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Buenos Aires Property Goes Upmarket

Argentina is again showing signs of economic recovery. The tourism sector has exploded and at times it is difficult to find flights to Buenos Aires. The city's best hotels are operating at nearly full capacity and 3,000 new jobs were created in the tourism sector over the last year. Most importantly, Argentina's economic growth is estimated to be 8.7% for 2008, a far cry from the negative numbers registered just six years earlier.

The crisis period of 1999 to 2002 saw an actual decrease in the country's GDP as well as a massive devaluation of the peso. Unemployment ballooned and because of skyrocketing inflation, the number of Argentineans under the poverty line exploded to nearly 60% of the population.

Those dark days now seem firmly in the past. The solid recovery has been noticed by investors both inside and outside of Argentina and major property investment is again growing. One such example is now occurring in the Puerto Madero neighbourhood of Buenos Aires, an area that is described as akin to London's Docklands. Until recently, there were only run-down warehouses at Puerto Madero. However, since a local developer constructed a luxury boutique hotel, major hotels have followed. The area is now becoming "gentrified" with numerous upscale shops and restaurants opening their doors before the property values continue to climb.

The developer followed up his hotel success with the launch of an exclusive housing development in Puerto Madero. Designed by renowned British architect, Norman Foster, prices will range from €183,000 for a 1-bedroom apartment to €4.40 million for a penthouse.

When completed, it will be the most luxurious apartment development in Buenos Aires but the developer believes they still represent great value for the money, especially for a European investor. "With the apartments you are getting a respect for design and architecture," the Times Online was told.

The project is already proving to be a success with local buyers making up 60% of the purchasers. The remaining 40% is comprised by foreigners who include mainly Britons, American and Spaniards. Financing still remains a problem-an unfortunate hangover from the earlier economic problems-however, the property market in Argentina is still an investment possibility well worth considering.

James Gonzalez, Market Analyst for Obelisk , believes that after its earlier period of crisis, Argentina may very well be ready for serious examination. "Argentina has had its period of dramatic downturns but it may now have turned the corner. Residential prices on resale properties rose by 13% in 2007 while residential rents rose at an even faster rate. With high yields on luxury properties and high economic growth, investing in Argentina may well be worth considering."

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