Gringo Invasion?


"bf4" said:
As far as it goes, the big difference in real estate prices is not driven in BA by americans but rises in flats are driven mainly because of the dramatic downfall of 2001
1/3 of all property purchases in Recoleta and Palermo are made by foreigners, and doubtless areas like Belgrano are fast catching on as well. No doubt that this not only affects prices in these areas, but must also have a knock-on affect for other parts as well. In a sense, it's analogous to what's been happening in NYC and London: young local residents find it next to impossible to get on the first rung of the housing ladder; in London, couples have been taking loans of upto five times joint annual earnings. In London, 55% of properties worth over 2m GBP are sold to foreigners. But this has a knock-on effect on virtually the whole London housing market.