Articles (cont.)

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THE WALL STREET JOURNAL 

Argentina Real Estate Booming, And Nearly Bubble Free

September 7, 2006

By Serena Saitto

BUENOS AIRES (Dow Jones)--Perhaps the most tangible sign of Argentina's economic recovery is its booming real estate market, which has transformed Buenos Aires, the capital, into an open-air construction site.

In July, Argentina's construction activity grew at a record annual rate of 27.9%, making the industry a major driver of the extended economic rebound after the 2001-2002 economic bust. Economic growth for 2006 is expected to exceed 8% for the fourth consecutive year. And yet the risk of a housing slowdown, such as that currently sparking fears in the U.S. of deteriorating credit quality, is muted here. The reason is that there is virtually no mortgage market behind the property boom.

"Most of our sales happen in cash," says Marcelo Cusmai, the partner of Dypsa International, a real estate company developing three towers in Buenos Aires' former port, Puerto Madero. Cusmai's comments can be taken quite literally. Typically, a home purchase is settled in a secured location, where the buying party will count through stacks of hundred dollar notes before pushing them across the table to have the other side recount them.  This seemingly archaic system does not seem to be reflected in the many ambitious property developments seen around Buenos Aires... Keep reading about Argentina Real Estate

 

Buenos Aires enjoys property boom

Argentina is climbing out of its economic crisis by tempting foreigners to buy homes in its capital, writes Oliver Balch.

Tuesday August 1, 2006
Guardian Unlimited  

Recycled, New York-style loft apartment. En-suite bedroom, plus spacious roof terrace. Located in the heart of one of the world's most exotic capital cities. Price tag? Roughly the same as a private parking space in central London.

It is little wonder that foreigners are flocking to Buenos Aires to snap up the city's property bargains. The most exclusive districts of the Argentine capital average between £1,000 and £1,600 per square metre.  

By comparison to other major world cities, it's a steal. A central apartment in Moscow will set you back around £2,700 per square metre. For London, prospective buyers are looking at closer to £3,580.  

"Foreigners look around and they are thrilled with the idea of what they can get for their money," says Cecilia Campbell of Buenos Aires-based estate agents, Reynolds Properties...  Keep reading about Buenos Aires Properties

 

Global Traveler Magazine

August 2006

Having weathered the worst, Buenos Aires is back and business is good.

Looking at Buenos Aires from the window of a taxi on the world’s widest avenue — Avenida 9 de Julio — it’s all a bit difficult to believe. Just five years ago, Argentina’s economy collapsed, impoverishing more than half the population and leading to the largest loan default ($155 billion) in modern history. And yet, by appearances, the crisis has come and gone with hardly a trace.

Massive French-style mansions and soaring steeples, most built around the turn of the 20th century when Argentina was one of the richest countries in the world, overlook grand plazas and manicured greens. Stylishly coiffed, if conservatively dressed, executives chat on cell phones while sipping espressos in curbside cafes or feasting on succulent, homegrown steaks in smoky parillas; the air buzzing with Castellano (Argentina’s distinctive, slang-saturated version of Spanish)... Keep reading about Buenos Aires Real Estate
 

LATIN FEVER 

RTE House Hunters in the Sun Magazine – Ireland's Leading International Property Magazine   

June 2006 

For many, South America seems just to far away and to untested to be suitable for a property purchase, but for the more daring investors among you, Argentina, Brazil and Chile could really get your temperature up. And as, Ben West reports, with growing property markets, now is a great time to buy. 

Today’s property investor is embracing ever more adventurous locations. Where, 20 years ago, purchasing a villa in Italy may have seemed daring, now exotic countries that many of us would be hard–pressed to locate precisely on a map are becoming the order of the day.  

The incredible continent of South America, with its breathtaking geographical extremes of volcanic mountain ranges and huge and huge unspoiled beaches, vast rainforests and majestic plains, is attracting a growing band of European buyers. When you look at the fabulous opportunities on offer combined with the low price tags, it’s easy to understand why... Keep reading about South American Real Estate

 

Looking for lofts in Buenos Aires 

May 25th 2006 | BUENOS AIRES
From The Economist Magazine

 In 2003, when John Kahoun, a New Yorker, decided to buy an apartment as a rental investment, he was deterred by the cost of property in Manhattan. So for $70,000 he bought a loft in Buenos Aires, the home of his former wife. As Argentina's economy has recovered from its 2001-02 collapse, so have property prices. Mr Kahoun's property in Palermo Viejo, a trendy neighbourhood beloved by film-makers and artists, has nearly doubled in value.

Foreigners like Mr. Kahoun have contributed to a continuing property boom in Buenos Aires. They account for up to a quarter of buyers in some wealthier neighbourhoods. Two years ago, Michael Koh, an American, set up ApartmentsBA.com, a firm which buys property for foreign clients and rents it out to foreign tenants—about 15% of whom come to the city for plastic surgery. Mr. Koh says his investors, many of whom have never seen their properties, enjoyed a rise in their capital asset of 25% last year on top of rental income worth 10% of their investment... Keep reading about Buenos Aires Property

 

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