A goal from Messi in a world final is something that no Argentinian would miss the opportunity to celebrate. But seeing the bank rooms filled with clients waiting their turn to carry out operations generated by the UVA credits It is something so inexplicable for the businessmen of the real estate market.
“You wouldn’t understand”they have been saying since, in recent days, the taking of mortgage loans for home purchases began to move.
In Argentina there are 22 banks that offer mortgage loans adjusted by the Purchasing Value Unit and many of them are overwhelmed by demand; Lesser evil, if compared to the previous paralysis of the real estate sector
These days, banks are overwhelmed by the amount of credit granted and operations have become very slow because the banking staff today is insufficient to meet the extensive demand.
To continue with the World Cup analogy, I would only dare to say that what we are seeing in the CABA branches, for now, is a great goal.
Fury over mortgage loans
Without any statistics other than the observant eye of this real estate worker, there is a bank branch that, according to what I am told, today has 120,000 folders waiting to be converted into credits, first, and then bricks.
The buyers are young people without their own home, who are accompanied by their parents who, surely, lent them some previously laundered dollars. For us, they are the long-awaited end users and the opportunity to reactivate a dormant sector.
Until recently, they only bought investors to protect value, who were looking for a place to transform their pesos into dollars that were always going up.
Today, these operations are still done in pesos. Out of fear or ignorance, sellers want dollars, which buyers buy without any problem in an operation facilitated by the State so that the green ones are on the table and not under the mattress.
We also know that the pesos beat the dollar so far this year. But, here, the important thing is to see that banks begin to function as banks. Credit management is slow but, now, generated by lack of personnel and physical space to face the high demand. Quite a change. Surely, bankers will find a solution to this bottleneck generated for the greater good.
The buyers are workers with a blank salary, young people who stay in the country. It is true that there is unemployment and informality so we also hope that the State will be able to reverse this reality.
There is no doubt that housing loans will soon reach construction companies that – as in many other countries – operate with loans that then pass them on to end users. But how nice, hey, that the sun begins to shine brighter in this new Argentina.
Architect and real estate broker.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
