The City of Buenos Aires launches its own property trading platform

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The Government of Buenos Aires already has its own property trading platform, where advertisements for real estate for sale or rent are published.

The Housing Institute of the City launched a website, IVC Prop, where property owners and realtors can publish property information for free to rent or sell.

The design is similar to other private portals, such as Zonaprop or Argenprop, since it also allows filtering the search by prices, zones and neighborhoods. "The purpose of this new website is to facilitate access to services and content related to the search of real estate for the general public," explained the IVC team.

Among the characteristics of the platform, the publications and transactions are free and open to the public. All properties have their price in pesos and in UVA, and can be published by both private owners and real estate.

What are the necessary requirements to publish? In the case of properties for sale, the property must be located in the city of Buenos Aires or within a radius of less than 100 kilometers. In addition, the property must be suitable for the taking of credits that is stipulated by the IVC.

In the case of rental properties, the property must be located in the city of Buenos Aires and its monthly value (lease canon) must not exceed 630 Purchase Value Units (UVA).

Other requirements are that the property has a title deed whose owner is the registered user or who has signed an authorization with a broker.

The figures of the real estate market in the city of Buenos Aires in 2019 barely reach levels similar to the "exchange rate" era. Last February, 2,141 property sales deeds were registered in the city of Buenos Aires, a decrease of 47.6% compared to the same month of the previous year, according to the statistics of the Association of Notaries Public.

But one fact that ignited the alerts in the sector is the number of transactions that were made through mortgage loans: there were only 172 cases, 89% less than the more than 1,500 registered a year earlier. And they represented only 8% of the total, compared to 38% in the same month of 2018.

The figure is the historical floor of the last 15 years of participation of loans in real estate. Mortgage credit is the engine of the sector, since outside the operations that have the credit umbrella, only the market for the most expensive properties moves.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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