Buenos Aires has been the belle of Argentina’s real estate ball for the past few years, but more foreign investors are beginning to discover the charms of the country’s interior provinces. In a sweeping north-to-south survey of markets with US$800 million in new projects under development, Cronista’s Lorena Obiol says Rosario, Córdoba, Mendoza, Bariloche and San Martín de los Andes are the areas growing fastest and drawing the most interest.
The country’s agro-boom, or the coveted soydollars, have stimulated much of the national investment in real estate projects in the northern neighborhoods of Buenos Aires and in the provinces of Santa Fe and Rosario, says Obiol, and most new developments in those regions are designed at capturing the excess soydollars that farmers are plowing into bricks. And cities like Córdoba are seeing more construction permits issued this year than Buenos Aires where exorbitant land prices and election year uncertainty are keeping many new developments on the sidelines.
In Mendoza and Patagonia, the majority of new developments are gated communities where buyers are opting for single-family homes, casita townhomes, private vineyards or hotel units with full access to luxury amenities within the project. Among the interior projects with the most appeal for foreign investors, Obiol singles out Algodon Wine Estates in San Rafael, El Desafío Mountain Resort in San Martín de los Andes, Tupungato Winelands in the Uco Valley and Arelauquen Golf & Country Club in Bariloche.
“Without a doubt,” concludes Obiol, “the opportunity for real estate developers is the interior of the country.”
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