Argentina auctions unfinished housing projects with nearly 300 homes for over $11 million

Argentina's government, under President Javier Milei, is continuing its policy of divesting state-owned properties by auctioning two large unfinished housing developments. These projects, which together comprise 290 homes, were initiated under the Pro.Cre.Ar housing program but never completed. The combined starting bid for the land and existing structures is over $11.2 million.

The properties are situated in Buenos Aires province and cover a total area of nearly 40,000 square meters. They were part of urban development initiatives that were suspended after the housing program itself was halted. The Ministry of Economy officially authorized the sale through resolutions published in the Official Gazette.

The Pro.Cre.Ar program was launched in 2012 during Cristina Fernández de Kirchner's presidency to facilitate housing access and stimulate construction. It offered various credit options and promoted urban developments on public land. However, the Milei administration dissolved the program's trust fund in November 2024, deeming it a "heavy burden on public accounts." The government stated that commercial banks should primarily finance housing construction.

One of the auctioned sites is in Junín, featuring 149 unfinished homes with an estimated 70% physical completion. This development, located in a predominantly residential area, includes infrastructure like water, electricity, and sewage systems. The other property's details were not fully specified in the provided text, but it contributes to the total of 290 homes being auctioned.