deeds in CABA fell 5.9% monthly in October / Argentina News

In the 10 months of 2022, an increase of 15.6% was registered with 26,131 deeds, when compared to the same period of 2021

By iProfessional

11/23/2022 – 3:01 p.m.

The total amount of the deeds of sale of estate registered in October a drop of 5.9% compared to Septemberas reported by College of Notaries of the City of Buenos Aires.

However, it registered a rise of 15.5% compared to the level of a year earlier, adding 2,974 registrations, while the total amount of transactions carried out climbed 71.6%with $40,544 million.

Real estate: 2022 could end with record donations

In the 10 months of 2022, an increase of 15.6% was registered with 26,131 writes (if compared to the same period in 2021).

The average amount of the acts was $13,633.02 (85,693 dollars according to the average official exchange rate): grew 48.5% in one year in pesosand in US currency it fell 1.2%, detailed the College of Notaries of the City of Buenos Aires.

“Although the year-on-year comparison with the 10 cumulative months continues to give a positive 15%, in October we dropped from the 3 thousand operations that we had been registering in the last four-month period. The desire is that in the last two months there will be a greater movement, as usually happens every year, but you have to be attentive to all the variables,” said the president of the College of Buenos Aires Notaries, Jorge De Bártolo.

“So far we are at 26,000 operations, double the period of the 2020 pandemic, but half of the last period in which there was mortgage credit. That speaks for itself of the stimulus it represents for families,” he concluded.

In September there were 119 deeds formalized with a mortgage

mortgages

In September there were 119 deeds formalized with a mortgage, according to the college, so the increase in this sense is 0.8% compared to the same month last year.

However, in the measurement of the 10 accumulated months, the fall is 7.1% (1151 mortgages).

How much do you have to work in Buenos Aires to buy an apartment?

At a value of US$1,842 per square meter, corresponding to the average price per square meter actually paid registered by the REMAX/UCEMA Index during last August for units with three rooms, an apartment of 60 square meters would reach US$110,500.

According to UBS, in Buenos Aires you have to work 19 years to buy a 60-square-meter apartment.

When comparing this data with the average remuneration of registered workers in the private sector, for the same month of last August, it appears that the salary effort would be located in the 19 years income, one less than in 2021.

This slight reduction is caused by the decrease in the value of the unit in relation to last year, when the price amounted to US$117,000 and, despite the devaluation of the peso experienced during the year, a slight improvement of the average income of 2.3% measured in dollars.

Buenos Aires thus occupies second place this year in the UBS Ranking of cities, where housing is more expensive in relation to the salary of its inhabitants and no longer shares the vanguard with Hong Kong as in 2021.

If I rent an apartment, how much do I recover my investment for the purchase?

Using the sale value of the same 60-square-meter unit and crossing this data with the average rental profitability in each city, UBS also calculates the number of years of salary needed to amortize the purchase of the home in question.

Using the average rental value of a used apartment of 60 square meters in Buenos Aires and comparing it with the sale value, the number of years of rent necessary to amortize the purchase would amount to 34 years.

In Buenos Aires it will take 34 years to recover the investment of buying a property, if it is rented.

The figure is less than the time needed in 6 other cities and higher than that required in the remaining 19 cities that make up the ranking of the Swiss bank, including Paris, London, New York and Madrid.