With real estate sales down, dollars scarce and bank financing non-existent, more Argentina real estate developers are beginning to offer new construction condominiums with payment plans up to ten years or longer.
Making small monthly payments is nothing new for locals who pay off everything from groceries to appliances to plane tickets en cuotas; however, this is the first time real estate has been offered with terms longer than the typical 18-36 month edificio en pozo financing popular in Buenos Aires, writes La Nacion’s Alfredo Sainz.
Middle class buyers are the most likely beneficiaries of these programs which offer financing up to fifteen years (180 cuotas) and monthly payments that can range from 1,500 to 4,500 pesos depending on the size and location of the property.
Sainz points to Cordoba as the Argentine city where the long-term financing model is already the norm, while Buenos Aires builders and developers are just waking up to the possibilities for building more middle-class towers in barrios like Almagro, Caballito, Flores, Paternal, Parque Avellaneda and Villa Crespo.
One BA developer offering units priced around 400,000 pesos says the above-mentioned Capital Federal neighborhoods are being targeted for their relative affordability and proximity to major avenues, Subte stations, schools, hospitals and shopping centers. (Full Story in Spanish)
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