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Real estate market: prices, sales, and construction heading into the second half of 2025—what to expect - Ambito Financiero
Source:
www.ambito.com
August 06, 2025
By Jose Luis Cieri
The return of credit is boosting transactions and raising the debate about the future of divisible mortgages. What industry leaders and dynamic regions are projecting.
A couple receives the key after signing the deed to their new property, purchased with a mortgage loan.Pexels
The Argentine real estate market is undergoing a new cycle marked by signs of recovery, moderate adjustments, and sustained expectations for the return of mortgage lending . By mid-2025, data confirms an upswing in transaction volume and increased activity both in the City of Buenos Aires and in the interior of the country (between CABA, the province of Buenos Aires, and Rosario , for example, deeds grew 35% compared to 2024 and 50% compared to 2023).
The rise in the number of deeds issued, increased financing, and the search for ready-to-move-in properties are key factors of the current situation. At the same time, challenges related to construction costs , the instability of the dollar, and difficulties in consolidating key tools such as divisible mortgages persist.
According to Josefina Pantano , president of the Argentine Real Estate Federation (FIRA), "buyers continue to view real estate as a safe haven, and rising profitability is helping." While prices remain relatively stable, a slight upward trend is observed in some segments of the market.
2-bedroom apartments among the best-selling this year
End users are showing interest in properties in good condition, well-located, and with proper documentation. "Buyers feel that prices have bottomed out. This accelerates decision-making, especially in used properties, which offer more affordable opportunities than new construction," added Vieitez.
New construction faces a more complex scenario. Marta Liotto , former president (she will now seek re-election; there are state elections in September) of the Real Estate Association of the City of Buenos Aires (CUCICBA), explained that “the value per square meter of construction, using mid-range materials, is between US$1,800 and US$1,900. Added to these costs are the land, taxes, insurance, and margins, which hinder commercial viability.”
Liotto warned that developers are evaluating alternatives: "Some no longer want to lose connection with their investors and are asking for townhouses or houses to renovate. Today, many are looking for opportunities in real estate to enhance its value, because new construction, due to costs and uncertainty, doesn't guarantee a successful business."
Pantano agreed: “New construction was very slow. Those who were able to build did so with small margins. At the same time, there are interesting transactions in older units resulting from condominium successions or divisions.”
The repossession of well-located, well-priced used properties is becoming an established alternative. However, this approach also entails additional construction, capital, and exposure to technical and bureaucratic risks.
In a context marked by sustained cost increases, where budgets deviate by between 35% and 50% from actual values, the platform developed by Lebane enables precise budget control from the start of the project. Bruno Lerer , Chief Business Officer of the firm, explained that the system allows for real-time comparison of each purchase, certification, or payment against a baseline budget, providing a clear understanding of the evolution of expenditures and their alignment with the plan.
This centralization allows for early detection of financial mismatches and mitigation of operational risks in projects where margins are increasingly tight. "The order, predictability, and data insights help developers and construction companies optimize their processes and maximize profitability," Lerer said. He explained that efficient use of the tool allows for the correction of recurring errors such as unauthorized payments or duplications, which, in medium-sized companies, can generate losses of between $1 and $3 million.
A worker examines his work. A platform that integrates management and budgeting for real estate projects enables efficient project management in a context of rising building values.
In addition to integrating the commercial, administrative, accounting, and technical areas, the platform was specifically designed for real estate developments and addresses the informalities inherent in the sector. Its application ranges from subdivisions and residential complexes to industrial projects and large-scale buildings. In all cases, the objective is the same: to provide full visibility to the project, improve decision-making, and minimize operational deviations.
One of the factors driving transaction growth in the first half of the year was the return of credit. Vieitez stated that "in the Province, there was a 380% year-over-year increase in mortgage deeds by the end of 2024." In Buenos Aires City, credit's share increased from 10% to 22% in one year.
The middle class is the main beneficiary. Many families now have access to homes that were previously out of reach. However, credit consolidation still faces restrictions. "We need stable rates, clear rules for adjusting installments, and credit lines that also reach the interior," Vieitez stated.
Liotto emphasized that "banks have been raising rates since the beginning of July. Some have gone from 4.9% to 9%. Furthermore, the timeframes for evaluating portfolios and finalizing deeds remain long, which creates uncertainty in a context of a volatile dollar and upcoming elections."
Pantano emphasized that the mere reappearance of credit generated confidence: "The main impact was psychological. Many buyers were encouraged to invest their savings, even without taking out a loan." Even so, he called for improvements in the income-to-payment ratio and greater agility in the banking system.
In March 2025, divisible mortgages on future assets were regulated, allowing buyers to finance their unit in a single-unit facility with individual collateral. However, its effective implementation still faces barriers.
“Today, there are no banks offering this type of credit. There is no specific funding or generalized legal structures to individualize the guarantees. Furthermore, there is no secondary market to support this option,” Vieitez explained. The tool is available in regulations, but it hasn't been translated into actual transactions.
Pantano considered that "they are an excellent alternative for those who have land or development capacity, but cannot cover all the costs. What's needed is for banks to provide affordable conditions."
Divisible mortgages allow each buyer to access individual credit on units still under construction; it remains to be seen whether banks will lend the money and implement them.
Liotto expressed hope that the concept will flourish, but cautioned that it's still very new. "There are many young couples interested in this option, but it still needs time. Maybe three or four more months before it starts working."
Vieitez anticipated greater dynamism, albeit with regional differences. “In Buenos Aires, prices are stable, with some specific increases in premium areas. In the interior, cities like Rosario, Mendoza, Córdoba, and Neuquén are showing more activity and higher prices per square meter than those in the capital.”
The key, according to all those interviewed, will be credit. If it expands and consolidates, the market will be driven by the middle segment. However, if obstacles persist or the economy fails to provide clear signals, the upturn will be limited to high-income sectors or cash transactions.
Pantano observed that major cities will continue to see growth in both sales and rentals, but the pace will depend on the political and macroeconomic context. "It's a time of expectation. Elections always mark a turning point. Under current conditions, the trend is toward consolidating the recovery."
At the same time, market values are resetting. Properties listed for more than 90 days allow for greater negotiating room. At the same time, developers are turning to smaller-scale models, optimizing resources, and partnering with investors to overcome high costs.
Liotto concluded: "The scenario will be more optimal if credit grows, divisible mortgages are implemented, and used housing maintains its attractiveness. After the elections, with a new term in office and a clearer political landscape, we could see a positive reaction from buyers and a consolidation of the sector."
www.buysellba.com
Source:
Mercado inmobiliario: precios, ventas y construcción rumbo al segundo semestre de 2025, qué se espera
El regreso del crédito impulsa operaciones y pone en debate el futuro de las hipotecas divisibles. Qué proyectan referentes del sector y zonas con dinamismo.
www.ambito.com
August 06, 2025
By Jose Luis Cieri
The return of credit is boosting transactions and raising the debate about the future of divisible mortgages. What industry leaders and dynamic regions are projecting.
A couple receives the key after signing the deed to their new property, purchased with a mortgage loan.Pexels
The Argentine real estate market is undergoing a new cycle marked by signs of recovery, moderate adjustments, and sustained expectations for the return of mortgage lending . By mid-2025, data confirms an upswing in transaction volume and increased activity both in the City of Buenos Aires and in the interior of the country (between CABA, the province of Buenos Aires, and Rosario , for example, deeds grew 35% compared to 2024 and 50% compared to 2023).
The rise in the number of deeds issued, increased financing, and the search for ready-to-move-in properties are key factors of the current situation. At the same time, challenges related to construction costs , the instability of the dollar, and difficulties in consolidating key tools such as divisible mortgages persist.
Buying and selling on the rise
Nancy Vieitez , president of the Argentine Real Estate Chamber (CIA), noted that "the used market is going through a phase of progressive recovery." Prices in Buenos Aires City (CABA) stabilized around US$2,160 per square meter, with a year-over-year increase of 15%, although still below pre-pandemic values. In June, 5,762 deeds were registered in the City and more than 11,700 in the Province of Buenos Aires ( the best June since 2011 ), of which 22% were finalized with a mortgage loan.According to Josefina Pantano , president of the Argentine Real Estate Federation (FIRA), "buyers continue to view real estate as a safe haven, and rising profitability is helping." While prices remain relatively stable, a slight upward trend is observed in some segments of the market.
2-bedroom apartments among the best-selling this year
End users are showing interest in properties in good condition, well-located, and with proper documentation. "Buyers feel that prices have bottomed out. This accelerates decision-making, especially in used properties, which offer more affordable opportunities than new construction," added Vieitez.
New construction vs. renovation
New construction faces a more complex scenario. Marta Liotto , former president (she will now seek re-election; there are state elections in September) of the Real Estate Association of the City of Buenos Aires (CUCICBA), explained that “the value per square meter of construction, using mid-range materials, is between US$1,800 and US$1,900. Added to these costs are the land, taxes, insurance, and margins, which hinder commercial viability.”
Liotto warned that developers are evaluating alternatives: "Some no longer want to lose connection with their investors and are asking for townhouses or houses to renovate. Today, many are looking for opportunities in real estate to enhance its value, because new construction, due to costs and uncertainty, doesn't guarantee a successful business."
Pantano agreed: “New construction was very slow. Those who were able to build did so with small margins. At the same time, there are interesting transactions in older units resulting from condominium successions or divisions.”
The repossession of well-located, well-priced used properties is becoming an established alternative. However, this approach also entails additional construction, capital, and exposure to technical and bureaucratic risks.
Optimized processes, key
In a context marked by sustained cost increases, where budgets deviate by between 35% and 50% from actual values, the platform developed by Lebane enables precise budget control from the start of the project. Bruno Lerer , Chief Business Officer of the firm, explained that the system allows for real-time comparison of each purchase, certification, or payment against a baseline budget, providing a clear understanding of the evolution of expenditures and their alignment with the plan.
This centralization allows for early detection of financial mismatches and mitigation of operational risks in projects where margins are increasingly tight. "The order, predictability, and data insights help developers and construction companies optimize their processes and maximize profitability," Lerer said. He explained that efficient use of the tool allows for the correction of recurring errors such as unauthorized payments or duplications, which, in medium-sized companies, can generate losses of between $1 and $3 million.
A worker examines his work. A platform that integrates management and budgeting for real estate projects enables efficient project management in a context of rising building values.
In addition to integrating the commercial, administrative, accounting, and technical areas, the platform was specifically designed for real estate developments and addresses the informalities inherent in the sector. Its application ranges from subdivisions and residential complexes to industrial projects and large-scale buildings. In all cases, the objective is the same: to provide full visibility to the project, improve decision-making, and minimize operational deviations.
Mortgage credit on the rise, but with limits
One of the factors driving transaction growth in the first half of the year was the return of credit. Vieitez stated that "in the Province, there was a 380% year-over-year increase in mortgage deeds by the end of 2024." In Buenos Aires City, credit's share increased from 10% to 22% in one year.
The middle class is the main beneficiary. Many families now have access to homes that were previously out of reach. However, credit consolidation still faces restrictions. "We need stable rates, clear rules for adjusting installments, and credit lines that also reach the interior," Vieitez stated.
Liotto emphasized that "banks have been raising rates since the beginning of July. Some have gone from 4.9% to 9%. Furthermore, the timeframes for evaluating portfolios and finalizing deeds remain long, which creates uncertainty in a context of a volatile dollar and upcoming elections."
Pantano emphasized that the mere reappearance of credit generated confidence: "The main impact was psychological. Many buyers were encouraged to invest their savings, even without taking out a loan." Even so, he called for improvements in the income-to-payment ratio and greater agility in the banking system.
Divisible Mortgages: Potential with Obstacles
In March 2025, divisible mortgages on future assets were regulated, allowing buyers to finance their unit in a single-unit facility with individual collateral. However, its effective implementation still faces barriers.
“Today, there are no banks offering this type of credit. There is no specific funding or generalized legal structures to individualize the guarantees. Furthermore, there is no secondary market to support this option,” Vieitez explained. The tool is available in regulations, but it hasn't been translated into actual transactions.
Pantano considered that "they are an excellent alternative for those who have land or development capacity, but cannot cover all the costs. What's needed is for banks to provide affordable conditions."
Divisible mortgages allow each buyer to access individual credit on units still under construction; it remains to be seen whether banks will lend the money and implement them.
Liotto expressed hope that the concept will flourish, but cautioned that it's still very new. "There are many young couples interested in this option, but it still needs time. Maybe three or four more months before it starts working."
Projections for the second half of the year
For the second half of 2025, the outlook is optimistic but cautious. Liotto emphasized that "the market has been growing step by step for over a year. The trend is upward. But we need to reduce rates and lower the percentage of advance savings required by banks so that more people can afford their first home."Vieitez anticipated greater dynamism, albeit with regional differences. “In Buenos Aires, prices are stable, with some specific increases in premium areas. In the interior, cities like Rosario, Mendoza, Córdoba, and Neuquén are showing more activity and higher prices per square meter than those in the capital.”
The key, according to all those interviewed, will be credit. If it expands and consolidates, the market will be driven by the middle segment. However, if obstacles persist or the economy fails to provide clear signals, the upturn will be limited to high-income sectors or cash transactions.
Pantano observed that major cities will continue to see growth in both sales and rentals, but the pace will depend on the political and macroeconomic context. "It's a time of expectation. Elections always mark a turning point. Under current conditions, the trend is toward consolidating the recovery."
At the same time, market values are resetting. Properties listed for more than 90 days allow for greater negotiating room. At the same time, developers are turning to smaller-scale models, optimizing resources, and partnering with investors to overcome high costs.
Liotto concluded: "The scenario will be more optimal if credit grows, divisible mortgages are implemented, and used housing maintains its attractiveness. After the elections, with a new term in office and a clearer political landscape, we could see a positive reaction from buyers and a consolidation of the sector."
www.buysellba.com
