Once again,
consumption has beaten the real estate sales and inversions. Since the execution
of the legislation that restricts buying dollars in Argentina
A month
ago, the situation was quite different. The “AFIP” (the Argentine national tax
agency) allowed the real property transactions; in order to make the
transaction, you needed to show the Bill of Sale and the corresponding
documentation which explained where the funds for the sale came from. But
nowadays, the AFIP does not allow many of the transactions, and property
sellers won’t accept argentine pesos, so the real estate sales are stuck. According
to the president of the "Cámara de la Construcción" (Construction organization),
Nestor Walenten, “if (...) the first quarter's tendency is maintained, the 2012
could be the worst year of the decade for the real estate sector; even worse
than in 2001.”
Currently,
consumption has grown and savers have started to buy cars and other big
consumption products, other than the real estate business.
Nonetheless,
there is one interesting point to mention and it is that, despite the property
sales having gone down during the last months, (it is estimated that in march,
in relation to 2011, the reduction has been of 4,7%), the construction business
has continued to grow, approximately 4,7%.
Many
specialists estimate that the government will continue implementing the same
legislations, so the investment flow will begin to decrease little by little.
Likewise, specialists also believe that if the gap between the official dollar
currency and the "parallel" one continues to grow, the situation
could get worse.
Even though
the repercussion of the economy of Argentina
