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The law on rents has stood the test of time. media attention on the real estate market. However, the package announced by the government contains further measures to reactivate the sector heavily affected by the devaluation and its impact on the decline of mortgages.
President Mauricio Macri seeks to strengthen housing policy. with two projectors. On the one hand, offer more options to families who want to access their own homes and rest badured about the 100,000 or so homes that have a UVA loan. On the other hand, promote the construction of houses and apartments to reduce the deficit of more than one million homes and, at the same time, maintain employment in the sector of construction affected by the decrease of public works. However, the announced initiatives did not convince developers, who insisted on the need to meet with officials about these announcements. "The problem of access to housing is solved with more housing offered, not with access to credits that stimulate demand," said Damián Tabakman, president of the chamber that brings together the promoters, better known under the name of CEDU. "These are interesting measures but not applicable to a context without credit," confirms Gonzalo Monarca, president of the group of developers of the same name, who, during the mortgage boom, bought land in La Boca for the construction of 39, a project that he postponed for the qualified segment for loans. Today, however, he has fleas in Azzurra, a high-end private neighborhood that he has developed in Tortuguitas. "This is the segment that is evolving because, in a context of volatility, good products remain safe," he says. In this context, the measures detailed below have been announced.
The increase in installment payments of UVA debtors is limited.
Today, recoverability is not a central issue on the agenda. Javier González Fraga himself, president of Banco Nación, pointed out at the country's real estate summit in mid-September that "the level of unsustainability is almost zero: only 43 out of 45 cases 000 ". In any case, the government has added a mechanism that limits increases for installments of AVU receivables. In the initial regime, there was already a mechanism to extend the term of the credit when inflation became distant from wages. Under the new mechanism, the cumulative increase in quotas can not exceed that of wages since the credit was drawn at ten points. How A ceiling is set on monthly payments. This corresponds to a range of plus or minus 10% of the quota resulting from the adjustment of wages since the beginning. For this, the month of granting the credit is taken as a starting point. That is, anyone who has taken out a loan in a given month will have the same treatment. If the quota exceeds this percentage, the debtor will pay a limited fee. The rest will be absorbed by the bank until the quota is again below the ceiling. When this happens, what was not previously covered will be added to the fees as a new credit. The excess amount will be updated under the same conditions as the initial credit. The public banks will include this scheme for all new loans and the possibility of extending the term remains in effect.
For those who have already obtained a loan, this ceiling is optional. "That helps, but it's not a central problem, the problem is that people can not access it: today, to buy a two-piece, you have to credit a monthly income of $ 105,000 ", says José Luis Rozados, director of Real Estate Report, and insists on current context, those who have taken out a loan have no problem. "A simple example: who, in October of last year, took out a loan whose fees represented 25% of his salary, even without increasing his salary and with an increase, we imagine 40% of the impact on the quota is only 10%, that is, he ends up allocating 35% of his salary.A simple example, on a salary of $ 100,000 last year, he paid 25,000 $ and today with 40 percent goes up paying $ 35,000, "he summarizes.
Tax exemptions will apply.
The sector was in a doldrums when the devaluation and changes in the rules of the game changed the plans of many developers who had even acquired land in the central neighborhoods, which made it possible to generate projects in the form of securities that could be acquired with a mortgage loan. Of course, at that time, it was planned to triple in 2018 the 50,000 credits issued in 2017 and reach one million by 2023. At that time, the dilemma was to have the necessary cash to support this pace of demand . In the current context, the government wants entrepreneurs to start building and seeks to encourage them through tax exemptions such as VAT, through the reimbursement of the tax credit for housing projects up to 140,000 UVA ( USD 100,000), approved by the Ministry of Housing. "We will promote the construction of 60,000 housing units that benefit from these benefits in four years," said Kerr, adding that "the construction sector generates a lot of work: it officially employs 450,000 people and about 900,000 people. This, boosting credit and construction, is also strengthening the economy. "
Entrepreneurs do not have the same look as the Housing Secretary. In the kitchen, developers were expecting another type of scope of application exemptions. For example, they will apply to all projects starting between 2019 and 2023 for a limited period of five years. "It's the model used by countries such as Chile, Peru and Paraguay to reactivate the sector," says an entrepreneur, adding that the result would have been perfect: private construction would take jobs as public works would leave, an increased supply would be generated units, prices will drop and more buyers will be eligible for credits. "Today, the tax burden of a project exceeds 40%," he adds.
In addition to VAT, the exemption from the tax on debts and credits, income and gross income was announced (subject to the accession of the provinces). "The promised tax exemptions for social housing would make sense insofar as investors who rent small units are not discouraged because the end-user sales projects that have access to Grapes mortgages are suspended. indebted, barely banks are encouraged to resume the operation, "is categorical Tabakman ,. The businessman was concerned about the impact that the law on leases could have on investors' buying decisions. "Many developers work primarily with investors buying units in rent pits, and for them, what's coming up is a big concern," he adds. "That will affect their brick savings if the low profitability of the rental business is compounded by the legal uncertainty created by law," adds an investor.
Another look at Rozados: "This is a good measure because it improves the competitiveness of those who start a project compared to those who started it a year ago and half and have had to bury more dollars and have less leeway to lower the price in a market where values tend to decrease. "The consultant explained that with the current costs, developers could generate units from two environments up to 100,000 USD in neighborhoods like Almagro and Boedo. "In a context of cost control, resources are used in an intelligent way," he adds.
Mariano Otalora, author of the book "Credits UVA: The definitive guide", also advances motorized by With the decline in the cost of building in dollars generated by the devaluation, there will be "a market extremely competitive, where the properties used will compete with new construction and new construction under construction, with notable price differences. " The current development of a 305 m2 house (not including the value of the land) has a cost of 378,804 USD. That amount would be $ 212,381 less than it cost to build the same house in November of last year, just 9 months ago (at that time, $ 591,185), according to the survey conducted by Real Estate Report. "Even with the low cost of building dollars, we are one of the most expensive countries in the region, and the most disturbing is that the efficiency and dynamism of the sector continue to be punished, "the builder complains.
take credit for purchases at the well
On the other hand and for the purpose of accelerating the process of granting mortgage credit in cases where it is purchased from the well, the registration and scanning of the ticket of The purchase will be authorized in order to give the ticket a public and writable character, by becoming a document opposable to third parties. Thus, the credit can be given from the moment there is a ticket and this will be the guarantee. "It's a good measure, but with this inflation and these rates, who will take out a loan," Monarca asks.
Property of the State Property Administration Agency will also be offered. The prize is awarded to the developer as a grant (unlike the current way in which a capital bonus is given). Another announced and highly anticipated industry move is the reduction in the profit rate of mutual funds and mutual funds investing in homes of 220,000 UVA, or $ 155,000. This is an essential point because one of the main difficulties of the sector is the lack of capital to move projects forward. There are not many local developers with financial resources to bet millions of dollars on a single project. This is why the CFIs are essential and will allow joint work between the capital market and the sector, fundamental for the generation of new works. In addition, insurance companies will be able to invest in these CFIs and benefit from the exemption of profits. "The disadvantage of this instrument is that it requires to leave the money tied up for at least five years in a project, which wishes to play in a country where he has vertigo until he that he is committing an immobilization for a month, "adds an investor in the off.
. surety insurance
Banco Nación will finance builders taking as collateral a valid bond insurance until the end of the municipal works. "This is a measure that will expand access to credit for builders," Kerr said. The government is confident that with insurance, proponents will be able to access interim financing and the banks will be covered from possible inconvenience related to the completion of the work. "They will work when the market returns to a traditional sales model with bank financing, and not in the current scenario in which the trusts would return to the cost that investors buy," Tabakman badysis.
Kerr also points to the creation of mortgage insurance for banks that, he says, will lower rates and improve the household credit profile.
New Procrear lines will be launched
During the presentation, a new call to Procrear's plan of purchase and construction was promised. and the update of the maximum amounts for the financing of Casa Solución Solution and the line called Ahorro Joven. In addition, Better Home loans will be relaunched, in coordination with ANSES, for the improvement, expansion and renovation of the house. "It is expected to provide nearly half a million credits for improvements through agreements signed with corralones and companies to improve prices and terms of sales," says Kerr. Up to now, more than 30,000 families have been able to access their homes through the program.
As solutions, businessmen said the sector would resume sanitation when inflation would reach a figure and the interest rate would drop. , the keys for credits – intermediary and mortgage – to start again. In a shorter-term badysis, Rozados raises the need to generate signals for the dollar holder, such as the possibility that he buys 30% more meters than before the devaluation. "Otherwise, no one will take them out of the mattress," he says.
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