The average amount of the completed operations, meanwhile, was $10,540,040, equivalent to US$94,200, which increased 15% in one year in pesos, and fell 3.3% in US currency.
“February’s data indicates a small movement in notaries, but within a context of a complex real estate market,” said the president of the Colegio de Escribanos, Jorge De Bártolo.
In that sense, he added: “We expect more calm in dollar quotes to generate more confidence among buyers and sellers. What is clearly seen is that the operations that take place are those that come from a family need, or as a consequence of an opportunity of these times”.
In the comparison with January, there was an increase of 12.5% in the number of operations, compared to the 1,385 carried out in the previous period.
In February there were 124 deeds formalized with a bank mortgage, for which the rise in this segment was 79.7% compared to the same month last year, and in the two-month period the recovery was 42.5%.
The trading market is in a complex situation. They come from a 2021 in which the second worst figure in the last 23 years was recorded, only surpassed by those of 2020, the first year of the coronavirus pandemic. Low prices, but few transactions.
According to the Real Estate Radar platform, the published values of real estate in February showed a year-on-year drop of 12.5%. The accumulated drop since February 2019 -before the pandemic- was 34%. But not all neighborhoods show the same slowdown in prices.
According to Real Estate Radar, in addition to the oversupply, the cost of construction in dollars, which remained below the historical average in January, the drop in wages in dollars, and the low profitability of rentals, mean that prices continue to fall.
A “high dispersion” between publication values and closing prices is also mentioned, due to the total absence of reference values in the real estate market.
Finally, it is mentioned as a “central point” that, if a neighborhood started out with very high market values, “the fall tends to be faster. In the case of Villa Crespo, it had been a neighborhood with a lot of growth, and therefore that with the low demand fell stronger than in other neighborhoods”.
Source: Ambito
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