March recorded 106 operations, reflecting a drop of 4.5% compared to the same month of the previous year. During the quarter, 254 mortgage deeds were recorded, which indicates a decrease of 2.3% (the segment is optimistic about the launch of new credit proposals such as those recently presented by Banco Hipotecario ).
Source: College of Notaries of the city of Buenos Aires
Jorge De Bártolo, president of the College of Notaries of Buenos Aires, said: “If we analyze the volume of the quarter, it is the best in the last 6 years and is consistent with the variations that we have been observing, becoming an encouraging figure. “A growth of 16% was confirmed compared to the same period in 2023.”
From the real estate sector, there is confidence that the economy will stabilize and that inflation will continue its deceleration more pronounced. This would improve people's savings capacity and facilitate access to mortgage loans for the purchase of their own homes.
“We highlight the significant recovery capacity of the sector with the return of mortgage credit. The last time support measures for families were promoted, the volume of purchase and sale operations was double compared to today (almost 15,000 in 2018 compared to 7,500 expected for 2024). This shows that loans of this type have a positive effect,” De Bártolo emphasized.
Perspectives
The real estate sector highlights notable dynamism, with two- and three-room apartments in various neighborhoods of the city currently being the most marketed.Diego Migliorisi , from Migliorisi Inmobiliaria, highlighted to Infobae that “the recovery of the sector was an anticipated event, supported by greater confidence and economic order that once again attracted investors and buyers. This change in cycle is reinforced by the recovery of values in the market and the reintroduction of mortgage credit, marking a hopeful return after years of absence.”
Source: College of Notaries of the city of Buenos Aires
The recent repeal of the Rental Law also played a crucial role, generating a before and after in the sector. With an initial surplus of properties available, of which thousands were diverted from the rental market due to unfavorable legislation, a return to normality is now being seen.
This readjustment is promoting an increase in transactions and writings that seems to project an even more promising future, with an optimistic environment for both investors and those looking for a new home.
Migliorisi stressed that the current panorama is very different from that experienced between 2016 and 2017, and more solid than before the 2018 devaluation. “With a revitalized real estate market, supported by an emerging credit system and several years of repressed demand ready to activate , the near future of the real estate sector in CABA and other segments promises to be especially interesting and dynamic.”
This scenario is not new; A similar trend was already observed in February of this year. Month-over-month comparisons with the previous year show improvements, highlighting 18% growth in March, almost 20% more in writes than the same month last year.
Source: College of Notaries of the city of Buenos Aires
Francisco Altgelt , from Altgelt Negocios Inmobiliarios, said that this constant increase, even without the boost of mortgage loans yet, is notable. “The majority of transactions are carried out in cash, constituting more than 90% of the total. The fact that almost all operations are cash is already an indication of the strength and liquidity of the current market,” he assured.
This pattern confirms that the real estate market began to experience significant changes more than a year ago, anticipating that April would follow the same upward trend.
“If mortgage credit returns, as everything indicates it will, we are facing a scenario where the volume of deeds could increase more strongly and return to similar levels of 6,500 average monthly deeds. This would not only benefit buyers and sellers, but would further energize the entire segment,” concluded Altgelt.
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