Argentina (esp. Buenos Aires) - any experience?

[ExpatNick]

Hello,

Does anyone have any experience with buying Argentinian property in general, and in Buenos Aires in particular?

I'm tempted by some good-sounding figures (I know, I know: if they sound to good to be true, they probablt are),and want to research further. So if anyone has any info or experiences to share, I'd be very grateful.

Thanks in advance,

Nick.

 

[oregon woodsmoke]

I don't know a lot about Argentina, except that it is a cheaper place to live than Uruguay. Uruguayans go across the River to shop in Buenos Aires, and the Argentinians go across the river in the other direction to keep their money in Uruguayan banks.

Argentinians don't want their finances to go through an Argentine bank and often properties are purchased in US Dollars, hand carried into the closing (That's right, folding money, counted out on the table.)

Buenos Aires is a dynamic city with much to offer. Everyone that I know who has been there speaks highly of it.

There are currently strikes going on, by the farmers refusing to deliver food to the cities. But it seems to me like strikes aren't all that unusual, and everyone just works around them.

Prices probably look very attractive to anyone paying in pounds or euros.

It should be easy enough to find an expat forum of Brits living in BA, and they would certainly know what the real estate situation is there.

 

[Investy]

I looked at BA when I first strted investing abroad, just after thier economic collapse a few years back (people were stopped from even taking money out of thier Bank accounts - mass riots etc).

My general tendancy now is to invest closer to home - Germany, Morocco and even good ole UK now prices are tumbling. Cant see any value in investing in a far off place with strange and unknown rules - for example how do your next of kin extract the money you put into the country if you die (1 of about 50 questions)

 

[wmp]

Beunos Aires

Nick,

What have you discovered so far? I'm also very keen to invest in the capital city, having had one scouting mission quite a few years back, in fact, year 2000!. The improvements there were very significant, & the emerging middle class spending habits were clearly going skyward. The thng that held me back then was a mild anti-English sentiment (for obvious reasons) & a general lack of english speaking people throughout the country. Outside teh capital, it was practically impossible to get by without speaking Spanish, or perhaps on rare occassions, Portugese.

Its fair to assume though, that they have seen all the major currency revaluations they are likely to, with th power base much more stable & propped up by foreign Industry presence.

My only piece of advice about industrial zones, such as Pilar, a 30 min drive to the centre, whilst they were once booming hot spots for low cost labour & had strong rental potential, this has the capacity to change. its important to note that all major foreign manufacturers who have bases in such locations are extremely profit-focused & the trend to move East will not diminish. So, if you found yourself investing in the 'Sheffield' of B.A, you could find yourself in a lot of stress. I plan to stick to the toruist, historic & downtown areas only, even though they are now hyper expensive.

Still, its a very exciting place & I'm keen to learn more. Please keep me posted with whatever you uncover.

Damian
White Mountain

Hello,

Does anyone have any experience with buying Argentinian property in general, and in Buenos Aires in particular?

I'm tempted by some good-sounding figures (I know, I know: if they sound to good to be true, they probablt are),and want to research further. So if anyone has any info or experiences to share, I'd be very grateful.

Thanks in advance,

Nick.

 

[wmp]

Germany? Any recomenedations

Germany sounds good, Morocco scares the whits out of me. Woulnd't touch that with a barge pole. Where in Germany do you recommned? I've focused only on Romania & the UK, which seem to be the right decisions up until now. Time to think about exiting the UK though.

I looked at BA when I first strted investing abroad, just after thier economic collapse a few years back (people were stopped from even taking money out of thier Bank accounts - mass riots etc).

My general tendancy now is to invest closer to home - Germany, Morocco and even good ole UK now prices are tumbling. Cant see any value in investing in a far off place with strange and unknown rules - for example how do your next of kin extract the money you put into the country if you die (1 of about 50 questions)

 

[10crew]

Nick - just wondering how you got on with your queries re: Buenos Aires. I'm in the process of purchasing an apt. there and would like to compare notes if interested.

 

[ExpatNick]

10Crew

Hello, and thanks for replying.

I've decided to take a more cautious approach as there's an ill-wind blowing through the global economy at the moment, so I've put BA on hold.

I'm enirely new to the overseas property investment arena so in general I need to be very secure that my money is going to be safe, well-invested, and produce a good return. I can't really do that from South-East Asia (my current location) where Argentina is concerned, as I cannot make face-to-face contact with any of the main participants involved in the Project without excessive logistical arrangements.

This mail is not of any use to you at all, as I have no experiences to share, but I did not want you to feel that I was ignoring you!!

Good luck in your purchase: if you have any advice to give following your transactions I'd be grateful to hear it.

All the best,

ExpatNick.

 

[ExpatNick]

Damian - White Mountain

Damian,

Please see my response to 10Crew - I've gone cautious for a while until the direction of the global economy is more settled. So I've nothing to share with you I'm afraid!!

Good luck with your research.

ExpatNick.

 

[oregon woodsmoke]

By the way, I certainly don't hear any anti-British sentiment from the Argentinos I know. Maybe very briefly during the Fauklands war; not now.

 

[Mendozaproperty]

Hi Guys
I'm a Brit who's been living in Argentina now for 4 years. I've got mates who fought in the Falklands and never had any grief about it. Argentines are more likely to give grief to Chileans and Bolivians than anyone else.
As regards property transactions its pretty simple and a lot less hassle than the UK market. First piece of advice is view properties with a number of agents. There's no rhyme or reason to most Argentine pricing so you need to look around with a number of people and see who's getting the best prices. After that you'll need a CDI number which can be arranged on your tourist visa and also open a bank account in your own name, again this can be done on a standard tourist visa although you will need a doc from an escribano giving you an address here. Once you've located a property, haggle, negotiating is no different from the UK. When a price has been agreed get the title docs to an escribano (public notary),he'll take the title to the public registry and check property title. There are 3 docs with every property, the title document, detailing the property, who owns it, where it is, size, enhancements etc, a plan needs to be drawn up with each sale so there'll be a new plan and lastley and certainly not the least, the matricular. This document details the state of the property, ie who owns it, title number, any mortgages against the proeprty, debts, liens or inheritance issues, that sort of thing. If its all good to go the escribano will advise you and its off to the Boleto de compra venta stage. This is a document drawn up between buyer and seller. It details the property, who's selling and who's buying, whats being paid and how its being paid in what length of time and how commissions and fees will be split. This document will have the price thats being paid within it. At this stage Argentines usually pay 50% and take posetion, foreignors don't usually have full pockets so they agree a time period to pay a downpayment and pay the rest on title transfer. The escribano then carries out his due diligence and a new survey is carried out. The title is then drawn up. Argentines don't like paying tax so usually a lower figure is put on the title document than the one detailed in the boleto thats actually being paid, if you're not comfortable doing this insist on having the full price on the title document. On the day of signing the title you should have transferred your money from your account overseas to the same named account here. The escribano will go to the bank with the seller and you or your representative, the title doc is signed and money either withdrawn and paid in cash or transferred to the sellers account. Its a bit of a potted reply but the general jist is there.