Property sales began to reactivate and prices stopped falling, a trend that will continue for the rest of the year and will make it possible to recover part of the drop that the sector registered during the pandemic, according to specialists consulted by Télam.
“Today, after a slight post-pandemic recovery, the market stood at 28,000 annual deeds in 2021 and we hope that it will recover even more this 2022″, affirmed Andrés White Pueyrredón, commercial manager of Miranda Bosch.
The real estate executive added that “This is a good time for buyers, who want to take a leap and access larger apartments with better features.”
White Pueyrredón pointed out that “this reactivation is taking place mainly due to the drop in prices in recent years.” And he considered that the prices of the properties, after falling between 15% and 25% in the City of Buenos Aires, “it seems that they have reached a floor”.
“The dollar note was very stable in recent months, that gives certainty to buyers and they are encouraged to face projects,” he said.
He detailed that “Prices have stopped falling and it is an almost perfect moment, above all because in this oversupply there are products that were not available before and for different reasons they are, that they are well located, they are of good category and surely in the medium term they can recover in value, it also depends on how the economic direction continues”.
In that sense, he said in the City “in the last 2 or 3 years prices fell between 15 and 25% depending on the location and building” and that “the expectation is that prices stop falling and that the recovery begins”.
“We have 80% more sales than the same period last year, with an average ticket that has fallen and today moves between 150 thousand and 300 thousand dollars, it is where there is currently more demand,” he summarized.
Meanwhile, for the President of the Argentine Real Estate Chamber (CIA), Alejandro Bennazar, “From the middle of the year onwards, the market begins to stabilize and sales levels begin to increase, not securities, but they do begin to place investments.”
In dialogue with Télam, he maintained that it is due to “the plateauing of the fall in property value”, as well as “a spillover to the tangible, more so in a world that is so convulsed that it shows in the alternatives that it is good again seen what real estate is, tangible and is a safeguard of value beyond profitability”.
“The market is going to have a good sales start, we depend on the stability of the dollar, but we are going to see recoveries”he added.
About prices, he said that in the country there were falls of up to 40% and that now there is a “plateau” and that “it will not continue to fall”.
“Today the buyer is calmer investing in real estate than in other alternatives, the cryptocurrencies have fallen, the stock markets are volatile” and in the medium term “coming out of the election year, the values” of the properties would begin to recover, considered Bennazar.
On the other hand, next week the debate on the modification of the Rental Law will be resumed in the Chamber of Deputieswhich for Bennazar “it would be one more incentive” for the recovery of the market.
According to a survey by the College of Notaries of the City of Buenos Aires, the number of real estate sales transactions registered a 10.7% increase in April compared to the same month of 2021.
2,566 deeds of sale were made, compared to 2,317 in the same month of the previous year, and the amount involved was $41,888 million, with a year-on-year increase of 96.5%.
In 2021, real estate deeds in the City of Buenos Aires reached 28,832 operations in 2021, with an improvement of 53.7% compared to the previous year.
Despite the recovery compared to a 2020 marked by the start of the coronavirus pandemic – in which there were only seven deeds in April – the real estate market is still far from the levels prior to the devaluation that began in the second quarter of 2018 .
