Wednesday, July 17, 2024

ARGENTINA | 30-06-2021 09:34

Property sales in CABA pick up after 2020 slump, indicates report

According to official statistics, the number of title deeds that changed hands jumped by 100.3% in the past five months of 2021, compared to the same period last year.

Monthly reports of the School of Notaries of the City of Buenos Aires real-estate chamber shows that in May, the amount of property deed sales in the capital grew 179.1 percent year-over-year, despite being a month in which “there still was some restrictions” due to the pandemic.

Throughout the month, 1,901 deeds were signed to a total amount of 15,619 million pesos, representing a 155 percent year-over-year increase in terms of purely finances. Meanwhile, the average amount of each sale agreement was 8,2016,583 million pesos, equivalent to US$82,512, said thereport.

In comparison, just 681 deeds were signed in May 2020 since there were numerous government-imposed Covid-19 restrictions that were impacting real-estate activity.

The Buenos Aires Notaries Association also pointed out that in the past five months of 2021 the number of deeds grew 100.3 percent when compared to the same period last year: almost 10,000 deeds against just under 5,000 in 2020.

Nevertheless, for a second consecutive month there was an 18 percent month-over-month decline in operations with April reporting a total of 2,317 registrations.

In terms of monetary amount in pesos, there was a 159 percent year-over-year increase from 2020 to 2021, but, mirroring the decline in operations, there was a 26.7 percent decrease when compared with April 2021. 

Last May there were 100 deeds formalised with bank mortgages, though this May that figure rose by 138 percent. The report also stated that deeds with credit rose by 53.4 percent in the first five months of 2021, compared with the same period of 2020.

The figures underline just how dramatically the real-estate market in the capital sunk amid the strict lockdown rules imposed by the government back in March 2020, to tackle the spread of Covid-19 in Argentina.



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