With an increase of almost 26% in December, real estate sales increased by 17.1% in all of 2022, reaching 33,753 deeds, the highest value since 2018, according to data from the College of Notaries of Buenos Aires.
The average amount of the transactions was $16,970,504 (94,233 dollars, according to the official average exchange rate): it grew by 92.4% in one year in pesos, and in US currency increased by 14.8%.
“We close a year that in terms of numbers is the best since 2018 and the month of December was also the best month in four years.”indicated Jorge De Bártolo, president of the College.
And he added: «It is the reflection of the slow recoveryn from the pre-pandemic and everything we live after. It also clearly states this it is a market without creditbecause of those 33,753 deals, there are only 1,441 mortgages for the year. With few tools, there would be a resounding growth of the sector with multiplier effects, we hope that in 2023 it will start to find that path”.
In 2018, for example, 2,220 mortgage transactions were carried out in March alone, more than in the full year 2022.
Despite the improvement in 2022, the real estate market is still far from previous years. For example, 63,680 operations were carried out in 2017, double that of last year.
After a series of years with falling prices, by 2023 real estate companies calculate that prices will stabilize. and they could only be resurrected starting from 2024, with a change of government. In the sector they see a complicated 2023, both in terms of sales and real estate developments.
In terms of prices, in the segment of used apartments, in the Federal Capital between March and November there was a cumulative drop of 7.72% in the case of studios, 6% for two-room apartments and 10% for apartments with 3 and 4 rooms, according to data from the Real Estate Report.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.