Buying Property in Buenos Aires

[steveinbsas]

Now I wait for the attack from Steveinbsas who will surely state that it is impossible to do it right and bitch about something for sure.

EMR, You were doing so well until your last sentence. Until then I agreed with almost everything you wrote. When did I ever say it was impossible to "do it" right or anything like that? I have legal residency here and legally transferred the funds to buy my apartment from the US without any problems.

I remain "positive" on BA real estate, but (at least in my case) only as a single property owner (my primary residence). I'd rather own than pay rent and I'd rather be living within the brick and mortar walls of my apartment than have a pile of dollars or mutual funds of uncertain future value.

 

[steveinbsas]

....as for clients i`ve just run my company into the ground for having to waste my time with people like you.

Exitos Amigo!

Are you saying your company is already in the ground because of people like me? I bought two apartments in BA in the past three years (selling one as well). How many clients like me have you had?

Perhaps your attitude is the cause of your failure...in addition to your unwillingness to give straight answers to sincere questions.

 

[perry]

You know, every time I look at this board, I am amazed at the negativity on every subject. Too many really bitter people. I will say this, for those who bitch about everything and think Argentina is doomed etc, just leave the country and go somewhere else, why continue to vent on this forum. For those looking for real answers here is one on property.
Foreigners can buy property and can send the money legally via wire transfers. Yes, there is a costs to this and yes, depending on who you buy from, some will either accept or not. The reality is many developers do things to evade taxes and ask for cash payments, their prices may or may not be a bit cheaper but the risk is all of the headaches associated with bringing in cash, selling without having brought the money in legally etc. There are developers that do things legally and all can be done through bank transfers and all is handled transparently so you have no problems with AFIP or with your home country. The simple reality is many people buy-sell, develop etc in cash and avoid taxes and if you choose to buy from them, you have to be prepared for the hassles of doing that. If you want to do it legally, you can very easily. So, if you choose to buy in black, you pay the price, if anyone is really interested in purchasing legally and wants to understand it more, PM me, I am not going to engage in a debate with people who have either had bad experiences because they were misinformed or people that do not know what they are talking about. The reality is just like anywhere else, you can buy property legally and send the money legally. The reality, you pay a slightly higher price to do so but you avoid the problems of doing it wrong.

As to prices, differences of opinions are what make markets, I would say Buenos Aires is very cheap relative to other world capitals and as for the future, I would bet on prices increasing for many reasons and not decreasing but again, this is for each person to decide. I would certainly not take financial advice from this board or listen to the naysayers, because I am pretty sure if we were to look at their net worth statements, they would be very low indeed. I suggest people interested in investing do so because of their own instincts and feelings, and do their own research through other venues. I believe it is a great time to buy in BA and only time will tell if I am right or wrong.

Oh and Fifila, you are factually wrong about most of your statements. You may only know the black way of doing things but just as in any other country, there is a perfectly good way to legally protect yourself etc, just have to know how to do it and hire the right lawyers. There is a 3 year warranty by law on construction, in the US it is mostly a 1 year warranty so again you are factually wrong. I will not get into each item but again, I suggest if anyone has real interest in buying and doing it right, contact the appropriate people to get the right answers. ( quote EMR )


Good post Eddie and straight to the point. In Buenos Aires there are excellent apartments for sale at less than US$ 2000 dollars per metre. If you choose a good location and have a seven year goal in mind your monies will be very safe and also you will have no rent to pay a large saving.

Nobody has explained to me here what is a better investment to make with US 150000 dollars .

Shall we keep it in banks in dollars ?
Shall we buy gold and silver?
Shall we buy foreign currency and please state your prediction?

For most Argentines who have this money the majority will buy a property meaning that the demand will be constant. To try to compare this market with Detroit, Miami , Madrid and other bubbles is grossly unfair and completely unrealistic as stated before there is very very little credit here and there is not a huge supply of repossessed property on the market creating prices to go downwards.

I do believe in what I do to the suprise of some here who have this cardboard image of realtors . I will reiterate again if you choose carefully and pay a fair price you will have a safe investment .

 

[Attorney in BA]

(...) The simple reality is many people buy-sell, develop etc in cash and avoid taxes and if you choose to buy from them, you have to be prepared for the hassles of doing that. (...).

Until some time ago, the escribanos were required to seek evidence of the origin of the money. If this is still the case (I'm not sure if it is or not), I assume that money that was entered illegally into the country would have been difficult to justify. Anybody know about this?

 

[tangobob]

My experience was that the exchange house required evidence of the origin of the money. This all fell through in my case and I brought the money in in $20000 lumps each time we arrived. The escribano required no such evidence.

 

[steveinbsas]

In 2006 I provied a copy of the sales contract from the sale of my house in Mexico to the casa de cambio. At the escritura the escribano asked the source of the funds. When I bought my PH in June of this year, the escribano already knew the source of the funds as he was also the escribano for the buyer of the apartment I was selling (the same day in the same room).

 

[mini]

Another thing to research, I've read here on this thread that taking the money out of the country is easy. This is not always the case. If someone is trying to move money out to a country of which he/she is not a citizen you might have issues. Something to be aware of if you are not a citizen of a country where you might want to move the funds after you sell you home.

 

[perry]

In Buenos Aires there are excellent deals to be found especially in the Microcentre and the barrios of Monserrat, San Cristobal, Balvanera, Once etc.

You will find beautiful buildings built with exquisite detail and retaining the best of old world charm . Buenos Aires has some of the best domes in the world and the bird cage lifts are considered by experts to be the best in the new world.

You can find a property with close to 5 metre ceilings and walls of 45 centimetres for less than US $ 1500 a metre . Also a added plus is most have bird cage lifts unlike their european counterparts where a two flight of stairs walk is the norm.

In Paris a similar apartment without a lift goes for U$ 8000 a metre and up . There is no other international city of this size worldwide that a apartment in a building with these details can be found for the prices here in Buenos Aires.

For this reason alone I rest my case about investing in Buenos Aires.

 

[fifilafiloche]

You can find a property with close to 5 metre ceilings and walls of 45 centimetres for less than US $ 1500 a metre . Also a added plus is most have bird cage lifts unlike their european counterparts where a two flight of stairs walk is the norm.

In Paris a similar apartment without a lift goes for U$ 8000 a metre and up .

The average household income in Paris is 5000 USD (health, job and retirement plans already paid), i would bet it doesnt exceed much500 USD in Buenos Aires once insurances paid. 1500 USD a sqare meter is equivalent of 15000 USD a square meter in Paris. In terms of buying power, it s twice as expensive as Paris.

Plus, you don t buy a place to live for the lift doors, you buy it for its environment, in terms of quality of services, security, job oportunities. Once again, comparing carrots and potatoes, first world and thrid world, doesnt make much sense, other than giving an artificial impression of cheapness.

 

[gouchobob]

I agree entirely, local real estate is tied to local incomes.