In March, works dropped 4.4% in the City of Buenos Aires

A report from the College of Notaries of the city of Buenos Aires states that the number of works it fell 4.4% in March in interannual comparison.

Details of the report last month are available 2361 writes for the sum of $ 31,655 million. The value of operations increased by 51.5% compared to February, although the number of actions grew by 32.4%.

The average cost of operations was $ 13,407,838 (116,762 dollars according to the standard official exchange rate): grew 38.4% a year in the peso, and in the US currency it rose 16.5%.

In March, there was 112 works formally with a mortgage. So the decrease in that definition is 51.5% compared to the same month last year. In the quarter, the decrease was 14.8%.

“The data for the quarter confirms that we continue to go through a very low level of process in the sector, which started almost 4 years ago. Although 2020 and 2021 are very difficult years, the first 3 months of 2022 provide a negative 5% compared to last year and add up to over 5,000 writings in total. We are constantly talking to institutions related to the real estate sector to rethink and rethink the stimuli for those in need of housing ”, said Jorge De Bártolo, president of the College.

falling prices

From the RE/MAX Premium, they maintain that the decline in the value of assets recorded over the past four years has reached a minimum and they are convinced that “Prices won’t rise for a while.”

This was stated by the president of the real estate group, Ariel Champanier, who also predicted that this trend may end in December 2023. “At a minimum, we should wait for the change of government, which could generate credits and conditions that attract consumers and investors,” he said.

“We’ve seen the flat be what has been sold since then The offer is more than real value. The decline was experienced in new and used units, but the product that adjusted the most in its value were the apartments, as they were the ones showing the most offers, ”he pointed out.

Due to excess stock and lack of sales, The supply of property is at an all time highest and Today, for example, 3-room apartments are available at US $ 20,000 less than last year.

From Remax they pointed out that to have a reference, while in November and December last year they cost US $ 143,000, in January and February they dropped to US $ 120,000.

In Champanier’s view, “used apartments have to adjust their prices because people need the dollar bill to buy them and because there is so much supply, whoever is closest to the apartment sells, while in well-grounded developments, a similar unit can be accessed at the same price and installments. ”

Another factor that influenced the drop in prices was the pandemic. “Buyers are now looking for apartments with balconies, terraces or amenities. Thus, those who do not have such comfort or are internally run with disadvantages to raise their assessment ”, explained Champanier.

In addition, the president of RE/MAX Premium assured that in recent times owners have become more open to listening to brokers ’suggestions to establish values ​​that are more in line with the market.

“What is not in the price is not sold “, giit. And he added that currently the gap between publication and closing prices is 7%, as long as it starts at a logical value, otherwise the gap is much larger.

Finally, Champanier thought that “The economic situation will improve with the possible change of government”. For the broker, “the economic uncertainty we are experiencing, fueled by inflation, is paralyzing people and preventing them from making decisions.” Consequently, in his view, it is also necessary to “have a change of mood and expectations so that people are encouraged to invest more”.

AQ