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Argentina's tax amnesty program should bolster mortgage lending

Argentina's tax amnesty program is expected to bolster the country's mortgage lending market, as participants can avoid paying fees by investing in real estate development funds, Reuters reported.

The country's largest real estate developers have launched funds, and the sector is expected to see a "demand boom," according to an industry executive. The value of mortage loans as a percentage of the economy is below its historical norm, Christian Lopez, the chief executive of the asset management division of developer Consultatio SA, reportedly said.

In the aggregate period between January and October, about 34,000 deeds for home purchases and sales were reportedly notarized in Buenos Aires, up 12% year over year and the highest level since 2012, the newswire said, citing data from the College of Notaries.

Around 1 billion Argentine pesos of loans have been placed by several banks through a new central bank program linking mortgage rates to inflation, according to the report.

As of Dec. 29, US$1 was equivalent to 15.69 Argentine pesos.