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The Milei era: how the real estate market changed in almost two years, deregulated rents and booming transactions - Ambito
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www.ambito.com
November 07, 2025
By Jose Luis Cieri
The repeal of the Rental Law calmed the market and increased supply. The return of mortgage lending revived sales of used properties.
Evolution of the real estate market during Milei's administration, with changes in prices, credit and housing supply.Depositphotos
Since December 2023, when Javier Milei assumed the presidency, the Argentine real estate market has undergone a reconfiguration. The repeal of the Rental Law , the return of mortgage loans , and price stability have changed the rules of the game for sales and rental agreements. In almost two years, the sector has recovered transactions, narrowed the gap between supply and demand, and begun to overcome the effects of the recession and the lack of predictability.
According to the Buenos Aires Notary Association, approximately 6,000 property deeds were registered monthly over the last six months, the highest average since 2018. Meanwhile, the price per square meter in the City of Buenos Aires averages US$2,400, representing a nearly 10% increase over the past two years. Real estate websites indicate that property prices have recovered from a 45% drop in the City of Buenos Aires and a 50% drop in the Province of Buenos Aires, and that negotiation at closing has now fallen to around 5%, a far cry from the 15% seen during the years of greatest economic paralysis (which lasted for more than five years and included a pandemic, when transactions in the City of Buenos Aires averaged 1,500 and in the Province around 4,000 per month).
Marta Liotto , president of the Buenos Aires Real Estate Association, pointed out that the turning point was the elimination of rental regulations. “Properties that had been bulging the sales portfolio returned to the rental market, streamlining and structurally impacting the entire sector,” she explained.
The critical point was in November 2023, when there were fewer than 400 apartments in pesos, and there were neighborhoods like Agronomía, Saavedra or Mataderos where the supply was 0, informal contracts predominated, in dollars or renewals were made after renewals of pre-existing agreements when there was a good relationship between owners and tenants.
The freedom of contract following the Emergency Decree allowed landlords and tenants to negotiate directly. “The supply of rental properties has increased by more than 150% since then and remains at 15,000 in the City of Buenos Aires ( approximately 27% in dollars ). Prices have stabilized, and the parties have gained predictability in reaching agreements,” he stated.
The graph of real rental prices (see below) for two-room apartments shows that, after the peak in 2023 with inflation-adjusted values exceeding $940,000, the curve dropped to $682,000 in August 2025, falling below inflation and consolidating a change in trend.
Liotto emphasized that “inflation stability provided predictability for families and investors,” which revived real estate transactions and demand. This was further boosted by the capital amnesty program at the beginning of 2024, which incentivized new transactions, and the return of mortgage lending. “Today, approximately 20% of transactions are financed through banks,” he specified.
He acknowledged that “since October, as a consequence of the electoral uncertainty, the sector has suffered a decline in demand,” but asserted that the expectation of recovery is strong. In his view, the combination of lower inflation, credit, and clear regulations made the difference compared to previous years.
The instability of the dollar and the increase in costs in dollars reduced the profitability of developments and led many investors to withdraw.
With Milei's arrival, Walger said, "a sense of economic stability emerged," and the decline in prices slowed. The slight decrease in inflation was reflected in the construction index, and a rebound in the value of used properties began to be noticeable.
“The reactivation of credit, although limited, allowed some sectors to access financing and that boosted operations,” he said.
Exchange rate stability and deregulation of the rental market also helped. “Landlords put their properties back on the market, and lower inflation moderated rent adjustments,” he noted. Contracts became shorter, and the market began to operate according to supply and demand, with more balanced bargaining power.
Walger observed that “little by little, investors who had unsold properties are selling them and are looking for new off-plan options.” He believes the real estate business has become more professional. “Developers started filling the gap left by banks by offering post-possession financing of two to six years, which made buying new units more accessible,” he added.
Walger assessed that “if economic policies succeed in stabilizing the economy, the market will continue to recover, although uncertainty remains a key factor.” Mortgage lending and confidence in the local currency, he said, are the two drivers that still need to be strengthened.
He considered that "good economic decisions created an active market, with prices seeking to recover ground in dollars, rising rents, and a level of demand that rebounded year-on-year."
According to data from Mercado Libre Inmuebles ( tracked in conjunction with the University of San Andrés, UDESA ), inquiries for apartments climbed 17.6% compared to 2014. “While prices in dollars show signs of recovery, purchase demand cooled before the elections, but with the election results, those doubts dissipated,” said Gómez. Since the end of October, searches have begun to increase again.
The expert noted that the repeal of the Rental Law “eliminated restrictions and encouraged landlords to put their properties on the market.” In his view, Decree of Necessity and Urgency 70/2023, which allowed contracts in pesos or dollars with adjustment indices agreed upon by both parties, “benefited both tenants, who achieved more stable rents, and landlords, who maintained their income in constant currency.”
Market data confirms this trend: rents increased 2.3% in the last month and 26.8% year-on-year, exceeding the accumulated inflation rate of 21.6%. However, the Central Bank's Rental Contract Index reached its lowest level since 2021 in November, with a year-on-year increase of 42.3%. This represents a drastic change compared to the increases implemented under the previous law.
In existing contracts, a three-room apartment that cost $300,000 in October went up to $427,000, an amount that will remain in effect until October 2026. In new agreements signed under the DNU (Decree of Necessity and Urgency), the quarterly or semi-annual adjustments represent much smaller increases, between 6% and 17%.
He asserted that the economic and regulatory measures adopted “were fundamental to the reactivation, especially the deregulation of rents and the lifting of exchange restrictions, which expanded the supply and moderated prices.”
According to the Notary Association of the province, the market grew 44% year-on-year in September, with 14,336 transactions, a figure similar to that of 20 years ago. Credit activity was 186% higher than in September 2014. Among the districts with the highest volume of sales were General Pueyrredón (Mar del Plata), La Plata, the Atlantic Coast, Morón, Vicente López, San Isidro, and Bahía Blanca, with year-on-year increases in several cases reaching double digits.
According to the College of Auctioneers and Real Estate Brokers of the Province of Buenos Aires, together with the Institute of Politics and Government (IPG) of the National University of the Northwest of the Province of Buenos Aires (UNNOBA), with campuses in Junín and Pergamino, 65% of real estate transactions in the province involve houses and apartments, while land accounts for 21% of the total. The market maintains a predominantly residential profile, with increasing interest in subdivided lots and mid-sized urban developments, especially in the interior of the province.
Ledain noted that, following the September elections and the increase in interest rates at private banks, "the sales market shrank," although more inquiries and transactions are now being observed. In his analysis, "the sale of used properties has recovered because construction costs have risen, and buying off-plan is no longer a profitable venture."
Regarding rentals, he emphasized that “the key factor was the repeal of the 2020 Law and the implementation of Decree 70/2023, which freed the parties to negotiate.” In residential contracts, 24-month terms became the standard, and the possibility of agreeing on adjustments based on different indices allowed for flexibility without conflict.
“The relationship between landlords and tenants is now based on dialogue. If the rental value becomes outdated, the parties can renegotiate the agreement. This contractual freedom has reduced tension and brought stability to a market that was blocked by previous regulations,” Ledain concluded.
www.buysellba.com
Source:
Era Milei: cómo cambió el mercado inmobiliario en casi dos años, alquileres desregulados y operaciones en alza
La derogación de la Ley de Alquileres serenó el mercado y amplió la oferta. El retorno del crédito hipotecario reactivó las ventas de usados.
www.ambito.com
November 07, 2025
By Jose Luis Cieri
The repeal of the Rental Law calmed the market and increased supply. The return of mortgage lending revived sales of used properties.
Evolution of the real estate market during Milei's administration, with changes in prices, credit and housing supply.Depositphotos
Since December 2023, when Javier Milei assumed the presidency, the Argentine real estate market has undergone a reconfiguration. The repeal of the Rental Law , the return of mortgage loans , and price stability have changed the rules of the game for sales and rental agreements. In almost two years, the sector has recovered transactions, narrowed the gap between supply and demand, and begun to overcome the effects of the recession and the lack of predictability.
According to the Buenos Aires Notary Association, approximately 6,000 property deeds were registered monthly over the last six months, the highest average since 2018. Meanwhile, the price per square meter in the City of Buenos Aires averages US$2,400, representing a nearly 10% increase over the past two years. Real estate websites indicate that property prices have recovered from a 45% drop in the City of Buenos Aires and a 50% drop in the Province of Buenos Aires, and that negotiation at closing has now fallen to around 5%, a far cry from the 15% seen during the years of greatest economic paralysis (which lasted for more than five years and included a pandemic, when transactions in the City of Buenos Aires averaged 1,500 and in the Province around 4,000 per month).
Marta Liotto , president of the Buenos Aires Real Estate Association, pointed out that the turning point was the elimination of rental regulations. “Properties that had been bulging the sales portfolio returned to the rental market, streamlining and structurally impacting the entire sector,” she explained.
The critical point was in November 2023, when there were fewer than 400 apartments in pesos, and there were neighborhoods like Agronomía, Saavedra or Mataderos where the supply was 0, informal contracts predominated, in dollars or renewals were made after renewals of pre-existing agreements when there was a good relationship between owners and tenants.
The freedom of contract following the Emergency Decree allowed landlords and tenants to negotiate directly. “The supply of rental properties has increased by more than 150% since then and remains at 15,000 in the City of Buenos Aires ( approximately 27% in dollars ). Prices have stabilized, and the parties have gained predictability in reaching agreements,” he stated.
The graph of real rental prices (see below) for two-room apartments shows that, after the peak in 2023 with inflation-adjusted values exceeding $940,000, the curve dropped to $682,000 in August 2025, falling below inflation and consolidating a change in trend.
Liotto emphasized that “inflation stability provided predictability for families and investors,” which revived real estate transactions and demand. This was further boosted by the capital amnesty program at the beginning of 2024, which incentivized new transactions, and the return of mortgage lending. “Today, approximately 20% of transactions are financed through banks,” he specified.
He acknowledged that “since October, as a consequence of the electoral uncertainty, the sector has suffered a decline in demand,” but asserted that the expectation of recovery is strong. In his view, the combination of lower inflation, credit, and clear regulations made the difference compared to previous years.
Cultural shift in buying and selling
Agustín Walger , director of Lepore Propiedades, described the transition as a cultural shift in decision-making. “We came from a scenario of great uncertainty that paralyzed both buyers and sellers. Nobody wanted to take risks. If someone was selling, they wouldn't confirm the transaction until they knew if they could buy another property with that money,” he explained.
The instability of the dollar and the increase in costs in dollars reduced the profitability of developments and led many investors to withdraw.
With Milei's arrival, Walger said, "a sense of economic stability emerged," and the decline in prices slowed. The slight decrease in inflation was reflected in the construction index, and a rebound in the value of used properties began to be noticeable.
“The reactivation of credit, although limited, allowed some sectors to access financing and that boosted operations,” he said.
Exchange rate stability and deregulation of the rental market also helped. “Landlords put their properties back on the market, and lower inflation moderated rent adjustments,” he noted. Contracts became shorter, and the market began to operate according to supply and demand, with more balanced bargaining power.
Walger observed that “little by little, investors who had unsold properties are selling them and are looking for new off-plan options.” He believes the real estate business has become more professional. “Developers started filling the gap left by banks by offering post-possession financing of two to six years, which made buying new units more accessible,” he added.
Walger assessed that “if economic policies succeed in stabilizing the economy, the market will continue to recover, although uncertainty remains a key factor.” Mortgage lending and confidence in the local currency, he said, are the two drivers that still need to be strengthened.
Measures that favored the real estate sector
For Mario Gómez , director of Le Bleu Real Estate, the change in phase is reflected in the daily activity of real estate agencies. “The measures aimed at controlling inflation, eliminating the deficit, and liberalizing the market have had a positive impact,” he stated.
He considered that "good economic decisions created an active market, with prices seeking to recover ground in dollars, rising rents, and a level of demand that rebounded year-on-year."
According to data from Mercado Libre Inmuebles ( tracked in conjunction with the University of San Andrés, UDESA ), inquiries for apartments climbed 17.6% compared to 2014. “While prices in dollars show signs of recovery, purchase demand cooled before the elections, but with the election results, those doubts dissipated,” said Gómez. Since the end of October, searches have begun to increase again.
The expert noted that the repeal of the Rental Law “eliminated restrictions and encouraged landlords to put their properties on the market.” In his view, Decree of Necessity and Urgency 70/2023, which allowed contracts in pesos or dollars with adjustment indices agreed upon by both parties, “benefited both tenants, who achieved more stable rents, and landlords, who maintained their income in constant currency.”
Market data confirms this trend: rents increased 2.3% in the last month and 26.8% year-on-year, exceeding the accumulated inflation rate of 21.6%. However, the Central Bank's Rental Contract Index reached its lowest level since 2021 in November, with a year-on-year increase of 42.3%. This represents a drastic change compared to the increases implemented under the previous law.
In existing contracts, a three-room apartment that cost $300,000 in October went up to $427,000, an amount that will remain in effect until October 2026. In new agreements signed under the DNU (Decree of Necessity and Urgency), the quarterly or semi-annual adjustments represent much smaller increases, between 6% and 17%.
Provincial reality
Lilian Ledain , president of the Real Estate Chamber of the Province of Buenos Aires, agreed that "low inflation, exchange rate stability and the reactivation of mortgage loans increased the dynamics of the market."He asserted that the economic and regulatory measures adopted “were fundamental to the reactivation, especially the deregulation of rents and the lifting of exchange restrictions, which expanded the supply and moderated prices.”
According to the Notary Association of the province, the market grew 44% year-on-year in September, with 14,336 transactions, a figure similar to that of 20 years ago. Credit activity was 186% higher than in September 2014. Among the districts with the highest volume of sales were General Pueyrredón (Mar del Plata), La Plata, the Atlantic Coast, Morón, Vicente López, San Isidro, and Bahía Blanca, with year-on-year increases in several cases reaching double digits.
According to the College of Auctioneers and Real Estate Brokers of the Province of Buenos Aires, together with the Institute of Politics and Government (IPG) of the National University of the Northwest of the Province of Buenos Aires (UNNOBA), with campuses in Junín and Pergamino, 65% of real estate transactions in the province involve houses and apartments, while land accounts for 21% of the total. The market maintains a predominantly residential profile, with increasing interest in subdivided lots and mid-sized urban developments, especially in the interior of the province.
Ledain noted that, following the September elections and the increase in interest rates at private banks, "the sales market shrank," although more inquiries and transactions are now being observed. In his analysis, "the sale of used properties has recovered because construction costs have risen, and buying off-plan is no longer a profitable venture."
Regarding rentals, he emphasized that “the key factor was the repeal of the 2020 Law and the implementation of Decree 70/2023, which freed the parties to negotiate.” In residential contracts, 24-month terms became the standard, and the possibility of agreeing on adjustments based on different indices allowed for flexibility without conflict.
“The relationship between landlords and tenants is now based on dialogue. If the rental value becomes outdated, the parties can renegotiate the agreement. This contractual freedom has reduced tension and brought stability to a market that was blocked by previous regulations,” Ledain concluded.
www.buysellba.com
