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Turbulence hit the bricks. After a year of records, May was the first bad month for the sector, although the number of
writings
in the city of Buenos Aires grew by 15.5% from one year to the next (compared to the same month of 2017), operations decreased by 1.5% compared to April and those realized with 26.9% inter-monthly credit compatible with the rise of
dollar
.
According to the Association of Public Notaries of Buenos Aires, the total number of acts was 5892, while in April they had been
5979 and credit transactions were 1607 compared to 2198 last month.
What happened? In the sector explain that, although in the last week of April, the US currency had begun to rise, closed the month at $ 20.88, a number "more acceptable" for borrowers than perhaps with the Some savings or friends and parents were able to pay the difference they needed in the face of rising dollar costs, since the loans are in pesos.
But this difference
It expanded in May while the average price of the month was $ 23.20, suggesting that in June the operations will drop further since the average of the month was $ 27.24.
"May was a month of many Exchange rate turbulence and this decline is reflected compared to April of 27%, but we fear that June will make the fall because the dollar's rise was higher and this has caused that many loan procedures have already stopped. ", said the president of the College of Notaries, Claudio Caputo.
The director of real estate report José Rozados, meanwhile, said that in June , you will also feel the impact of the increase of But he also pointed out that the annual growth of May was only 15%. "The acts increased by 30% month by month and April 2018 by 48% compared to April 2017. Now May against May gives you 15% which shows that the increase of one year on the other has already slowed down and will continue to do so up to that maybe a month of the second half, we have no growth, but it is negative.He was it was clear what was the element that made the sale grow.The 30% growth of the acts has to do with the operations with mortgage they made it to 140%, "he explained [19659008] and he spoke of a triple effect that was beginning to manifest with regard to the figures at the beginning of the year. "There was an increase in property dollars due to greater demand, on the other hand, a very sharp devaluation and in a short period of time, and an increase in rates and revenues that are required, to access at the same property as the year.Today, 170% more revenue is requested, which means that there are far fewer people able to qualify to buy a property with credit , the effect that will be made is part of the market consultations, "he concluded. themes in this note
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