BuySellBA
Administrator
Despite the electoral uncertainty, the Buenos Aires real estate market maintains its dynamism - Infobae
Source:
www.infobae.com
October 04, 2023
Specialists point out that, unlike previous elections such as those in 2019 and 2015, the segment remains active despite the current economic and political context.
By Jose Luis Cieri
There are consultations and purchase and sale operations are closed these days, something that did not happen in other times of general elections (Photo: Getty Images)
With the general elections approaching on October 22, the real estate market in Buenos Aires has shown notable resistance to economic fluctuations, such as unexpected devaluations. This behavior contrasts with previous electoral periods, such as those of 2019 or 2015, in which the activity stopped.
Recent data from the College of Notaries of the City of Buenos Aires supports this observation. Last August, 4,135 notarial acts related to the real estate market were registered. The volume of sales did not experience a significant decrease after the primary elections on August 13.
The next day, a 22% devaluation of the official dollar was recorded, while inflation rates continued to rise, consolidating at double-digit monthly figures. And the parallel dollar fluctuates at $800 these days.
Alejandro Reyser , partner and executive director of RED, told Infobae that: “This combination of factors has exacerbated existing concerns about the country's economic future. But the brick consumer is still the one who has the dollars saved (part blank, part under the mattress), but is confident that he will not need them for his household economy in the next 2 years. So, it doesn't matter if he is an investor or end consumer; Take advantage of the good prices compared to historical values, and move forward.”
A market of opportunity persists in CABA: home values have fallen between 40% and 45% over the course of four years. This situation favors those with purchasing power, who have the option of purchasing used units, under construction or brand new.
“Activity in the real estate market has remained relatively stable, even in the electoral context. Although there was a slight slowdown immediately after the elections, activity quickly normalized, and both consultations and operations have experienced an increase in recent days,” Verónica Pagola , CEO of Century 21 Argentina, told Infobae.
Currently, developers and brokers observe different types of demand. On the one hand, the developer HA notes that all market segments see security in premium ventures. On the other hand, at Pozzi Inmobiliaria they notice a good level of inquiries in the second-hand or used homes segment.
In a scenario of uncertainty about the country's economic direction, real estate investment reemerges as a refuge for dollar holders. These investors see devalued real estate as a way to protect their savings, which, although denominated in a strong currency, do not lose value compared to other assets.
In CABA, 4,135 deeds were made last August, and more than 23,000 have already been accumulated, the best record after 4 years (Photo: Getty)
Diego Lo Nigro, of Grupo TGR, told Infobae : “Sales of high-turnover properties (studio and one-bedrooms) are increasing, but this has not driven an increase in prices. “Despite the increase in demand, supply remains plentiful, and some of it, as usual, is outside market value.”
While Hernán Pisarenko , commercial director of HA, pointed out that, in addition to the location in good neighborhoods, “factors such as security, the environment and the community are fundamental pillars that buyers consider today to make their decision.”
There are currently more than 30,000 used properties for sale in CABA for less than USD 50,000, and there are also opportunities between USD 50,000 and USD 60,000 in different layouts.
At the same time, you can see a large number of projects under construction in neighborhoods where opportunities are sought (Barrio Norte, Belgrano, Palermo, Recoleta, Nuñez, Villa Urquiza and Villa Crespo, among others).
“The values were accommodated and are maintained; They do not go up and there are no arguments that indicate that they should go up. On the contrary, there is still inventory in stock for many months,” said Fernando Pozzi, of Pozzi Inmobiliaria.
One and two-bedroom apartments, as well as townhouses, are among the most requested options. Part of the demand leans towards the PHs to avoid paying expenses.
The PHs are among those preferred by the demand that prefers them to avoid paying monthly expenses
Pisarenko added: “Today's buyers are especially cautious. Before making a decision, they evaluate multiple factors, such as the appreciation potential of the property, the possible income and the usefulness it could have for them or their family members in case of need. “Today’s buyer is looking for a complete package.”
Part of the CABA real estate market is expectant before the upcoming elections on October 22. However, it does not stop those who have specific buying or selling needs, or who see it advisable to reach agreements before the elections.
“The possibility of a change of government in 2024 is encouraging demand. We observed an increase in the number of successful transactions that were recently closed,” concluded Lo Nigro.
www.buysellba.com
Source:
A pesar de la incertidumbre electoral, el mercado inmobiliario porteño mantiene su dinamismo
Especialistas señalan que, a diferencia de elecciones anteriores como las de 2019 y 2015, el segmento sigue activo a pesar del actual contexto económico y político
www.infobae.com
October 04, 2023
Specialists point out that, unlike previous elections such as those in 2019 and 2015, the segment remains active despite the current economic and political context.
By Jose Luis Cieri
There are consultations and purchase and sale operations are closed these days, something that did not happen in other times of general elections (Photo: Getty Images)
With the general elections approaching on October 22, the real estate market in Buenos Aires has shown notable resistance to economic fluctuations, such as unexpected devaluations. This behavior contrasts with previous electoral periods, such as those of 2019 or 2015, in which the activity stopped.
Recent data from the College of Notaries of the City of Buenos Aires supports this observation. Last August, 4,135 notarial acts related to the real estate market were registered. The volume of sales did not experience a significant decrease after the primary elections on August 13.
The next day, a 22% devaluation of the official dollar was recorded, while inflation rates continued to rise, consolidating at double-digit monthly figures. And the parallel dollar fluctuates at $800 these days.
Alejandro Reyser , partner and executive director of RED, told Infobae that: “This combination of factors has exacerbated existing concerns about the country's economic future. But the brick consumer is still the one who has the dollars saved (part blank, part under the mattress), but is confident that he will not need them for his household economy in the next 2 years. So, it doesn't matter if he is an investor or end consumer; Take advantage of the good prices compared to historical values, and move forward.”
A market of opportunity persists in CABA: home values have fallen between 40% and 45% over the course of four years. This situation favors those with purchasing power, who have the option of purchasing used units, under construction or brand new.
The elections did not affect this time
The electoral uncertainty has not turned the real estate market into a cautious sector. With candidates favoring pro-market policies and housing prices that appear to have bottomed out, buyers see opportunities to safeguard value and dollarize their investments.”“Activity in the real estate market has remained relatively stable, even in the electoral context. Although there was a slight slowdown immediately after the elections, activity quickly normalized, and both consultations and operations have experienced an increase in recent days,” Verónica Pagola , CEO of Century 21 Argentina, told Infobae.
Currently, developers and brokers observe different types of demand. On the one hand, the developer HA notes that all market segments see security in premium ventures. On the other hand, at Pozzi Inmobiliaria they notice a good level of inquiries in the second-hand or used homes segment.
Hernán Nucifora, CEO of Global Investments, told Infobae : “We are seeing that investors are the ones who are moving the market, whether in the purchase of land or well-stocked properties, taking advantage of the drop in prices.”
In a scenario of uncertainty about the country's economic direction, real estate investment reemerges as a refuge for dollar holders. These investors see devalued real estate as a way to protect their savings, which, although denominated in a strong currency, do not lose value compared to other assets.
In CABA, 4,135 deeds were made last August, and more than 23,000 have already been accumulated, the best record after 4 years (Photo: Getty)
Diego Lo Nigro, of Grupo TGR, told Infobae : “Sales of high-turnover properties (studio and one-bedrooms) are increasing, but this has not driven an increase in prices. “Despite the increase in demand, supply remains plentiful, and some of it, as usual, is outside market value.”
What demand exists
According to experts, used or brand-new properties are more in demand by end users, and those that are in pozo, by investors. “What they are looking for¨, are homes in good locations because, when you take a risk, the first thing you recover is what is well located,” Reyser clarified.While Hernán Pisarenko , commercial director of HA, pointed out that, in addition to the location in good neighborhoods, “factors such as security, the environment and the community are fundamental pillars that buyers consider today to make their decision.”
There are currently more than 30,000 used properties for sale in CABA for less than USD 50,000, and there are also opportunities between USD 50,000 and USD 60,000 in different layouts.
At the same time, you can see a large number of projects under construction in neighborhoods where opportunities are sought (Barrio Norte, Belgrano, Palermo, Recoleta, Nuñez, Villa Urquiza and Villa Crespo, among others).
“The values were accommodated and are maintained; They do not go up and there are no arguments that indicate that they should go up. On the contrary, there is still inventory in stock for many months,” said Fernando Pozzi, of Pozzi Inmobiliaria.
One and two-bedroom apartments, as well as townhouses, are among the most requested options. Part of the demand leans towards the PHs to avoid paying expenses.
The PHs are among those preferred by the demand that prefers them to avoid paying monthly expenses
What's coming
Traditionally, the last three months of the year are the most active in terms of real estate transactions. In this context of presidential elections and a possible runoff, these factors do not seem to have a significant impact on the decision of those seeking to purchase a home.Pisarenko added: “Today's buyers are especially cautious. Before making a decision, they evaluate multiple factors, such as the appreciation potential of the property, the possible income and the usefulness it could have for them or their family members in case of need. “Today’s buyer is looking for a complete package.”
Part of the CABA real estate market is expectant before the upcoming elections on October 22. However, it does not stop those who have specific buying or selling needs, or who see it advisable to reach agreements before the elections.
“The possibility of a change of government in 2024 is encouraging demand. We observed an increase in the number of successful transactions that were recently closed,” concluded Lo Nigro.
www.buysellba.com
