Hand in hand with credit and cash, activities in the city grew by 30%

Little by little, the property market is managing to recover. Last month, in the city of Buenos Aires the number of entries increased by more than 30% compared to what was seen a year ago. The appearance of mortgage credit in banks is a driving force: the 13% of the works done in the City had a bank mortgage behind them. In the sector, they expect the recovery in the last quarter of 2024 to be reinforced by more loans and activities.

As reported by the Notary City Association, 5,157 properties were registered in September, which means an increase of 30.4% compared to the same month in 2023. In total, operations were carried out for $484,692 million , which represents an increase of 232.7%, according to the inflation accumulated in the past year.

The data from the professional room shows, measured in dollars, the prices for which the properties were executed fell 6.1% and in pesos it went up 155%. On average, the properties were valued at around US $94,278.

In addition, official figures show an initial rebound in bank credit that will encourage an improvement in sales in Buenos Aires. 13% of the actions taken were formalized with a mortgage. As explained by the organization, this means an increase of 317.2% compared to what was seen in 2023. So far this year, they have already registered in the City. 1,970 mortgages, which represents a cumulative increase of 74.3%

Jorge Bartolo, president of the Buenos Aires Notary Association, said: “It is a month that shows the year-on-year increase: 30 percent compared to September 2023 and 30 percent in the 9 consolidated months compared to last year. Despite a slight year-on-year decrease, we once again exceeded 5 thousand transactions and we hope that the last quarter will add more activity due to cash flow activity and a larger number of mortgages. “

“Mortgage credit has been growing month after month and if we measure it compared to four months ago it is 500 percent jump. The encouraging data is that there are 700 mortgages and we believe that this number must increase significantly: that would be a new sales chain,” said Bartolo.

Since the beginning of the year, even from very low levels, the stock of mortgage loans in banks has grown by 80%. As of last Thursday, the most recent data available from the Central Bank, housing loans, was $1,086,184 billion.

There are already more 20 banks that came out this year to offer financing to access the first or second building. The groups agree that interest is very high, but that the works are still taking time to complete.

In total, a major foreign capital group reported nearly 343 operations conducted since mid-June. “About 60 requests come in every day, demand that has stabilized and maintained in the past months,” they said in the entity while saying: “Demand is increasing that is not yet reflected in the completion of operations due to the state of a market that is not yet strengthened.

In another one of the main banks of the country, they have already set 110 loans but more than 1,000 cases are under investigation. A third major group said that the number of transactions carried out increased by 27% between mid-September and that, since the launch of the new line, 139 mortgages have already been granted.