Potential of Buenos Aires’ real estate attracts the steely-nerved

Source: Financial Times
By: Lucinda Elliott

07.04.2014

Those who have braved the Argentine property market over the past decade or so haven’t had it easy. First came the country’s sovereign default in 2001, which saw prices for the most fashionable Buenos Aires apartments tumble. From there, the only way was up – and they soared; two- and three-bedroom apartments jumped threefold, from $600 per sq metre in 2002 to $1,850 in 2012.

Those who enjoyed the subsequent boom, however, had not counted on the Argentine president Cristina Fernández, whose attempts to shore up an ailing economy included exchange controls to prevent capital flight. Some steely-nerved investors pocketed big gains, but prices have headed down once again, with an average drop of 8.1 per cent in the past two years, according to Reporte Inmobiliario, a specialist property portal.

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