The director of Grupo Proaco predicts a 'revolution' in developmentalism. He highlighted the change in the landscape following La Libertad Avanza's victory in the elections
The leader of the Córdoba-based development company highlighted that, after the elections that pushed away the specter of Peronism's return, expectations in the real estate sector have increased.
El fundador y CEO de Grupo Proaco, Lucas Salim, es optimista respecto al futuro del real estate en Argentina.
"The speed at which banks went back to working as banks is impressive. All the files, the ratings, everything was on hold before the elections. Now that Milei has won, banks are very interested in offering loans," he stated.
Salim went further and shared a scoop. He revealed that "for the first time, we're talking with foreign funds that want to invest in the sector in Argentina."
Lucas Salim, the Córdoba businessman who never holds back
Alongside showcasing his work and investments on social media, the businessman is also known for never holding back.
A fierce critic of populism and the decline of recent decades in which the country has fallen, Salim shares many of President Javier Milei's ideas, such as reducing the size of the State, lowering taxes, fiscal balance, labor and tax reforms, and market freedom.
El fundador y CEO de Grupo Proaco, Lucas Salim, es optimista respecto al futuro del real estate en Argentina.
"La Libertad Avanza won because the opposition candidates' offer had and has no proposals at all," he indicated.
In one of his latest social media posts, Salim said that Milei's campaign for his 2027 reelection should use a brick instead of a chainsaw.
"The next decade will be remembered as the one that caused the largest number of homeowners in Argentina," he pointed out.
"At Grupo Proaco, we're preparing everything. UVA loans + 6% at Banco Nación and UVA + 7% at private banks. It has to be a revolution," he enthused.
El fundador y CEO de Grupo Proaco, Lucas Salim, es optimista respecto al futuro del real estate en Argentina.
Regarding the reality of development in Córdoba, Salim noted that there is a lack of products for the middle class because most companies focus on the ABC1 segment.
"All of us who have developed over the last 15 years have been working for 5% of the population. For it to be a true brick revolution, we have to think about those who really need it, who are those who today pay rent between 800,000 pesos (1,764 USD) and 1.3 million pesos (2,868 USD)," he illustrated.
"It's a client who has saved 20,000 or 30,000 dollars and instead of continuing to pay rent, takes out a loan to buy their home. Those products, which do not have expensive maintenance fees or amenities like a multipurpose room or pool, are not available in the market," he explained.
Developers are focusing on many one-bedroom units (in some cases two), mostly aimed at investors.
Achieving this change requires companies to be more efficient and lower costs by making identical units.
"We're moving toward a model seen around the world, which is hundreds of identical towers, all the same, maximizing costs, without paying for so many architectural design projects. In Docta, over the last 5 years, 1,800 homes were built and all of them were different. That's 1,800 calculations, 1,800 projects, 1,800 different problems..."
According to the businessman, this is a process that will not happen overnight and will take time.
