Will President Macri Make Argentina Attractive to Foreign Property Buyers Again?

Real Estate Market in Argentina

In a March 2016, Financial Times reporter, Lucinda Elliot, wrote, "Three months after being sworn in, Macri has already lifted stringent exchange controls and devalued the currency - moves that should make buying property easier" in her article, Argentina’s pro-business outlook lures buyers back to Buenos Aires. Another article in CNN Money entitled, 6 emerging real estate markets, lists Buenos Aires, Argentina as one of 6 emerging real estate markets.

Expats' Real Estate Market Outlook

An expat on Expat Exchange recently posted some questions about the current state of the real estate market in Argentina. He said, "There is quite a bit of noise about the prospects of Argentina's untapped real estate market today, and so I wanted to see what the expat community has in mind about this. Yesterday, a fellow martillero told me that the real estate market as a whole is going to get worse before getting better, in other words it's turning into an ideal buyer's market with prices becoming depressed due to Macri's devaluation and also the high competitiveness of a fairly good volume of new construction coming online in the coming months. Plus, with the cost of natural gas and electricity sky high, more people are apparently selling their homes in favor of smaller more efficient and safer apartments. But, is it true that the prices are going to suffer in the next year or two? I thought that by devaluing Macri is bringing more investment into the country and hence encouraging foreigners to buy up real estate hence encouraging competitiveness and dolarization of the real estate market, just like did Chile and Uruguay, no?"

Another expat in Argentina replied, "I agree with what you say but the age old question still remains 'How low is low?' Your friend says 'Wait' for lower prices and maybe he/she is right but for how long? What factors will tell us it's time to buy? And is your friend ready to pull the trigger the very moment land prices and housing go from a stall and or negative factor to a positive one? Most people are not ready. I believe there are many Foreigners eager to sell their Argentine properties at rock bottom prices, maybe even with Seller financing, because Argentina will never win back their confidence and trust. I know because I have a vineyard owner who is willing to sell for what she paid in 2008 for a newly constructed 5-acre Malbec vineyard that now, eight years later, is mature and producing. She'll even finance. I have had many inquiries but no one has stepped forward yet. Maybe prices will go lower or maybe someone will make the right 'Offer' to her and close the deal. With Argentina back in the International Money Market and under a new Presidente who isn't anti Foreign 'Investors' and with billions pouring in from major countries and major players, I think to time is just right to strike a deal."