Real Estate Transactions in Buenos Aires up 41.1%
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The number of real estate transactions in the city of Buenos Aires registered an increase of 41.1% in June, compared to the same month of 2016, adding 5145 operations, of which 1000 were made with bank mortgages, a 166 % more than a year ago.
According to the report of the College of Notaries of the City of Buenos Aires, the total amount of operations was $ 11,751 million pesos, 102.1% more than in June 2016 and grew 3.4% in relation to the previous month.
The nominal average value of the sales was $ 2.3 million pesos, 43.2% more than in the same month of the previous year.
Meanwhile, comparing the first half of this year with the same period of 2016, there were 43% more transactions and 143% more done with mortgage loans.
José Rozados of the Real Estate Report said that the increase in sales is driven by available credit. “There is no doubt that the increase is driven by new mortgage lending. The numbers of 41% more transactions and 140% more sales with credit are repeated month by month, which means that mortgages grow four times more than the before, “he said.
As for the rest of the year, Rozados said he believes that the proportion is going to be maintained and may even be a bigger increase. “The banks are making faster procedures and achieving greater speed in the operation, but the figures do not reflect this improvement in the internal processing, the growth will be much greater in the future. The percentage of transactions with mortgage credit will be higher, “he said.
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