It took very little. Since 2016, adjustable inflation housing loans, known as "UVA mortgages", have shown that after many years, their home has once again reached its middle class. There was a shopping boom and thousands took advantage of this, most of the tenants had the opportunity to pay in 20-30 years with very similar quotas as they had difficulty renting their house. But this year, with the crisis, the dream was once more far away. Now, in the city, buy a small house You have to pay the rent three times and the vast majority are no longer eligible for credit.
Numbers are clear. In the middle of 2017, a family with a height of the UVA system could have achieved Banco Nación's average neighborhood, lending a 30% to 80% of the value of a two-room environment of 43 m2. for white $ 26,400 per month. The initial cost of this loan was $ 6,750. 12% lower At the cost of renting a property equal to $ 7,655.
What will happen now? You must have a four times better economic position to claim the same credit. Bank will request to win 130 thousand dollars per monthand the fee will start almost 33 thousand dollars. So, I paid almost $ 11,826 today as the average to rent a similar unit.
In addition, the barrier adds that the buyer must receive at least 20% of the value the bank does not. For example, the previous savings, before $ 367 thousand, Drove to $ 931 thousand. The amount of a Buenos Aires employee equal to 79 tenants (previously, 48) or approximately 40 salaries (previous, 21).
Calculated by values pipe At the beginning of this week – based on the latest data on $ 3760 in dollar terms, sales and rental values, the revenue provided by the City Statistical Institute and the terms of the Banco Nación loans. For customers who collect salaries in this asset.
Exercise shows that the phenomenon affects even those who try to buy the least quoted regions of Buenos Aires. For example, in the case of the purchase of an area of 43 m2 used in Balvanera, the bank will charge an initial fee of $ 105,000. $ 26,600. And if you point to Liniers, you'll have to earn $ 98,000 to pay. $ 24,800 per monthThere's $ 8,069 renting out there.
"The biggest reason for this is that the dollar has fallen from $ 17 to $ 40, and the goods remain at dollar prices. For this reason, homes in pesos are worth more than twice today," says Alejandro Juan Bennazar, president of the Argentine Property Agency. .
In fact, according to official data, the two average media increased from US $ 105,400 to US $ 123,800 from one year to the next. In dollars, the increase was 17%. But in pesos 154%$ 4,655,000 from $ 1,834,000 & # 39; ascending. The average number of pesos for three rooms of 68 m2 in an average neighborhood rose from $ 2,792,000 to $ 6,916,000.
That was a reason. The other was a sharp increase in interest rates on loans. Initially, inflation in the Nation was more than 3.5%, but today starts at 10%helped increase quota amounts and revenue requirements.
Em Anyone who needs almost 70% or 80% today cannot access the loan. They can't qualify. Certainly, these families are not charged a fee of 30 thousand dollars. Therefore, the big drop in demand is evaluating Bennazar.
According to the Central Bank, funds given in the country's UVA mortgages were 77% less than in March when they reached $ 13,937 million (or $ 322,615 / minute) in October. In the city, according to the College of Notaries College, bank mortgage operations decreased by 81.7% year-on-year in October, and the overall trading volume returned to the minimum levels between 2013 and 2015, was the "exchange rate".
The collapse was so Some banks have already solved private areas Last year they created the "dams of the folders". "We order 600 to 30 orders per month. It has become marginalized because the large majority is no longer eligible. UVA mortgage loans fell, "they say, demanding a bank bank reservation.
Less people in real estate and a new buyer profile. "Tenants, they're not even approaching." (Photo: Fernando de la Orden)
"Demand has declined dramatically," they say in Santander Río. "The rates and maturity combinations exploded in a relatively stable dollar and a large unsaturated demand. The same characteristics were affected by the macroeconomic volatility of this year, but we hope that the market will react more positively," says Daniela Contarino. 3 million (60 thousand dollars).
One problem is that in the new context, the maximum amounts of loans are old. The nation, for example, does not finance more than $ 4.7 million in households. Today, in most neighborhoods of Buenos Aires, this is not enough for 3 rooms.
New owners are limited to those who already own
Throughout 2017 and the first months of the year before the economic crisis, real estate companies were not invaded by a public: middle-class families, mostly tenants, in search of property to buy with the help of mortgage lending They covered a good part of the price. Through devaluation, change echoed.
According to brokers who consult, these types of customers are not encouraged or even consulted by the hardening of access conditions. The few people who are currently approaching the purchase of UVA credits are those who already have it in general. For different reasons, They want to sell their current house and ask the bank what they want to move into a bigger house. or in a more searched area.
Di Mitio Inmobiliaria, focusing on San Telmo, La Boca, Catalinas Sur, Barracas and Monserrat, recalled taking part in the 1,000-month-old questions they were dealing with a year ago. However, in recent months, the averages have fallen to about 400, and "the profile of the approaches is completely different".
"Almost everyone in 2017 came to buy mortgage loans. They were people who wanted to rent and own. Today, we have a real estate market that is not accessible finance. loan counseling in practice. The buyer is someone who has bills in his pocket or people who want to change from 2 to 3 or 4, inde says Marcelo Di Mitrio, owner of the company.
Something similar is perceived by Diego Migliorisi, a partner in the Miglioris Propiedades, a real estate company that focuses on Almagro, Parque Centenario, Palermo and Villa Crespo: "Up to 90% of our attendees, 70% or 75% However, today, people who continue to buy by credit receive a much smaller share of 30% of the cost, and are trying to make more efforts to the total price in other ways. sell the car or borrow from relatives".
The city of Buenos Aires has sharply reduced accommodation: prices in the dollar have been preserved and the pesos have doubled. (Photo: Mario Quinteros)
"UVA mortgage lending was limited to the upper middle class people who had to meet 20% or 30% of the value of the property in the current conditions of the real estate market and the very high interest rates," said Alejandro Juan Bennazar of the Real Estate Agency of Argentina. put it forward.
Brokers believe that housing accessibility among vendors will remain limited keep refusing to lower prices under dollars. However, he thinks that in 2019 the economy is hak leaping un, that inflation is moderate and wages are rebuilt, that more people can qualify and buy. The big betting from government and public banking will reduce bank loans, which make it possible to buy from the & well ac, to less than 30%.