The total amount of property sales deeds in the City of Buenos Aires registered a 1.82% rise in October compared to the level of a year earlier, by adding 2,574 records, while the total amount of transactions carried out grew by 7.3%, with $ 23,627 million. In the accumulated of the first ten months, the activity maintains a positive inter-annual comparison.
“Acts fell 8.5% compared to the 2813 deeds made in previous September. The average amount of the acts was $ 9,179,049 ($ 87,670 according to the average official exchange rate): it rose 5.4% in one year in pesos, while in US currency it fell 16.4% “, reported the Buenos Aires Notaries Association.
In October, there were 118 deeds formalized with a bank mortgage. So the growth in that sense is 29.7% compared to the same month last year. And the first 10 months accumulate a recovery of deeds with credit of 48%.
“Although all year-on-year measurements were up, in October we had a month-on-month drop compared to September. The comparison with 2020, although it is one of recovery, is already beginning to soften the curve. But in general we do not stop seeing that we are in a context where 2,500 monthly writes are not exceeded and that is an indicator that we have a long way to go, ”said Jorge De Bártolo, head of the College of Notaries.
This morning, the presidential spokeswoman Gabriela Cerruti affirmed that the national government “has as central concerns the prices and rents”And confirmed that they are working on a modification to the rental law, as announced yesterday by the president of the Chamber of Deputies, Sergio Massa.
“The prices of the rents are subjects of concern for the Government,” said Cerruti in the usual press conference held on Thursdays at the Casa Rosada, where he also confirmed that “work is underway and a modification to the law is being planned.” because “a number of officials and deputies believe that this rule can be improved”.
For its part, It is expected that in the coming days there will be announcements about housing for the middle and lower class that cannot be accessed, with the current interest rate levels and the loss of purchasing power of wages in recent years, to a mortgage loan. According to figures from the Buenos Aires Notaries Association, the percentage of real estate sales through mortgages represents only 5 percent of total operations.
The credit will be directly linked to the variation in wages and the Government would create a compensatory fund to address the lags that may occur between the coefficient of wage variation and the level of domestic prices. The Government will also seek to accelerate the progress of a series of projects, among which is the renewal of the construction promotion regime. The initiative aims to direct the funds raised with a second money laundering to the sector.