Buenos Aires Residential: The data that reveals why it is time to buy a property

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The purchase and sale operations registered in March 2024 are positioned as the highest increase in the past five years.

The first two months of the year recorded a drop in the total number of real estate purchase deeds, with 1,882 in January and 2,213 in February, after an end of the year marked by 4,560 events in December 2023. Despite the political and economic fluctuations with which 2024 began, In March, the real estate market registered a significant increase: it added 3,399 registrations – 53% more than the previous month and 18.3% compared to the level of a year before. For its part, the total amount of transactions carried out rose 347% compared to the same month of the previous year, with $300,553 million, according to the city’s College of Notaries.

These numbers encourage the sector’s expectations since they reflect the best March in the last five years. The property purchase and sale market continues experiencing favourable conditions, recovering from the pandemic debacle, when the prices at which a sale ended up closing collapsed by more than 35%.

In the third month of the year, the average amount of operations was $88,418,261 ( US$98,758 according to the average official exchange rate): it grew 277.9% in one year in pesos, and in US currency, it fell 11.3 %.

“If we analyze the quarter volume, it is the best in the last six years, is consistent with the variations we have been observing, and is encouraging data. In fact, there is a growth of 16% compared to the same period last year. However, we insist on the recovery capacity that the real estate market would have when mortgage credit returns. “The last time there was a stimulus for purchases, the level of operations was double what we have today (almost 15,000 in 2018 versus 7,500 in 2024), which is why we emphasize that loans of this nature are virtuous,” he states. Jorge De Bártolo, president of the College.

When comparing the deeds formalized with a mortgage, 106 deeds were recorded in the third month of the year. Therefore, the decrease in that sense is 4.5% compared to the same month last year. The quarter, with 254, represents a decrease of 2.3%. If a historical analysis is carried out, it is evident that when mortgage credit is available, the real estate market experiences notable growth.

For example, when UVA loans ( residential mortgages ) were booming in the first quarter of 2018, more than 14,500 operations were carried out, and almost 6,000 involved mortgages. Credit facilitates transactions and generates a multiplier effect: those who buy with financial help sell to others, who reinvest in the market.

With the new mortgage credit lines launched by two banks in the country, sector analysts hope this news will accelerate the sale of properties after five years of almost non-existence.

The data in the province of Buenos Aires

Regarding data from the province, the March numbers were also encouraging: with 7,251 operations, 9.3% more than in March last year and 36% over the previous month. Low values ​​continue to drive purchases by end users and investors. In this case, the total amount of transactions carried out was $270,938 million, 32.55% more than in February.

Source: La Nacion

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