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Property sales jumped in January in the City

2023-02-28T15:16:14.835Z


After a good 2022, the market continues to rise, although it has not yet fully recovered. The number of real estate purchase and sale deeds registered an increase of 33.4% in January compared to the same month in 2022. There were 1,848 records for a total of $41,527 million, 142.8% more than last year. However, compared to December, deeds fell 56%, according to estimates by the College of Notaries of the City of Buenos Aires. The average amount of the operations was $22,471,663 (US$1


The number of real estate purchase and sale deeds registered an

increase of 33.4%

in January compared to the same month in 2022. There were 1,848 records for a total of $41,527 million, 142.8% more than last year.

However, compared to December, deeds fell 56%, according to estimates by the College of Notaries of the City of Buenos Aires.

The average amount of the operations was $22,471,663 (US$118,558 according to the average official exchange rate).

This means that it grew 82% in one year in pesos,

and in US currency it climbed 5.2%.

Thus, the average price of real estate is rising

below inflation and the devaluation of the peso.

In January, there were only 78 mortgage deeds, a drop of 10.3% compared to the same month last year.

Jorge De Bártolo, president of the College of Buenos Aires Notaries, maintained that "the start of 2022 has an increase compared to last year

and hopefully it is an indicator of another expectation

. And, on the contrary, it is the month with the fewest mortgages in the series for January. That is why we insist that with a housing policy the rebound would be notorious".

And he added: "As an illustrative data, in January 2018 there were more mortgage deeds than the total sales in January 2023."

"We have just finished the best year since 2018, which is why we hope that little by little we will be able to reverse the real estate market."

With an increase of almost 26% in December,

the sale of properties increased by 17.1% in all of 2022,

reaching 33,753 deeds, the highest value since 2018.

Despite the improvement of 2022, the real estate market is still far from previous years.

For example, in 2017, 63,680 operations were carried out, twice as many as last year.

After a string of years with falling prices, by 2023 real estate companies calculate that prices will stabilize.

and they could only eventually rise again from 2024, with a change of government.

In the sector they see a complicated 2023,

both in terms of sales and real estate developments.

Prices

The analyzes carried out every month by the University of San Andrés, with statistics from Mercado Libre, indicate that óstico: would seem to be suggesting "a certain slowdown in the price decline in the market for apartments for sale, with the exception of GBA Oeste" , noted his latest report.

When considering interannual variations (January 2023 compared to January 2022), this survey observed falls in the price in dollars per m2 of houses of 8% in CABA, 4.5% in North GBA, 6.7% in GBA South, and 8% in GBA West.

For their part, the year-on-year falls for the departments in CABA, GBA North, South and West were 6%, 3%, 3% and 7.7%, respectively, compared to January 2022.

NE

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Real estate market: what will happen to property prices this year?

Source: clarin

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