Has Argentina’s real estate market peaked?
Argentines have consistently sought for real estate as a savings instrument. “Invest in bricks” has been somewhat of a mantra in a context of high inflation and macroeconomic instability; maybe not as strong as “buy dollars,” but still very common throughout decades of crises.
But although having a house of one’s own remains a much-desired source of security for many, the market seems to be ready for a significant downturn in terms of price.
With the economic crisis now really starting to hit home, sales are plunging at rates comparable to previous crises in the sector. And although prices have only timidly fallen so far, the fact that that counter-offers significantly below the initial ask price are starting to be considered by sellers is one of several signs pointing to a bear market in the sector.