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Mortgage credit breaks out and changes the real estate agenda - Reporte Inmobiliario
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Irrumpe crédito hipotecario y cambia agenda inmobiliaria, noticias sobre FINANCIAMIENTO en Reporte Inmobiliario
Mejora el acceso a la vivienda y descomprime demanda locativa. ¿Cuotas similares al valor del alquiler? ¿Como son las nuevas líneas?
www.reporteinmobiliario.com
April 29, 2024
It improves access to housing and decompresses rental demand. Fees similar to the rental value? What are the new lines like?
Suddenly, when the most optimistic projections expected it for the last quarter of the year, mortgage credit burst in April, taking not only the population but most of the actors in the real estate market by surprise.
The kickoff was given by Banco Hipotecario, on Tuesday, April 23, through the publication on its website of the details of a new line of UVA mortgage loans that would become effective on May 6.
Although the announcement by Banco Hipotecario had already shaken the interest of users and actors in the sector, it only took 24 hours for Banco Ciudad to announce. Later, launching its own line of mortgage financing, improving rates, encouraged it even more.
After cardboard, 48 hours after the first announcement, Banco Supervielle, quick of reflexes, announced even without further details, its own line with availability starting next May 4.
It would be obvious to anticipate that these three banks will be followed in a cataract by the rest of the entities in the Argentine financial system.
Now, overcoming the initial ebullience of these announcements, it is essential to try to analyze, with the official information provided by the banks, the true impact that, in principle, they could have on the demand for housing and consequently on the evolution of the real estate market.
In light of what was officially reported by the Mortgage Bank and the City, and taking the average m2 of closing sales for the month of March of the RE/MAX – UCEMA – REAL ESTATE REPORT index, it is possible to have an approach to the potential of this initial dawn of the mortgage credit.
Let's move on to the numbers.
In a first reading that arises from applying the different variables involved, the fees resulting from the Banco Ciudad line are located in the order of between 10% and 15% above the monthly rent corresponding to the neighborhoods of Flores and Almagro, 35 % above the average rent in the Palermo neighborhood and with a value similar to the rent in Balvanera.
The first conclusion that can be drawn from this simple example of only four neighborhoods in the city is that the fee is presented, in principle, as reasonable and even sufficiently attractive for those who can formally meet the entry conditions and are willing to responsibly assume the cost. monthly increase in the installment caused by inflation beyond the interest rate that could be interpreted as adjusted taking into account the current context.
On the other hand, Banco Ciudad offers an additional reduction of 2 rate points if the home to be purchased is located in the downtown area. UVA + 3.5% will be applied in that location, an additional incentive to reactivate that central area of the city that still has a significant level of housing stock on offer.
Without a doubt, the return of mortgage credit is very good news to improve housing accessibility. Mortgage credit has the virtue of operating as the best “regulation” of the rental market by decompressing demand. The usual common and natural in any part of the world turns out to be an exception and novelty in Argentina.
Minutes ago Jorge Macri at the launch of Banco Ciudad's mortgage credit lines
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