If something distinguishes the Argentine market is the rare paradox that for a long time there was credit for purchases in the supermarket, but shone by its absence for the acquisition of goods of much more unit value, such as real estate. The mortgage credit did not pass 0.2% of GDP until 2024, Nothing compared to other neighboring markets, such as the most mature in Chile that for the same date had a total of 28.5% of its GDP, According to economist estimates Fernando Marull. That is, a proportion of 100 to 1, at least.
Data. The half -full glass can be understood that with the proper frame and the “mormalized” economic situation the sector has a distant roof. According to specialist data Federico González RoucoConsultant’s economist Empiriain May there were mortgage loans for US $ 298 million, under the modality adjustable by grape and almost everything addressed to families. This figure meant a registered peak since May 2018 (US $ 445 million), when devaluation and instability were put into the system that had risen two years earlier.
For Matías ChiromCEO of Baigun Realtyit is still in an incipient phase, but its single reappearance is generating a contagion effect. “The possibility of financing the purchase of a home, added to the fiscal incentives linked to money laundering, is reactivating the interest of middle class sectors that had been outside the real estate radar for years”he points out. That is why he considers that the units used are receiving strong attention and already represent about 25% of sales operations, marking a substantial change in market behavior.
During the first semester of 2025, it estimates that the banks awarded more than US $ 1 billion for the purchase of housing. “Most of the financing was allocated to used properties of less than US $ 120,000, mainly 1 and 2 environments departments, with surfaces ranging between 30 and 60 square meters”details. Throughout last year, the market had reached the sum of US $ 825 million.
To a large extent, this is due to the reduction of inflation and exchange stability, which generated an environment conducive to longer term financing and also the elimination of exchange restrictions due to the flexibility of the stocks. “And there was a more than relevant factor: the salary income in dollars rose ostensibly due to the freezing of the value of the dollar,” Add. Thus, the most demanded segment due to its greater offer and more accessible prices compared to the new properties was the one that ranges between US $ 100,000 and US $ 120,000, mainly in the city of Buenos Aires, in departments of 1 to 2 environments and with surfaces ranging between 30 m² and 60 m². These properties are usually located in areas with good connectivity and services, which makes them attractive for both buyers and tenants. POr its part, in the province of Buenos Aires, in addition to concentrating the demand in the same type of properties as in CABA, it was also extended to departments of two bedrooms and small houses in horizontal property.
Used properties have two essential advantages to become the main receptors of mortgage loans: they have very convenient prices in an oversupply and legal documentation is suitable for applying in public and private banks.
The square. With respect to prices, and what is expected for the second part of the year, Mariano García Malbrán argues that, although around 8 % rose in the last year, each month fluctuations occur in the consultations and in the amount of sales that do not have a precise justification, so, although the properties are expected to recover their value, that increase will not be immediate. “While the macroeconomics is stable and banks that grant mortgage loans lower interest rates, the market of property used will drastically reduce sales with credits and increase the dollars in dollars of real estate ”according to the president of Camesi.
On the other hand, the “dollar mattress” plan, launched last May, which produced measures such as the flexibility of tax controls on transfers, repeal of information regimes, CITI and Coti, among many others, also helped boost demand. Taking into account the maximum values that can be used, this (US $ 200,000), without the radar of the ark and the state itself taking control for control, unless alerts of money laundering or complaints appear in the FIU, may also be this new undercover laundering an injection of money in the real estate market.
It is expected that, in this second semester of 2025, the real estate market will continue its recovery process, with an increase in the number of deeds and a stabilization in properties prices. But you must overcome a difficult stone to get out of the way: the raptor rise. González Rouco points to that, in reality, High rates reflect anchief problems rather than uncertainty. “The capital market could be an alternative to correct this limitation, But this is more deep:
The entire economy needs it, ”he concludes.
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By Marcelo Alfano
