“It is a figure that leaves a positive feeling because July had started with a lot of economic uncertainty and it is in the batch of the five months with the most activity from 2019 to date, including Decembers, which is the period with the highest volume,” highlighted the president of the notarial entity, Jorge de Bartolo.
Compared to June, the acts had an increase of 4.4%, in relation to the 3,005 deeds of that month. In the accumulated of the first seven months of the year, the number of operations registered in the City of Buenos Aires amounted to 16,879, with an increase of 14.82% compared to the same period in 2021.
On the other hand, last month there were 133 deeds formalized with a mortgage, with a decrease of 17.7% in the interannual comparison, while in the accumulated figure in seven months the decrease was 7.9%.
The total amount of transactions estate carried out in July climbed 139.4%, with $56,015 million, with an average per operation of $17,850,624 (US$132,236 dollars according to the average official exchange rate). That represented a year-on-year increase of 87.4% in pesos and 40.6% in dollars, the Association specified in its monthly report.
De Bártolo warned that “in the years of pre-exchange control of 2011-2013 there were 5,000 deeds with credit and that in 2018 that figure reached 10,000.” “That means that there was practically a scenario strengthened with mortgages from which we are very far today”he added.
Real estate activity -and consequently, the number of deeds- had a negative impact as of the second quarter of 2018, when a process of devaluation of the peso and a rise in interest rates began. These two variables affected the sector, if one takes into account that most operations are agreed in dollars and that historically in most cases they were transacted through mortgage financing.
A third factor was the outbreak of the Covid-19 pandemic, to the point that due to the restriction of notarial activity in April 2020, only seven real estate sales operations were registered in the City of Buenos Aires.
Source: Ambito
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