Pessifying Real Estate transactons

[sergio]

I've heard, not sure if it is official, that all real estate transactions will be "pessified" i.e. MUST be done in pesos. Will prices currently in dollars be adjusted upward to reflect the BLUE rate, for example will a $100,000 USD property be priced at $617,000 pesos? Has anyone spoken to people in the real estate business about this and if so, what do they say?

 

[Iznogud]

It is not the real estate people you want to talk to, it's the property owners.

Speaking as one, it took dollars to buy property BECAUSE real estate is one way to escape peso depreciation.
Therefore, IMO prices will remain in U$D and both parties will have to agree to an acceptable rate.

As with most articles offered online these days, to get a price you'll have to ask for todays quote and values will remain subject to change or only valid for a certain amount of days.

 

[citygirl]

Tis my understanding that it's official and has been for a while. What I have been seeing is that there is becoming more and more of a split between the "en blanco" portion which is in pesos and the "en negro" which is still in dollars (and ideally paid from overseas account to overseas account).

 

[Silac]

I understand that the real estate prices - originally in dollars - are being converted to pesos, using the "light blue dollar", midway between the blue dollar and the peso.

 

[sergio]

Who does the converting¿ You are saying that a 100,000 USD property will be worth far less than the blue rate¿. Will sellers be willing to accept this or will they just increase the price to make up the difference¿ Otherwise it amounts to a devaluation of the real estate market.

 

[Davidglen77]

One of my neighbors is looking to buy an apartment for his son and I've been helping him search around. He doesn't have any dollars so when we call about any listed apartment, the first thing we ask is if they will accept all pesos for the sale, however on the inmobiliarias websites, the prices are listed in dollars. Out of about 20 listings, only 1 has said that they will ONLY accept dollars. When we've asked about what rate they will accept pesos at, it's ranged from $5,10 to $6,00.

 

[Gringoboy]

As mentioned in a previous thread, we finally sold our house and signed the escritura last week.
Advertised in USD and the escritura was converted to pesos at the Celeste rate as mentioned by Montmartre...5.5.
We would never have accepted pesos anyway since we had commitments in USD. The buyers never offered pesos either.
Granted, we were lucky to sell when we did.

 

[sergio]

As mentioned in a previous thread, we finally sold our house and signed the escritura last week.
Advertised in USD and the escritura was converted to pesos at the Celeste rate as mentioned by Montmartre...5.5.
We would never have accepted pesos anyway since we had commitments in USD. The buyers never offered pesos either.
Granted, we were lucky to sell when we did.

So the idea is you sell based on an agreed on dollar rate and accept only dollars then the excribano/a writes it up as a peso sale using the midway celeste rate. Is this the idea? Now is there no law requirng advertising in pesos?

 

[Gringoboy]

Seems to me that whatever new rules being put in place are largely being ignored.
Dollars still rule.