Concern in the real estate market.
Published by La Voz del Interior
The general manager of the Central Bank, Nicolás Gadano, will receive this afternoon the executives of the Argentine Real Estate Chamber to try to reach an agreement, around the use of currencies in the transactions. The main referents of the real estate sector will seek to discuss mechanisms that expedite the operations of buying and selling properties, following the new exchange control measures, arranged by the Government since the beginning of September.
The keys you have to know about this discussion:
In the real estate sector they claim that the limitation of US $ 10,000 per month that can be purchased through the banking system will affect the possibility of obtaining foreign exchange to make a property purchase. They consider a specific chapter on how to operate in dollars in the real estate sector necessary.
They fear that the measures can completely stop a market that is already hit. They point out that the uncertainty is very large.
In the current scenario they will receive authorization from the Central Bank, only those who have a "recordable instrument" or deed, to be able to buy the dollars needed to complete an operation.
On the other hand, there are those who ensure that the impact will be limited since today the market moves almost exclusively with buyers who already have dollars to invest and it is only a minority who have to go out to buy to finalize a purchase.
In the sector, they say they will close 2019 with one of the worst numbers in their history. Even below 2001 and the years of the exchange rate.
The proposal agreed by the different real estate chambers is that the purchase of dollars be authorized at the time of the signing of the deed, through a request from a notary. So you could buy dollars with funds in pesos from savings banks, fixed terms or mutual funds (Source: Infobae).
The Buenos Aires College of Notaries also expect to be summoned by the monetary entity. "Use the deed and the notary to ensure that the outflow of reserves is a good idea. But as they put it, simultaneous operations could not be done. And financial institutions do not know if they can use the MEP dollar (which is obtained by the purchase of bonds in the Buenos Aires Stock Exchange) for purchases above USD 10,000, ”Claudio Caputo, president of the entity, told Infobae.
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https://www.mdzol.com/dinero/dolares-para-comprar-viviendas-las-claves-de-la-discusion-20190911-43799.html
