Foreigners with property in BA

[Granadaiscool]

I can´t imagine that someone would take a garantia over a 600 to 800 dollar a month 2 year lease with some months in advance

 

[sheridan725]

Sergio,
Yes, actually my ex-roommate bought her garantia and she was American. She didn't know the guy at all. They had a brief meet up before turning in the garantia where she paid him and they sorted out the details of their story- how they met, etc. Anyway, we lived in a beautiful, huge apartment in San Telmo. Prime location. Maybe it was luck of the draw.... everything went totally ok.

 

[rmartinbuenosaires]

Being naive or lucky, I bought my apartment in Recoleta in 2003 and did a complete renovation. French building, 3 bdrms, blah, blah, blah. Since then, the price of real estate in Recoleta has skyrocketed. An apartment above me just sold for two and a half times what I paid for mine and it it is in deplorable condition. That being said, for those of us that bought back then and depending on where it is, even if the economy takes a turn for the worst, which it will eventually, I don't think I will ever lose money based on my original purchase. Those prices are just long gone and since so many foreigners are buying property in Recoleta, its just never going to go that low again.

 

[bigbadwolf]

That being said, for those of us that bought back then and depending on where it is, even if the economy takes a turn for the worst, which it will eventually, I don't think I will ever lose money based on my original purchase. Those prices are just long gone and since so many foreigners are buying property in Recoleta, its just never going to go that low again.

You are correct in general. There are a couple of caveats, though. If in the future you decide to sell, the government of the time may make it difficult to repatriate money. And secondly, the government could make life more difficult in various ways for property-owning foreigners with regard to taxes on property and rental income. But these are relatively minor quibbles and owning property in Buenos Aires beats owning property in the US these days.

 

[JG]

Speaking of caveats, take note that many people on this board and other boards, dont actually live fulltime in BA or spend a good deal of time here. some are in and out or lived here 10 years ago. There are always lots of rumors in arg. you need to be here.
Buying real estate in usa is much easier than here.In BA alone, there are hundreds, thousands of small real estate offices. it makes it much harder, they have small listings and really dont seem to want to work with you. if you dont buy the first few they show you, they give up. i find it an exhausting way to do it.
i went to a small town that had 30 offices according to an agent.
anyway, thats my current experience. take if for what its worth. im looking at apts. each day, in ba province and the city. After the invention in the usa of internet, it has indeed gotten easier. i can do some searching online, yet arg. is sticking in its very conservative vein to the old ways: 2 or 3 real estate office per block and many of their listings arent even in that area. mar del plata must have near a thousand.

 

[Granadaiscool]

The only place where you really need to go to is Juan Domingo Péron 1031 in Capital

 

[JG]

No offense, ive been here 5 years. i only wish it was as easy as going to one place. there are many reasons why its frustrating here to buy or rent, only one is their system of using countless (to me they seem countless) real estate offices.
i went to barracas today, just one neighborhood im considering, there were 3 or 4 per block. i had trouble finding a good bakery, but i could have gone to real estate offices all day and just touched the tip of the iceberg.
its my opinion this makes it difficult.
By the way, prices are soaring!!!!! ive looked all over the city and in the province. prices are rising like a balloon. the drinking water still comes from the polluted river, the busses still shake buildings and wash you in black clouds. but the prices of a 3 room apt., much higher than only 2 or 3 years ago.
nothing i can do about that. market forces are not my forte, but i know when things are not cheap anymore. a smart buyer might still find a bargain-- im not one of those. im a lifelong renter trying to buy.

 

[Granadaiscool]

Being naive or lucky, I bought my apartment in Recoleta in 2003 and did a complete renovation.  French building, 3 bdrms, blah, blah, blah.  Since then, the price of real estate in Recoleta has skyrocketed.  An apartment above me just sold for two and a half times what I paid for mine and it it is in deplorable condition.  That being said, for those of us that bought back then and depending on where it is, even if the economy takes a turn for the worst, which it will eventually, I don't think I will ever lose money based on my original purchase.  Those prices are just long gone and since so many foreigners are buying property in Recoleta, its just never going to go that low again.

How much more did it sell then your total investment?

How long was the appartment for sale?

 

[Stanexpat]

I own property here as well. One potential risk I see with owning property in this part of the world is that if a lot of foreign money arrives it drives up the price above what the locals can afford. For foreigners (with their imported dollars, euros, pounds, etc.) the property looks cheap. They forget that real estate prices are invarilbly strongly linked to income in any market. As the locals become priced-out of the market the only buyers become foreigners. Everything goes along fine as long as the foreigners continue to arrive. But what happens when the bloom comes off the local market? What if the prices get high enough and the word goes out that the local market is no longer a bargin? Sellers would then have no buyers at least at what the foreigners were willing to pay. Prices would tend to drop until the local buyers with local incomes could re-enter the market.

 

[perry]

Most properties in Capital Federal are brought by Argentinians and that has not changed drastically over the last years.
Yes foriegners are buying properties in Puerto Madero Recoleta and Palermo but they account for no more than 15 percent of all sales.
Remember the main reasons that property prices have increased drastically is demand fuelled by the rental market for foreigners be it expats or tourists.
Most rental apartments are owned by argentinians and they see this as a excellent investment . Its not hard to understand this when you see the prices for rental properties in Palermo or Recoleta .
Unless tourism drastically drops property prices will continue to rise