Argentina is one of the world's swiftly emergent economies, and its capital Buenos Aires is among the world's fastest developing cities. Minister Estanislao Zawels, from the Argentine Embassy, argues that the current opportunities for property returns are due in large part to ongoing aggressive growth of the national real estate market and Argentina's strong economic growth, which has seen GDP rise by more than 8.5 per cent year on year since 2003.
Property prices have been increasing progressively over the last few years, as Argentina begins to rise out of the major economic crisis in 2001-2002. Housing prices have risen 50% since 2002. Even though real estate prices have escalated, they still look remarkably inexpensive. Prices in prime real estate sites are merely one-tenth of what they are in Europe and the United States.
It is no wonder that foreigners are heading to Buenos Aires to take hold of the city’s property bargains. The most select districts average between £1,000 and £1,600 per square meter for the Argentine capital. It is a steal compared to other major cities around the world. A central apartment in Moscow will cost in the region of £2,700 per square meter, in London roughly £3,600.