Mortgage loans, including those indexed to inflation (UVA), consolidated in 2025 as the segment with the highest percentage growth in the entire system of peso loans to the private sector, according to a report by the consulting firm First Capital Group. The analysis, seen by the Argentine News Agency, highlights that the total stock of mortgage loans reached 6.5 trillion pesos by the end of December 2025, representing a nominal year-on-year growth of 258.8% and a real increase (discounting inflation) of 173.9%. This performance far surpassed the rest of the financing lines and was the only segment that managed to expand in real terms above what was recorded in 2024, marking a "regime change" after years of stagnation. In this regard, Guillermo Barbero, a partner at First Capital Group, stated that "mortgage lending was the line that marked the greatest growth in all of 2025, both nominal and real terms, consolidating a trend that has been gestating since last year." In this context, the report reflected that 2025 was characterized by a strong acceleration in placements during the first nine months, followed by moderation in the final stretch. Behavior of loans by quarters First quarter (January–March): the year began with a strong push, with real monthly growth close to or above 10%, driven by contained demand and the inertia of previous procedures. Second quarter (April–June): it was the period of greatest dynamism. The quarter closed with a nominal year-on-year growth of over 500%. Third quarter (July–September): although a slight deceleration in rates was observed, the pace remained firm. This deceleration is attributed to interest rate adjustments, partial suspensions of new placements, and a more cautious macroeconomic context. Despite the strength of the numbers, the report puts the growth into perspective by explaining that the notable improvement is partly explained by the low initial base. In the general analysis, Barbero valued that there is "a change of regime compared to previous years, with a product that returned to prominence" and proposed that "the challenge ahead will be to sustain growth through stable funding sources and conditions that allow for expanded access without compromising the sustainability of the system." In this way, the notable expansion of mortgage credit in 2025 confirms its reactivation and positions it as a key piece to boost the real estate market in the coming years. April was consecrated as the best month of the year, with a real increase of 11.6% and a stock that reached 3.0 trillion pesos. The stock exceeded 5.3 trillion pesos, with real monthly increases around 8.5%, evidencing a greater number of settled operations. Fourth quarter (October–December): the end of the year showed a clear moderation. November registered the lowest growth of the year, with a real increase of 2.7%.
