Buenos Aires City property sales plummet 27% in 2012 because of the dollar clamp
Property sales in the City of Buenos Aires plummeted 27% during 2012 according to a release from the Notaries College of the Argentine capital. The release shows 46.627 deeds were signed in 2012, which represents a significant 27% shrinkage in comparison to 2011 while the figure in Pesos dropped 21.2%.
Last December sales dropped 29.3% compared to the same month in 2011, with a total 4.474 commercial operations, while the turnover of transactions was down 28.5%.
The Buenos Aires City Notaries College also showed that the average operation during the last month of 2012 was 464.305 Pesos, which represents a 1.1% gain over a year ago.
However the release also indicates that the retraction in the number of daily operations has stabilized at 25.6% compared to December 2011. This also shows that the number of deeds in the last quarter of 2012 has been climbing sustainedly 2.3%, probably indicating a modest bounce back.
Likewise a registry of deeds in five segments by increasing value shows that those operations of up to 150.000 Pesos remains with one of the highest percentages since April 2011, equivalent to 19.5% of the total. At the other extreme, over 900.000 Pesos, the number of operations climbed from 8.9% to 9.3%. The segments that have lost significance are those from 150.000 to 900.000 Pesos according to the Notaries College.
The dramatic drop in overall operations is attributed to the so called dollar clamp which impedes Argentines to make transactions and save in US dollars, which traditionally in Argentina in the property market has been the currency reference
Decades of inflation, hyper inflation and monetary chaos has made Argentines take refuge in the greenback mistrustful of their currency, the Peso.
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But it all boiled down to:
“Argentines take refuge in the greenback mistrustful of their currency, the Peso”
Wonder what the next currency will be called?
“Wonder what the next currency will be called?”
Toilet paper?
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
The Turd??
Its effects are all around and everyone can sense them yet in itself it is invisible to the human perception. They should set cosmologists onto this matter.
I heard Argentina was going to adopt the LEAF has legal tender, however due to the problem of inflation they've going to burn down all the forests! (Thanks, Douglas Adams).
Real Estate business worse than in 2001
Expected Soy crop U$2B less than last year
Teachers Strike-now
Teamster Strike-soon
Farmer Strike-later
Loss expected in Holdout case
Government mandated 7% MAX profit on food/consumables
Possible price freeze until after elections ( Oct)
Double fuel imports in Jan
The coming implosion will end up being a generational depression (maybe never recover). If the Rgs think this is going to end like it did in 2001 with a recovery in few years they are gravely mistaken.
What the Ks have done is taken your children's future from you.
Government mandated 7% MAX profit on food/consumables - Has this headline been taken from a Chaplin film?
Better queue up now if not.
And in a tweet, Argentine President Cristina Kirchner suggested that her government's debt reduction policy “seems to be the real cause of anger from the IMF.”
I never knew default was a real world policy, only in Argentina.
www.bloomberg.com/news/2013-02-15/singer-upends-bonds-as-default-endgame-nears-argentina-credit.html
We are so stupid that we are popping a bubble before it pops in our face.
This will ensure there is no overbuilding and ensuing 6 years of depression and mass unemployment in the sector, like in other countries far dumber than US.
pun most certainly intended.
Have you ever looked up Stagflation? There are basically 3 causes to the RARE phenomenon, most countries had 1 of the triggers, Argentina has all 3!
Self popped the bubble...that's funny!
A girl named Rgentina gets a cut on her finger.
She is so worried of infection she tries to find a solution.
The she comes up with a brilliant plan.....she cuts her arm off to stop her finger from getting an infection. What a plan!
This ones about the crash in real estate in Argentjna.
Preemptively I now hear!
How very odd.
You can't fight the market for long
the market always wins
CFK has to be seriously worried there won't be enough U$ to pay for the gas this year. I think BCRA is out of cash.
Haha wow talk about narcissism. That's like calling a mosquito an enemy.
Hardly appropriate. Annoying=yes. Disease carrying=potentially. But not something you think about until they appear.
Poor Sussie. So unimportant.
6 months.... yeah let's wait for THAT turnaround!
total state of delusion
“Good job CFK the real state market is the best place to accumulated revenues and fuel the economy, mr foreigner can have many dollars but unfortunately the investors needs land and taxes are a good cruise control for a erratic economy riddled with crooks.”
It seems that your real estate has decreased in value, 25%, at the same rate as your inflation 26%.
Many Argentines have lost money in both real estate and savings - they have LESS money to spend = buying less property and less goods= MORE unemployment= LOWER prices and LOWER profits= less building= more unemployment= LESS money for people and LESS TAXES for CFK.
Only “Mr. Foreigner” can afford to buy, because he does not save in Pesos.
In fact, be can afford to buy much more now!!
Thanks CFK!!
Exactly, there are rumours getting stronger that entities are preparing a run on the US dollar in late september this year or march-april of 2014.
Sounds even dumber considering its either 6 months or 1 year in the future. Who advertises that they do such a thing?
Such “rumours” really do highlight the educational deficiencies of Argentineans who believe it.
The US Fed could stop a “run” anytime they want.
Where are these “rumors” you are reading about and why Sept? And what would a “run” look like?
Toby is getting more and more delusional and he loves his conspiracy theories.
The economy will implode again but Cristina still has cards to play so that it goes just as planned and the Peronists keep in rule. The only question is: what will the IMF do?
Look upon what central banks have been doing last 6 months. Quietly. Exactly as planned to fool idiots like you when the time comes, and leave hanging with a bag of worthless dollars. I you haven't noticed, your currency now is worth less than the Euro, Pound, Canadian, Australia, and yen... it can't even gain against the real or mexican and chilean peso.
And btw, I guess the record stretch is over, back to good old USA:
news.yahoo.com/shooting-spree-across-calif-county-leaves-4-dead-215222142.html
If that is the case please let me know which Central Banks would be involved.
Is that what you are trying to say?
I want to be clear before I answer.
www.bloomberg.com/markets/currencies/
Nostril...now the 12th because your predecessors all died a horrible blog death, go back to mendoza and your mommas nipple. Do not return until you grow up, or at the very least experience the real world. AT least get a wet nurse.
Again because you are totally incapable to argue in support of your government you continue to resort to changing the topic, at least feeble attempts.
Every article on the internet is blaming the dollar clamp because NO ONE WANTS THE PESO. 27% drop in RE combined with 30%, grocery price freezes, restricted imports, that winter is going to suck for the majority of the population in Buenos Aires. Argentina has become a wordlwide acedemic model for how NOT to manage a country.
www.propertywire.com/news/south-america/argentina-real-estate-prices-201302197468.html
Can we expect the 14th next?
NEW YORK -- Soybean prices rose sharply after Argentina didn't get rains that had been forecast over the weekend, just as the crop there is nearing harvest.
March soybeans rose 45.75 cents to $14.7025 a bushel as markets reopened after the Presidents Day holiday Monday. The gain of 3.2 percent was the biggest in more than a month. Soybeans are rebounding after slumping for the past two weeks on forecasts for a strong harvest in South America.
“It's getting toward the finishing stages of the crop and it really needs a good drink of water and it just didn't happen,” Darin Newsom, a commodities analyst at DTN, said referring to the Argentinian crop.
Read more here: www.miamiherald.com/2013/02/19/3242661/soybeans-rise-as-argentina-misses.html#storylink=cpy
Potentially this could wipe out all of their fxf BCRA reserves and not leave them enough U$ to buy fuel.
No wonder she is panicked and desperately searching for a large cash of grains.
brr
I am wondering why the bloody rubbish UK team keeps talking about her.
Anyway back to the article. Argentina's desire try and pay off debt by restricting the US$ is quite literally hollowing out the economy.
It sorta like rushing to pay off your mortgage without seeking treatment for a deadly disease. Enjoy your debt free status for a very very short while.
no, you shouldn't. she is anti-british.
No, he is merely a disruptive non-entity.
No encouragement.
You understand as much about BASIC economics and finance as Yankeeboy. In other words, niente.
The nominal value of currency is meaningless, what matters is the wage-price comparison cross-country and the base year you choose.
The base year being 2003, the US dollar is WAY less valuable than any European, Asian, and most Latin American currencies, and the other “dollars” CAN/AUS/NZ, meaning the USA is cheaper and poorer now in comparison to all those nations (most of the world in fact), than it was in 2003.
Do you think Europeans and Latin Americans and Asians flooding the USA to buy property and stuff just “happens”?? That they all decided to go there for no reason?
You dummies.
Anyone think the peso will breach 8 by Friday?
All economist know the reckless policies of the USA since about 2001 will inevitably lead to a spectacular crash.
“So Toby can't answer #54? Choose not to? Gonna leave us all hanging?”
Toby is avoiding more than one thread with uncomfortable posts.
:-D
But in even MORE EXCITING news, I have officially been sockpuppeted by Sussie.
Please all take a look at Post 59 and Sussie's use of zero in impersonating my name. I haven't reported it because I'm just so PROUD at the moment.
I officially annoy Sussie enough for her to impersonate me.
I've been waiting so long!
Wow, if that is your top achievement in life.
You'd think if the banks were desperately buying more gold, as you claim, it wouldn't be steadily falling like it has over the last 6 mos.
but maybe I don't know how to read a chart?
Is it upside down?
What a goofball
I think you are actually getting dumber over time
YOU FOOL. That's why CENTRAL BANKS ARE BUYING!!
They are buying on the dip you illiterate and disaritmotic fail, because they know it's about to go to 3000. And the reason is not gold itself will increase that much in value, it's the dollar is about to go through phase 2 of it's death. (phase one was the last 12 years where it slowly lost HALF it's value).
Phase two it will lose a 1/3 of its value in a matter of weeks... that will cause some panic, but then the US economy will live an “indian summer” of sorts, and grow strongly due to the cheap currency. Then phase 3 in 2015....
I hope you have food supplies.
“Please all take a look at Post 59 and Sussie's use of zero in impersonating my name. I haven't reported it because I'm just so PROUD at the moment.
I officially annoy Sussie enough for her to impersonate me.”
Wow, you finally made it to the big leagues!!
Congratulations, buddy - you are awesome!!!
Oo er wait a minute. Uh, oh *tremble tremble*
What might Sussie do next ???
Do you think he will say “arse” in a sentence and be very rude with lots of “jajaja's”???
I live in fear of the dreaded... CAPITAL LETTERS !!!
Maybe a sharp witty jab directly at you, “ I am Mr. Anglo-Brit Poopy-Pants”???
Always so full of surprises - hold tight!!
That Sussie , a frickin' Supergenious compared to that schlep @69, Maynard Nostril-Keynes, the Kirchnerist economist.
Oh and as you can see Nostrils is sulking around trying to drum up attention/hatred/sorrow.... who knows. Post 67 was almost a cry for attention. I guess not even Sussie wants to impersonate him.... actually I don't even think he wants to be himself sometimes.
And FINALLY, it is quite farcical that all the Argentine trolls think this is GOOD news.
I love this one from Nostrils:
“We are so stupid that we are popping a bubble before it pops in our face.”
WE ARE SO STUPID..... WTF? He agrees with us. You never pop a bubble. You DEFLATE it. Like what Australia has done.
No bubble popping over here. But did Argentina copy that? No they just went and crashed the whole system. Something they keep castigating the US for doing.
Go figure!
Then to have currency advice or lectures from of all people an Argentine. How many currencies have they had since independence? And devaluations?
I'm a bit sad, Sussie only impersonated me once! :(
“Nostril sulking...” LOL
Check out his humiliating “Biro” defeat,
Post 88
en.mercopress.com/2013/02/16/cristina-fernandez-inflation-index-for-january-less-than-half-private-estimates?utm_source=email&utm_medium=email&utm_campaign=aviso_comentarios#comments
What can I say, he brought it on himself.
He was trying to show off and Yankee and I caught him lying.
We called him on it and trounced him with facts and logical argument.
Now, he is trying to say we are mean etc etc
Worry not - Sussie will re-appear!!
I think you are getting dumber by the day.
Maybe give up on some useless language classes and take an economics class.
I live in the finance world and your premise ranks up with there of beware the aliens are coming.
www.buenosairesherald.com/article/124617/soybeans-up-3-due-to-poor-rains-in-argentina
Maybe the farmers that asslips screwed will help them.....not:
www.buenosairesherald.com/article/124516/farmers-seek-to-avoid-strikes
Imagine that....and the unemployment numbers rising :
www.buenosairesherald.com/article/124632/jobless-rate-rises
But while ROme burns, free football is of the most importance:
www.buenosairesherald.com/article/124633/congress-to-debate-free-football-tv-programme.
You over complicate your answers. Argentines are not happier people, you are just all liars. Occam's razor.
www.buenosairesherald.com/article/124715/trade-surplus-plunges-49-in-january
www.tradingeconomics.com/argentina/balance-of-trade
They had 100s of business shut off last winter due to the gas shortage and this year is going to be even worse.
At some point the Int'l mfg companies will pack up and leave.
Griesa is making Banco Nacion tell the holdouts where Argentina has their money and what it is used for. They could end up seizing all the funds at the Int'l branches of the Bank if Arg is not careful.
The respectable RGs blame their government and the others swallow the propagenda and blame everyone but the government. They just are too thick to understand the effects of the defualt.
How do you say OUCH in Spanish?
#42 people like you have being protesting and claiming dooms day for Argentina since 2001 and guess what CFK took office and face the FMI all by her own while everyone else run away like a a rat.
#43 a good thing about Argentina is that they don't waste tax revenues to murder innocent Muslim women and children, I bid you can't say the same about your country! When you can come lecture us, until then fix your own nations and quit sticking
your nose where no one invited you to.
#44 CFK work against FMI speak for itself and while she fight IMF our tax revenues are safe in the national bank, it is IMF who should answer for their work in the last few years, I doubt the economic collapse wasn't in the plans. When any idiot can read a charts.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
#45 lol sorry last I heard from people like you is that foreign investors are running from Argentina, I figure the prices will drop to affordable levels until all foreigners run away and then the nationals will fill the void as it happens all over the world everyday, one man loss is another mans gains, 6 months should do put that in your calendar and remember I call most of the shots and never missed one yet.
#46 with all the counterfeit dollars in Argentina the busyness of printing dollars is getting more and more lucrative, the real boom is now.
#48 I am sure you are used to murdering Muslims and raping their women and children, I can see why Argentina can be boring to North Americans and Brits, go shoot more people and let the responsible diplomats exchange political ideas.
#49 it shouldn't surprise anyone that printing dollars in Argentina is a lucrative and legitimate form of busyness, it's something similar to the cocaine industry, except coca is illegal and it take more work to make it while the dollars fly of the shelves.
“#48 I am sure you are used to murdering Muslims and raping their women and children, I can see why Argentina can be boring to North Americans and Brits, go shoot more people and let the responsible diplomats exchange political ideas.”
Your stupid statement is a loud demonstration why rgentina is a toilet bowl. However you were smart enough to avoid the collapse this year. You are a coward and pussy that you cannot stand by your own country that you pretend to believe in
“#45 lol sorry last I heard from people like you is that foreign investors are running from Argentina, I figure the prices will drop to affordable levels until all foreigners run away and then the nationals will fill the void as it happens all over the world everyday, one man loss is another mans gains, 6 months should do put that in your calendar and remember I call most of the shots and never missed one yet.”
It's ok, you can afford to stay in denial, you don' t live in Argentina, and never will.
If you say anything else, it will undermine CFK, the main pillager of your people's wealth.
“Mr Foreigner” is unlikely to sell during catastrophic price drop and economic collapse. He will be one of those picking up the bargains when the prices bottom out - if he thinks they'll recover.
Meanwhile, the realtors, the construction companies, their suppliers, their labourers, the lending institutions, all will suffer.
The Middle Class will be crushed, paying loans on property worth a fraction of its former value. They will also be under pressure from cost of goods/living with devalued peso, perhaps unemployment, too.
The only “Nacionals” who will be able to afford even the devalued property will be those will USD $$ savings - the wealthy and 'connected' Argentines (government insiders) or foreigners.
With the economic collapse, unemployment, and lack of foreign business investment, it will be a long time before property values recover, and when they do, the average Argentinian will have been squeezed out of the market - many ruined financially.
Do you hate the average Argie that much??
Ask yourself what you will get out of this, or the other La Campora underemployed?
CFK's friends will profit nicely, but they despise your type. You are just tools for them to protect themselves - they'll dump you when you are not needed.
What a schmuck you are :-D
”@87 (PH), Your country, Canada, is involved w Iraq & Afghanistan.”
Pirat-Hunter (ALEX VARGAS) is a hypocrite as well as an “Economic Genius”
PH ALEX VARGAS is a loyal member of YPF, La Campora, La Campora Juvenil for sure. Possibly also Al Quaeda, Hamas, Hezbolah, Taliban sympathiser, B'aath Party etc.
He grew up as a child in Canada, coming from Argentina at a very young age.
“Pirat-Hunter” ALEX VARGAS is a very angry young man.
He calls the Argentine people “lazy” and says they get what they deserve.
He said on his posts that the women and children on the Falklands/Malvinas“ should die” because they are “pirates” and Argentina wants their homes and land.
He says he will not return to Argentina because“ it is infested with British”.
Many of us think that he will not return because:
- he is afraid to live in Argentina
- he is a criminal and therefore, has no passport
- he is listed as a 'Terrorist' and is on the USA “no-fly list”.
or any of the above
All of the Brits and most of the Argentines on here, except “sussie”, think he is mentally-ill.
If you are Argentine, please take him back. If you want him to stay here, please realise that he is a nut case, and should be ignored.
:-D
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