This measure was well received by the sector, and further impetus is projected at the level of operations. “From the Real Estate Professional College (CPI) of the City We believe that this is extremely positive news for the market. The Regulations presented by the AFIP present very good parameters to abide by, and we trust that those who have funds to launder understand it,” he told Ámbito. Martha Liottopresident of the CPI.
“According to our calculations, This proposal may generate around 30,000 operations throughout the country (especially in the City of Buenos Aires). This will imply, above all, an improvement in the housing situation for many families, as well as job opportunities for real estate professionals,” said Liotto, who stressed that an advertising campaign began yesterday on the networks to “Inform about this benefit and invite to consult on the subject in real estate.”
For his part, Alejandro Bennazarpresident of the Argentine Real Estate Chamber (CIA), highlighted the high level of deeds registered in 2022 in the City of Buenos Aires and projected: “The trend is up, we are optimistic. Furthermore, laundering will give a spectacular boost to operations”.
In that sense, andHe estimated that 2023 “is going to be a good year.” “And we hope that 2024, if mortgage loans return, will be even better,” stressed Bennazar, who also pointed out that so far many inquiries have been received in this regard and that the “communication”.
Jorge Tosellifrom JT Inmobiliaria, agreed that the new laundering will “boost” operationsbut that it is possible that an increase in operations through this channel will begin to be perceived “at the end of March”. “People who have silver in black are going to want to whiten. It comes in handy to push the used market a bit. I estimate that it would have to mobilize and expedite operations”, he remarked.
Until February 21, People who participate in money laundering to buy used real estate will pay a 10% rate on the sincere amount. After that date, the percentage will rise to 20%. “I think it would have to stay at 10% until it ends, in 2024. It is a proposal that should be carried out, because if that can be modified, many more people would enter laundering,” Toselli explained.
The specialist also remarked that he does not consider that real estate prices will rise due to the possibility of higher sales due to money laundering. “Although it is a positive measure, I don’t think it will drive prices up. Because, from 2019 to now, real estate fell by around 35%. Prices will be maintained. Today the offer is very wide, and considerably exceeds the demand”.
The numbers of 2022
According to data recently released by the College of Buenos Aires Notaries, the purchase and sale of real estate in the City of Buenos Aires totaled 4,253 operations in December, which represented an increase of 25.7% year-on-year. A) Yes, In all of 2022, 33,753 operations were carried out, which meant an increase of 17.1% compared to the previous year.
“A year is closing that in numbers is the best since 2018 and the month of December was also the best month in four years”, highlighted the president of the College of Notaries, Jorge De Bártolo. For the head of the College, the registered growth “is a reflection of the slow recovery since the pre-pandemic and everything we experienced afterwards”, although he also warned that the performance “also clearly expresses that it is a market without credit, because of those 33,753 operations , there are only 1,441 mortgages in the year”.
Source: Ambito
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