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Record drop in the level of writings: it was the worst January in the last 20 years

2020-02-27T19:57:13.972Z

The level of deeds in the City of Buenos Aires registered, in January, a fall of 31.4% year-on-year. 1390 sales were signed.



Natalia Muscatelli

02/27/2020 - 16:40

  • Clarín.com
  • Economy
  • Economy

In what was the worst month of January of the last 20 years, the total amount of deeds of sale of real estate registered, in the first month of this year, a 31.4% decrease compared to the level of a year earlier.

This time, although January is seasonally weak, it recorded a low record level, with 1,390 deeds , while the total amount of transactions made decreased 5.4%, with $ 9,794 million. This is the twentieth consecutive month of fall in the year-on-year measurement, according to statistics that the College of Notaries of the Federal Capital relieves.

In the midst of a market virtually paralyzed by restrictions on the purchase of dollars and the absence of mortgage credit, the collapse of operations in real estate in the beginning of 2020 was even more profound than in the 2001 crisis. In January of 2002, by case, the record was 1,678 operations.

"The current 1390 deeds represent even less than a third of those registered at the beginning of 2018," Real Estate Report analysts recalled.

Taking into account the last 10 years, the best Janras were recorded in 2017, when the number of deeds reached 2654 and in 2010, when they rose to 3169. According to the statistics of the notaries, in this January, compared to December 2019 , the acts fell 57.4% in quantity and 52.1% in pesos.

The average amount of the acts was $ 7,046,230 (US $ 111,880 according to the average official exchange rate): it grew 37.9% in one year in pesos, while in US currency it fell 15.8%. This fall in sales prices make up the greatest evidence of the stand that the market is experiencing.

Finally, the information of the notaries specified that, in January, the deeds formalized with a bank mortgage totaled 111 cases, 49.3% less than those registered a year earlier. In addition, they represented 8% of the total , compared to 10.8% a year earlier.

In the province of Buenos Aires , meanwhile, the number of sales also fell by 20.8% in January compared to the same month last year. And also in this area it was the worst January since 2002.

Source: clarin

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