Properties in Argentina: The trend is confirmed, and so far, in all months of the year, far more properties have been sold than in the same period of 2022
“We expect this trend to continue in the coming months and allow us to glimpse stability in the number of operations”, they anticipate in the real estate markets.
A few days before the elections, with a dollar escalating at dizzying rates and an unstable macroeconomic context, the tendency would be for the real estate market to be at a standstill. However, the numbers show signs of recovery. In the city of Buenos Aires, operations grew by 15% in this first semester compared to the first six months of last year, according to a recent report from the Buenos Aires Notaries Association.
In June 2023, the entity registered 3,320 deed signatures, a figure 10.5% higher than the 3,005 they had made in June 2022. However, the trend was slightly downward from May to June, with 1.7% fewer operations than the previous month. The average amount of the sales was $24,217,152 (US$93,021 according to the average official exchange rate): it grew 59.8% in one year in pesos, and in US currency, it fell 21.5%.
The average price in the city stands at US$2,151 per square meter, according to the June survey by Zonaprop, and in the first semester, they accumulate a retraction of 2.2%. They also highlight that brand-new units are the most resilient, while used ones are the ones that fall the most. In this sense, they observe that in the last 12 months, the price registers a nominal fall of 5.5% and accumulates a drop of 23.2% from the maximum of 2019, returning to similar levels of September 2015.
“We closed the first semester with a 15% increase compared to 2022. This encouraging data is consistent with the fact that all the months of 2023 were positive compared to the previous one, something that had not happened in 2022. And the pandemic curve up to here is in slow recovery. The data to note is that we are in a scenario of just over 100 monthly mortgages, with few incentives and a price of the dollar that creates uncertainty. We insist on the need to come together in a housing policy with stimuli to the sector because that will indeed be a virtuous circle”, says Jorge De Bártolo, president of the city’s College of Notaries.
In another order, 109 deeds were formalized with a mortgage in the sixth month of the year, 6.8% less than in June of last year and 6.4% less in the first semester accumulated (624 in total).
The data in the province of Buenos Aires
The upward trend is replicated in the province of Buenos Aires. In June, 8,572 sales were registered in the Buenos Aires territory, representing an 8.59% year-on-year increase in operations, according to the data released monthly by the Buenos Aires Notaries Association.
In turn, June performed better than May since 11.11% more purchase and sale operations were carried out than the previous month.
“Beyond the positive values we saw in June, the general outlook for the real estate market remains uncertain and complex. However, we expect this trend to continue in the coming months and allow us to glimpse stability in the number of operations”, said the President of the Association of Notaries of the province of Buenos Aires, Diego Leandro Molina.
On the other hand, the total number of mortgages in June was 1,066, 7.24% more than the 994 in May. This value also represented a year-on-year increase of 28.28% (831 in June 2022).
Fuente: La Nacion
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