In July, a rebound in acts gave the real estate market some air

Driven by the downward trend in property prices, real estate companies accused – in July- a slight increase in the level of buying and selling transactions. This is indicated by the acts that have grown, interannually, by 27.7% in the city of Buenos Aires and by 8.53% in the province of Buenos Aires.

In the Buenos Aires area, the total number of acts, added 3,138 records in that month and the total amount of transactions made rose 139.4%, to $ 56,015 million, according to the Association of Notaries of the City of Buenos Aires.

This implies – compared to the previous month (June 2022) – a growth of the acts of 4.4%, since that month 3005 acts have been registered.

The The average amount of the proceedings that were closed last month was $ 17,850,624 (i.e. $ 132,236). according to the official average exchange rate): it grew by 87.4% in one year in pesos, and in US currency it grew by 40.6%.

According to the president of the School Jorge De Bártolo: “It is a fact that it goes away a positive feeling because July started with a lot of economic uncertainty and it is in the lot of the busiest five months from 2019 to today, including December, which is the period with the highest volume, “he said.

“Nor should we fail to see that in the 2011-2013 pre-exchange control years there were 5,000 deeds with credit and that in 2018 that figure reached 10,000. This means that there were practically a scenario strengthened with mortgages from which today we are very far “, confronted the manager.

According to the deeds of the notaries of Buenos Aires, 133 deeds were formalized in July with mortgage. So the drop in this sense is 17.7% compared to the same month last year. And in the measurement of the accumulated seven months, the drop is 7.9%.

The market, besides General Paz

As for the province of Buenos Aires, where property prices have continued to decline, lThe amount of real estate sales in July was 8.53% higher than in the same month in 2021as reported today by the Notary Association of Buenos Aires, while warning that “we cannot yet speak of market recovery”.

According to the statistics collected monthly by the institution, they were there in July 8,413 records, compared to 7,752 a year ago. And compared to the previous month, there was an increase of 6.57% since 7,894 transactions were carried out in June.

As regards mortgages, on the other hand, 845 were recorded in the seventh month of the year and, in comparative terms, this is a monthly increase of 1.68% (831 were the total in June) and a year increase of 88% (449 in July 2021).

The Association specified that, to take a dimension of the current state of sales, the numbers recorded in July were compared with the average of the same month between 2015 and 2019, that is, in the five years preceding the pandemic.

With this methodology it was possible to detect that the 8,413 transactions last month are 9% lower than the average for the months of July of those five years, in which an average of 9,261 sales were made. Similarly, in mortgages, the monthly values ​​show a decrease of 40% compared to the July average for the years from 2015 to 2019, which was 1,419 transactions.

According to the authorities of the Notarial College of the province, these levels “continue to be far from the levels that could indicate the consolidation of the real estate market in the Province “.

“We see a slight increase in numbers this month, but the general trend points to a plateau in operations, with a complex situation for the future,” warned the president of the College of Notaries of the Province of Buenos Aires, Diego Leandro Molina. “We cannot yet speak of a recovered and consolidated market “, revised.