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Mendoza: Real estate transactions grew 6.3% in the first half of 2010

Source: Diario Los Andes
By: Jaquelina Jimena

Indications show that the sales and purchases of properties in the Mendoza province are recuperating compared to last year, according to data provided by the government (Registro Público y Archivo del Poder Judicial).

Between January and March of this year, 7,815 property transactions were recorded, compared to the same period last year of 7,350.

The majority of the demand of properties is in the range of 200,000 to 300,000 pesos.

The vast majority of the transactions are in cash, in spite of credit lines made available by the Banco La Nacion. In most cases, buyers are not qualifying for those lines of credits. For example, a buyer would have to prove their monthly income of $8000 pesos, according to Mario Jorba, of the Mendoza Chamber of Real Estate (Cámara Inmobiliaria de Mendoza.)

A frequent obstacle to sales in the past few years has been the relatively new requirement for all parties in the transaction to declare to the tax authoirity (AFIP), the exact amount agreed on and paid, to avoid valuation and tax-evasion problems.

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