The number of real estate purchase and sale deeds registered a increase from 33.4% in January compared to the same month in 2022. They added 1,848 registrations for a total of $41,527 million, 142.8% more than last year.
However, compared to December, deeds decreased by 56%, according to estimates by the College of Notaries of the City of Buenos Aires.
The average deal size was $22,471,663 ($118,558 at official average exchange rate). This means that it has grown by 82% in one year in pesos, and in US currency rose 5.2%. Therefore, the average property price is on the rise under inflation and devaluation of the peso.
In January there were only 78 mortgage transactions, down by 10.3% compared to the same month last year.
Jorge De Bártolo, president of the College of Notaries of Buenos Aires, said that “the beginning of 2022 has an increase compared to last year and hopefully that’s an indicator of another expectation. And, conversely, it is the month with the least mortgages in the January series. That’s why we insist that with a housing policy, the rebound would be known.”
And he added: “As an example, there were more mortgage deeds in January 2018 than the total trades in January 2023”.
“We have just finished the best year since 2018, which is why we hope that little by little we will be able to reverse the housing market.”
With an increase of almost 26% in December, the sale of real estate increased by 17.1% throughout 2022, upon reaching 33,753 entries, the highest value since 2018.
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.
Prices
The analyzes carried out each month by the University of San Andrés, with the statistics of Mercado Libre, indicate that óstico: would seem to suggest “a certain slowdown in the decline in prices in the market for apartments for sale, with the exception of GBA Oeste ” , noted the his latest report.
Considering inter-year changes (January 2023 vs. January 2022), this survey observed house dollar price per m2 reductions of 8% in CABA, 4.5% in North GBA, 6.7% in GBA South and 8% in GBA West. For their part, the year-on-year declines for the departments of CABA, GBA North, South and West were 6%, 3%, 3% and 7.7% respectively compared to January 2022.
Source: Clarin
