That’s a pretty bold title, we know. But Argentina, and specifically Buenos Aires holds real and largely untapped potential in terms of property investment. Let us explain why.
Argentina as a country has seen turmoil in recent years, but towards the end of 2015, Mauricio Macri was elected President and things have been much more stable since. The former civil engineer has created an ambitious infrastructure plan, boosted welfare programmes and advocates free-market policies.
This perceived stability from the election has contributed towards favourable exchange rates and increased exports. From this, the interest in the luxury real estate market has increased. Now, with the Argentine economy seeming on the up, a gap has formed for the wealthy to purchase new property.
From an outside investment point of view, a solid government structure is a key to making the decision. Expect an increasing number of foreign businesses and individuals speculating on the luxury home market in Argentina. Best beat them to it!
Which leads us on to Buenos Aires in particular. Known as the ‘Paris of Latin America’ is packed full of character, wonderful architecture, grand halls and cafes. The recently devalued currency means you can purchase buildings and land for far less than you could 5 years ago. Property agents are predicting that these prices will not last forever, stating that they are slowly recovering already.
How about a 6-bedroom apartment, close to the city centre, dating from 1931 and feature high ceilings and oak floors? Yours for around £415,000. Aha, thought so! While prices are down 8% when compared to 2014, property purchases are up 1.9%.
The time to visit Buenos Aires is right now, do not miss out.