Lucas Salim, developer from Córdoba: 'It may be time for a change of cycle'

Proyectar Córdoba, an event organized by the Córdoba Urban Developers Business Chamber (Ceduc), allowed the sector's pulse to be taken.

About two thousand people attended the event. The first day's closing was led by economist Juan Carlos De Pablo.

Lucas Salim, director of the developer Proaco and vice president of Ceduc, stated that the good moment the sector is experiencing indicates "a change of cycle."

When asked about the economic direction of President Javier Milei's administration, the businessman stated:

"The truth is that we're learning to do business again in an Argentina that was coming from extremely complicated situations to be able to manage businesses, there were no prices," he said.

"Last month the list was updated, I don't know if by a point. People started to compare and today we're going to have to start working on competitiveness, on being more efficient," he added.

Economic growth of the development sector

With enthusiasm, Salim reported that May 2024 showed a 117% growth in the sector in dollars compared to the same month in 2023.

"I believe this could be the moment of the change of cycle. Everything we've been seeing, these reforms, the lifting of currency controls, the elimination of the rental law which was disastrous... all these conditions are beginning to create an optimal moment for the sector to start generating employment," he stated.

Regarding the Government's measure to allow the use of "dollars under the mattress," Salim indicated that "people were used to the mattress dollar being a store of value. Financial speculation is over, today we have to start producing."

Self-criticism from businesspeople

He also stated that businesspeople can't blame the 'macro' and the Government's decisions.

In a self-critical tone, he said: "We have to think about what things we do well and what we do poorly and how we improve them, especially to give more access to housing to Argentinians who, as a result of decades and decades of macroeconomic disaster, have been left without that possibility."

Regarding the current situation, the head of Proaco stated that he sees favorable conditions.

"With the improvement in real wages that's happening and the return of mortgage credit, may this make it so that for the first time in 50 years we start producing the amount of housing that Argentinians will need in the future," he indicated.

More mortgage loans in Argentina

In that regard, he concluded with a request to the banks that are responsible for offering loans. "I hope that next year we'll see a lot of banks at Proyectar Córdoba offering and competing," he said.

He warned that if the banking entities don't do it, they'll start to compete with digital models.

"They must understand that the party is over, the party of the State lending them money is over, now it's us who are going to move the money with investment, with production, and with job creation in Argentina," he concluded.