The curious reason why the volume of real estate sold in Buenos Aires ended 2022 as the best year of the last 4
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The sale and purchase of properties ended the year with rising numbers. The College of Notaries of the City of Buenos Aires registered the best December of the last 4 years.
Property sales ended in 2022 with rising numbers. According to data from the College of Notaries of the City of Buenos Aires , 4,253 operations were held in December, which translates into a year-on- year rise of 25.7% , while the total amount of transactions in 2022 climbed 45.9 %.
The main explanation has to do with the drop in prices , which reached up to 30% since the pandemic, which boosted the purchase decision. In addition, the instability generated by the elections in 2023 is added, which caused many to rush the decision to acquire brick square meters.
“Those who had the intention of buying, especially for their own use, observe that the values adjusted and that it is not worth waiting any longer, speculating towards a much stronger drop in the short term,” argued José Rozados, director and founder of Reporte Inmobiliario.
And it is that, as explained by the market, prices seem to have reached their downward floor and in 2023 the deceleration will be very slow with a price freeze, at least in the first semester.
Compared to November, the acts of writing grew by 26.2%, because in the previous month, 3,369 operations were registered.
THE FUTURE OF THE SECTOR
Although the numbers are encouraging, for the sector they are far from the average. And the lack of mortgage loans is being felt. “A year is closing that in numbers is the best since 2018, and December was also the best month in four years. It is a reflection of the slow recovery since the pre-pandemic and everything we experienced afterwards,” explained Jorge De Bártolo , president of the College of Notaries
“These numbers also clearly express that it is a market without credit, because of those 33,753 operations – which were registered in all of 2022 – there are only 1,441 mortgages in the year . With few tools, there would be resounding growth in the sector with multiplier effects, hopefully, in 2023 it will start to find that path,” added De Bártolo.
For Rozados, the boom in December 2022 is due to a rebound effect. “They grow with respect to previous years with very low numbers, however the figures for December cannot be taken with too much optimism, they continue at historically low levels,” he added.
It must be remembered that “2019 was a year of criticism, with full political advance against Mauricio Macri, in 2020 the government changed and the pandemic arrived that also affected all of 2021. It was only in 2022 that there was an almost total opening. It is a logical rebound in the face of so much restriction and retained demand from previous years , “concluded Rozados.
Source: La Cronista
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Post available in: English Español