Overview

• Joint Resolution 2/2025 took effect on July 16, laying out requirements for divisible mortgages on properties under development or subject to superficies rights.
• The new framework allows buyers to secure long-term credit before unit completion, with mortgages divided according to future horizontal subdivisions or individual lots.
• It authorizes the assignment, securitization and integration of these mortgages into financial trusts and the issuance of mortgage-backed securities.
• Banco Ciudad and industry groups have launched pilot programs to test the instrument, but major lenders have yet to roll out dedicated credit lines.
• Developers foresee up to 20% of new-build sales financed via divisible mortgages, while registry coordination and operator training remain key implementation challenges.