Victor gave you good advice about areas, etc., and I will give my opinion about other stuff. I rent in BA. I could buy if I want to. In fact, I have considered it. I talked with my friend here, a property owner who is an attorney, and her response was, "I think now is the time to sell, not buy."
That is my feeling as well though no one has a crystal ball. Rents in BA do not reflect the purchase price. If I went by the rule of thumb for rentals I would be paying $1,500 a month for my apartment. I pay about a third of that. That usually indicates purchase prices are too high. Montevideo, across the river, has much more reasonable real estate if you want to buy. It is a European type town, nothing is wrong with it, prices are much more reasonable--in fact, Argentines are keeping lawyers busy over there--buying and pushing up prices! But some of us just like Argentina, and you might be one of those. I personally prefer Buenos Aires. But plenty of people prefer Montevideo! It's a personal matter.
If you decide to buy here, checking out the newspaper and looking for private sellers is probably best and by all means offer less. The best way to buy here (and perhaps anywhere) is to move to the area, don't be in a hurry (as someone else wisely advised) and take your time. Make offers (if you still want to) and eventually you'll find what you want. Or so I think anyway.
