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Best location in Recoleta, first-class Recoleta apartments, wonderfully appointed, truly magnificent views – EXCLUSIVE – to Buenos Aires Stay, rest assured no expense spared. We offer sumptuous luxury living in Recoleta, Buenos Aires most sought after location, set back from the street on a pedestrian walkway, you will be staying in one of the most beautiful and safest locations in Buenos Aires most famous barrio. This is the only building which can claim to be the heart of the Recoleta.

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The apartment has an entire floor with a lift to your door, leading to a small open plan reception area and guest bathroom; to your right is a large drawing room, with plasma TV, DVD, a surround sound system and access to a sunny balcony that offers a truly magnificent view of the beautiful white Basilica Del Pilar. To your left is a large fully fitted luxury kitchen and dining room with every high grade appliance you might need for either a short or long term Buenos Aires Stay.

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We recently saw a report in La Nación that used Buenos Aires property price reference data from the top Realtors (estate agents) in Buenos Aires to show a market generally on the move with significant price appreciation in most barrios at the end of the year to January 2012.

We did not ‘regurgitate’ this report quickly, because the Buenos Aires Real Estate Guide do not think that supply and demand are the reasons for rapid property price appreciation during or at the end of 2011. This report demonstrates to us how the property market in Buenos Aires can work against those who are not property professionals or in the know.

After speaking to our contacts in the industry, we were told this happens, it’s catch up because everyone was concentrating on the elections and then they have been away from their desks since the mid part of December – mmmm.

Property is the best way for Argentines to save and avoid losing the value of their savings to inflation and peso devaluation.

Property in Buenos Aires is transacted in dollars. However, Argentines, especially those with funds to invest are very concerned about the economic imbalances more apparent in Argentina at the end of 2011 and at the beginning of 2012; imbalances that will put the robustness of Argentine economy and the economic policies of the government to the test.

In earlier articles, we have often referred to the Kirchners’ big gamble (explained simply) that high commodity prices and continued demand for Argentine produce, along with a consumer boom at home and strong Central Bank reserves would see Argentina through the bad times. We think that gamble is on during 2012.

Inflation has been the scourge of Argentine for many years. Around 10% inflation is forecast for 2012 by the government, although private agencies forecast inflation down from around 25% last year to about 20% during 2012.

Recent reductions and a planned phase out of government subsidies on oil, gas, public utilities and travel may increase inflationary pressures. Prices will increase across all industrial and service sectors and in most Argentine homes as a result.

Inflation and increased costs may cool consumer spending.

We were recently asked why Argentines would worry about devaluation at home. There are two reasons, imports and the Argentine psyche after 2001/2.

When a country imports most of (or parts of) what consumers want to buy, exchange rate is very important – imported goods are taxed to the hilt and devaluation makes imports even more expensive.

A new law recently introduced by the government, increases costs for importers at the very best and adds a further level of bureaucracy faced by importers.

Importers must make an online declaration before the AFIP grants permission to import goods; many fear this is a prelude to greater protectionism. For many months, Argentina’s trade secretary has been forcing larger importers to sell Argentine produce to help protect a healthy but dwindling trade surplus. The Argentine government must preserve Argentina’s trade surplus at all costs to continue its spending plans.  Imports may well sky rocket in price (more inflation), that’s if imported goods even make it into Argentina.

In addition, all Argentines fear devaluation after the crash of 2001/2 when bank withdrawals were limited by law to stop a run on the banks and then dollars deposited with with banks were exchanged one peso for one dollar by government decree. The peso then devalued by 75% and many Argentines lost 75% of their wealth. Argentines do not trust banks. The dollar is a safe haven when uncertainty flourishes.

Capital flight and Argentines buying dollars with pesos had put the peso currency under increasing pressure from 2009, a crescendo towards the end of 2011 prompted government action.

The government managed the exchange rate by flooding the market with cheap dollars from Central Bank.  Central Bank reserves (surplus) are very important and preserving those reserves has been a cornerstone of government economic policy.  A new strategy was introduced late last year to preserve reserves by restricting the exchange of pesos for dollars and dollar outflows in Argentina.

It’s been raining today, and most of last week, and that’s good, because Argentina has been suffering drought and that’s a big factor in Argentina. Land is consistently where the ‘biggish bucks’ are made in Argentina.  Selling Agricultural produce is one of the ways that Argentina pays a big chunk of its bills (trade surplus). Remember, Argentina cannot easily raise money or obtain loans on the international markets because of its default and non-payment of international creditors. The Argentine economic model requires a great deal of ‘self-sufficiency’.

It was election year in 2011 and the market always cools that’s expected. Christmas festivities and then a month long January vacation always slows the number of property related transactions, but it our my opinion and the opinion of my many pundits that property investors are more cautious than ever and property professionals in Buenos Aires are extremely worried about the economy.

Many pundits state that government is looking a little desperate and worry what restrictions or meddling in the markets will happen next?  Wait and see that’s the ticket and the advice from my contacts that have battled the troughs and peaks in Argentina to make profits from property investment for many years.

Fiscal adjustments to the Argentine economy to cut costs are painful, although we think that some of the Argentine government’s adjustments are both necessary and correct when bracing for a possible global slowdown.

Despite the many imbalances in the Argentine economy, elections, dollar restrictions and a normal reduction in property transactions during the summer, the report stated that property prices continued to rise at the end of last year.

We would agree that property prices appreciated in some barrios ripe for investment, but we would take issue that property prices have increased in the percentages reported because of supply and demand in the barrios targeted by most international investors – our clients.

When reading our brief and simplified summary of what’s happening economically in Argentina, would you invest now?  Probably not, and our clients are ‘keeping their powder dry’. Now is not the time to buy. Wait and see what happens after the economic adjustments, it’s going to hurt everyone’s pocket.

From where we sit in the market, our view is that prices were stagnant and generally property did not sell quickly in the barrios preferred by our clients, and that’s been our experience since June last year.  Albeit, the lower end of the market, studios and one beds, good for ‘buy to let’, was reasonably vibrant, but more than ever we struggled to find quality properties at the right price for clients who were keen to buy quickly.

Our old friend, the former principal of Tierra Estates and owner of Estancia La Margarita, the ‘English Gaucho’, David Cummings told me, “Living and dealing in Argentina one gets used to the odd quirks here. One is prices. I remember one client of mine wanted to buy a property we had on our books. The prospective buyer put in an offer and it wasn’t accepted. Another prospective buyer came along and another offer was received – it wasn’t accepted. The property didn’t sell and over the years, yes years -instead of following market forces, there it remained on the market and every 3 months the owner put the price up. That’s what seems to be happening now, no one buying, but prices are rising umm as John Lennon sang “strange days indeed”. “Pesofication” all over again, hey who knows its Argentina?”

We have seen markets behave oddly before in Argentina. The markets in Argentina behave in a quirky manner that’s much to do with Argentina’s commercial culture. When things get tough, we had already experienced big developers putting up their prices, and indeed, agents have been calling us to consider increasing property prices for the New Year.

It’s been our experiences that from when Argentines start partying and shopping at the end of December and then go off on vacation for about a month from the start of January, that property prices are hiked. We witnessed this phenomenon before and in particular at the end of 2008 and 2009. Why?  It’s a strategy that possibly gives the market a ‘jolt’; everyone comes back from nearly six weeks away from their homes and offices to higher property prices. Maybe it’s like the ‘Sales’ here in Argentina, where prices go up and are then discounted.  Who knows? Maybe, and this is a stretch, the big developers and estate agents are able to fool all of the people all of the time.

The report, which we intend to paraphrase rather than translate because of fear of copyright infringement (bye bye blogs), was published by La Nación and the data on property price appreciation in the city of Buenos Aires came from Jorge Toselli property Agency, Assembling Pepe LTD, the division Consultancy of Toribio Achával, property Agency Giesso, Carlos J. Bridge and the University of Business Studies in Argentina:

The property market is naturally complex and susceptible to the changes in the macroeconomic setting.  Large investors and small savers were, in the last decade, central protagonists of the economic expansion.

The report states that property is the investment of choice for Argentine people, because of the uncertainty around other financial assets.

Though it is difficult to establish with precision the evolution of price increases because of the sheer diversity of the marketplace, available stock according to the neighborhood, quality of construction, age of construction and location, it is indisputable that property prices in Buenos Aires constantly appreciate.

The report states that prices increased with vigor at the end of the year, even with the economic uncertainties and controls on peso to dollar exchange.

Property property prices in Buenos Aires City January 2012 – please see my earlier report of property prices in Argentina during 2010:

Property Prices Buenos Aires 2012

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This beautiful two-bedroom apartment in Barrio Norte, Recoleta, is housed in a wonderful turn of the century, upscale French style apartment block.

In fact, if you are looking for first class modern styling and comfort, but like the idea of staying in an antique building that’s representative of Buenos Aires’ belle epoch – look no further.

The building is located in the Barrio Norte area, which combines the central parts of both Recoleta and Palermo neighbourhoods.

This is one of Buenos Aires’ most exclusive areas.

Surrounded by the best shopping streets, elegant restaurants, sightseeing, cafes, and wonderful green squares and parks, this is one of Buenos Aires’ most elegant enclaves.

This antique Barrio Norte, Recoleta apartment was recently remodeled to offer our guests the highest standard of comfort with the best Italian design furniture and lighting.

The master bedroom has two twin beds that join to form a king size double, the  second bedroom has a further two twin beds that join to form a king size double offering truly flexible accommodation for two couples or four single vacationers or business travellers.

Our Barrio Norte, Recoleta apartment benefits from two marble bathrooms (one of them with bathtub and the second one with shower), a fully equipped modern kitchen, an office area and a small French balcony facing the street.

The apartment is equipped with air conditioning in each room, Internet (Wi-Fi), LCD TV with cable, DVD & home theater, refrigerator with freezer, dishwasher, microwave, dishes, kitchenware, linen and towels of the highest quality.

This is a truly elegant option for your Buenos Aires Stay with luxury styling and furnishing within an upscale antique building of enormous elegance.

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