A new era of the real estate market begins in Buenos Aires: property sales rose 24% in August
The real estate market is slowly beginning to recover. According to data from the Association of Notaries of the City of Buenos Aires, in August, 3,117 acts of purchase and sale of real estate were signed, 23.8% more than a year ago. In addition, the third consecutive month in which the barrier of 3,000 operations has been broken, something that has not happened since 2018. For specialists, the new era for the sector begins.
The numbers are positive and bring hope in a sector hit hard in the last four years. The number of deeds grew by 0.7% compared to July, when 3,138 transactions had been signed.
The College of Notaries maintains that the accumulated figure for the year when compared to the same period in 2021, gives an increase of 16.1% with 19,996 deeds.
“The most interesting data is the accumulated data of the last three months. For the first time, since 2018, a record year for the sector, we see that the barrier of 3,000 operations per month has been broken,” said a source from the College.
The average amount of the acts was $13,375,199 (US$ 94,112 according to the average official exchange rate). This shows a growth of 35.6% in one year in pesos and a fall of 2.2 per cent in US currency.
“We completed the second third of the year with practically 20,000 deeds. It means a slight general increase. On the other hand, we insist that greater incentives for mortgage credit for this scenario would be much more dynamic. Even though 6 months of the 8 of 2022 were positively Compared to 2021, mortgages do not even reach 1,000 in the entire period, and it is a drop of 5% year-on-year,” explained Jorge De Bártolo, president of the College of Notaries of Buenos Aires.
WHAT ABOUT PROPERY PRICES
The greater number of operations is also reflected in the values of properties that today reached their maximum floor and, in some areas, prices are beginning to recover.
According to the report prepared by Remax in conjunction with the Universidad del Cema and Reporte Inmobiliario, in August, property prices rose by 0.4% compared to July. This is the first increase in the last 30 months.
The price per square meter (m2) in the City of Buenos Aires was USD 1,772 in August for used properties. It is a drop from January 2020 of 18.86%, when that value was USD 2,184 per m2. But, in August it showed the first rise.
“We understand that it is a good time to invest in bricks. Prices are not going to fall sharply in the coming months. We believe they have reached their maximum floor,” explained José Rozados , founder of Reporte Inmobiliario.
Source: El Cronista