The volume of real estate in Buenos Aires has not managed to exceed 3000 monthly operations. Here are the reasons why
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In April, 4.3% fewer operations were registered than in March. The numbers did not take off as expected. What is the main reason attributed to the sector? What about prices?
The real estate market fails to rebound. In April, 2,750 purchase-sale operations were registered, 4.3% less than in March. And just above the numbers for 2022.
According to data from the City Notaries Association, the total number of real estate purchase and sale deeds registered a 7.2% increase in the fourth month of 2023 compared to the level of a year earlier. While the total amount of transactions carried out rose 49.6%, with $62,687 million.
The average amount of the acts was $22,795,552 million (USD 101,938 according to the average official exchange rate): it grew 39.6% in one year in pesos and fell 25.9% in US currency. This indicator shows that today the properties that sell the most are small one or two-bedroom properties with low asking prices.
And partly, this response is to the lack of mortgages. In April, only 121 deeds formalized with credits were registered. In the first quarter of the year, operations of this type fell 13% year-on-year, according to the sector survey.
“We are in a context of sales where -taking out November and December- there are no indications of exceeding the 3000 operations per month in the City”. “In fact, in April, we had a slight increase in 7% year-on-year, but a retraction of the 4% month-on-month, when in other years it was common for another dynamic to take off at the end of the four months”, explained Jorge De Bártolo, president of the College.
In addition, he added: “If we take the last decade, only in three years were there more than 3,000 operations and in many of those years, there was no exchange control. When the sector took off it was because there was credit, but today those mortgages are fighting inflation.”
Sale prices
The publication prices fell, since 2019, almost 23%, according to the data provided by Zonaprop. Now, in closing values, that value reached 35 percent.
The data from Zonaprop showed that in the City of Buenos Aires, the average values are US$2,164 per square meter (m2). That is, a two-room, 50-m2 apartment costs US$108,200.
The most sought-after neighbourhoods, such as Palermo or Belgrano, have an average value of US$2,600, meaning that in these areas, a two-room unit has an average value of US$130,000
Source: La Cronista
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