Laundering for construction: what real estate companies object to

This week, the Government regulated the law that provides tax incentives and money laundering for construction, with the expectation of promoting investment in real estate projects carried out in the country.

The move keeps developers excited but raises some real-estate objections.

In this sector they warn that -although it is very positive- it should be accompanied by other incentives, such as the granting of mortgage loans for buyers, the speeding up of construction permits and greater tax benefits for developers.

“The lack of mortgage credit could delay the recovery of the investment of those who chose to externalize their undeclared assets,” says Gabriel Brodsky, CEO of the Predial firm.

In his vision, the true success of a bleaching program occurs when a comprehensive planning is done that includes both ends.

“You not only have to allow people to launder the money they had in black but also empower people who do not have the money to buy and are interested in the ventures where the laundered money went,” he says.

For the real estate sector, which has been hit hard for two years by a drop in the volume of operations carried out, laundering in construction can be a push to generate a certain movement, explains the businessman.

“The most interesting thing about the official initiative is that it is focused on well works with a degree of progress of less than 50% and the cost to access is relatively low,” he says.

According to Daniel Cohen Imach, head of developer Step Developments, “the construction bleaching law is frankly positive, although regulation was delayed longer than desirable,” he said.

As for other important measures to boost the sector, according to the businessman, they would be, first, the granting of soft loans with terms of 10 years or more; secondly, “the repeal of the last rental law, which in addition to making the locations more expensive, scared away the income investor,” he says. And finally, tax and fiscal incentives, he listed.

Brodsky does not believe that money laundering will trigger sales, “but it will reactivate them”, and insists that “the great absentee of this film is mortgage credit.”

“As long as it presents clear rules, the current laundering will be a useful measure for the sector,” says Miguel Di Maggio, director of the real estate agency Depa. “It is essential that developers take it as a growth tool and not as a one-off opportunity raising the price of the units, ”he said.

Regarding the potential complementary measures that could be taken for the growth of the sector, the businessman says that, for example, “a streamlining of construction permits would allow developers to have a better forecast of their activity and, based on this, budget your works even better. ”

“This streamlining of permits could be accompanied by tax benefits for developers. It is always positive to reduce any kind of collection measure that allows giving some air to the sector,” he proposes.

“There are many enthusiastic developers and many investors who are already consulting,” says Solange Esseiva, owner of real estate H-54. However, despite the facilities that money laundering offers to the general public, the businesswoman believes that “It is more oriented to a sophisticated investor and not to a saver who, based on his efforts, was able to raise US $ 50 thousand to buy an apartment,” he slipped.

Richard Addington

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