Real estate sales and purchases in the City of Buenos Aires grew 73.6% year-on-year

Real Estate Sales and Purchases in the City of Buenos Aires Grew 73.6% year-on-year

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The total number of real estate sales and purchases in the city of Buenos Aires rose by 73.6% in June, compared to the same period in 2020, according to a report by the Buenos Aires Association of Notary Publics (Colegio de Escribanos porteño).

In June, 2,439 deeds of sale were executed, compared to 1,405 last year when there were greater restrictions due to the pandemic, and the amount involved was $23,233 million, with a year-on-year increase of 127.5%, the survey indicated.

The average amount of transactions was $ 9,526,021, equivalent to US$ 94,720, up 31% in one year in pesos, and down 5.6% in US currency.

Thus, in the first half of the year, there was an increase of 100.3% in the number of deeds of sale compared to the same period last year.

“This first half of the year clearly shows that the recovery is only with respect to 2020, with the worst year we could have had,” said the president of the Association of Notaries Public, Carlos Allende.

He added that “there are 12,000 deeds, which is almost double compared to last year when in a good year we had 15,000 or 20,000 more”,

The businessman added that “with no credit, with controls on access to the currency in which real estate is traded and with unresolved macroeconomic issues, it is a scenario that does not see a quick way out”.

In comparison with May, there was a 28.3% increase in the number of transactions, compared to 1,901 in the previous period, after two consecutive months of month-on-month decline.

In June there were 130 deeds formalised with bank mortgages, so the increase in this segment was 3.2% year-on-year, and in the first six months accumulated growth of 166.2%.

The total number of real estate sales and purchases in the city of Buenos Aires rose by 73.6% in June, compared to the same period in 2020, according to a report by the Buenos Aires Association of Notary Publics (Colegio de Escribanos porteño).

In June, 2,439 deeds of sale were executed, compared to 1,405 last year when there were greater restrictions due to the pandemic, and the amount involved was $23,233 million, with a year-on-year increase of 127.5%, the survey indicated.

The average amount of transactions was $ 9,526,021, equivalent to US$ 94,720, up 31% in one year in pesos, and down 5.6% in US currency.

Thus, in the first half of the year there was an increase of 100.3% in the number of deeds of sale compared to the same period last year.

“This first half of the year clearly shows that the recovery is only with respect to 2020, with the worst year we could have had,” said the president of the Association of Notaries Public, Carlos Allende.

He added that “there are 12,000 deeds, which is almost double compared to last year when in a good year we had 15,000 or 20,000 more”,

The businessman added that “with no credit, with controls on access to the currency in which real estate is traded and with unresolved macroeconomic issues, it is a scenario that does not see a quick way out”.

In comparison with May, there was a 28.3% increase in the number of transactions, compared to 1,901 in the previous period, after two consecutive months of month-on-month decline.

In June there were 130 deeds formalised with bank mortgages, so the increase in this segment was 3.2% year-on-year, and in the first six months accumulated growth of 166.2%.

 

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