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Buenos Aires, Brazil Office Space Among World’s Most Expensive

On September 30, 2010, In a-bric, competitiveness, foreign investment, real estate, by InvestBA
Buenos Aires Skyline

New rankings from Mercer & Jones Lang LaSalle shed light on office space & expat affordability.

Commercial office space in Buenos Aires now ranks among the world’s Top 20 most expensive markets, according to a new study from Jones Lang LaSalle.

The analysis, prepared for Brazilian business publication Valor, compared office rents in 98 of the world’s largest metros in the U.S., Europe, Asia and South America. The #20 ranking places Buenos Aires ahead of cities like Bombay (#21), Toronto (#24), and Mexico City (#25), yet well behind the two most expensive markets in Latin America, Rio de Janeiro (#6) and Sao Paulo (#9).

The ranking made headlines in Brazil yesterday considering both cidades were in the Top 10, fueled in part by a roaring economy and record-setting acquisitions in both cities like SP’s Icon Faria Lima (US$351 million) and Rio’s Ventura Towers (US$398 million).

The analysis says average rents in both Brazilian cities are now more expensive than Manhattan, with an average range between $55-65 per square meter and some marquee buildings fetching closer to $85 per square meter. The Brazilian frenzy makes BA rents look affordable by comparison, and La Nacion reminds readers of a new Mercer global study which ranks BA #161 among 214 cities in terms of an affordability index for expats which factors in housing, transportation, clothing, food, and entertainment. (Note: the lower the number, the more affordable the city). Conversely, Brazil’s dynamic duo lie at the opposite end of the spectrum with Rio de Janeiro and Sao Paulo checking in at #29 and #21, respectively. (Full story in Portuguese)

For more information on Buenos Aires real estate, visit our archives and download the new issue of InvestBA Privada.

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Luxury Defines New Wave of Boutique Hotels in Buenos Aires, Montevideo

On September 29, 2010, In foreign investment, real estate, by InvestBA
Montevideo Hotel

This historic building in Montevideo, a 23-room hotel ripe for renovation, is currently listed for US$790,000.

We’ve watched the roll-out of several new Buenos Aires boutique hotels over the past five years, but there’s something architecturally unique about this second wave of upscale accommodations, according to La Nacion’s Loreley Gaffoglio.

While the first wave featured many new construction mid-rises, the new kids on the block like DPEC Partners’ Algodon Mansion are often historic buildings being restored to a level of glamour and glory they haven’t seen since the early 1900′s. “Contributing factors in this second round are the origin of capital and the scale of the projects: national investors joining together with foreign investors and private equity groups, creating fideicomisos and attracting foreign bon vivants, enthusiasts of short but frequent luxury vacations,” writes Gaffoglio.

The risk/reward ratio is justifiable for these investor groups especially when they choose a historic building, she adds, because the French architecture of Barrio Norte and Recoleta mixed with high-tech gadgetry and personalized service is a winning formula. That combination of original design, personalized service and tech amenities like iPads and netbooks for guests, are what sets these properties apart, says Agustina Trucco of theBBH, adding that today’s investor groups are often seasoned travelers and not traditional hoteliers. (Full Story in Spanish)

For more information about investment opportunities in Buenos Aires, download IncomeBA and the new issue of InvestBA Privada.

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VanityBA: The Bienal de Sao Paulo

On September 29, 2010, In arts & entertainment, creative class, culture, vanityba, by laura

Gil Vicente in front of his series "Inimigos"

From September 25 through December 12, the 29th Bienal de Sao Paulo will take place in the Brazilian capital, calling the art world’s attention to the Southern Hemisphere.

The fair is organized by the Fundacao Bienal de Sao Paulo, an institution that fosters contemporary Brazilian art. The Bienal, first held in 1951, presents this art to a large and diverse audience and gives both Brazilian and foreign artists a fantastic stage from which to present their work.

The theme of this year’s edition of the Bienal is the idea that art and politics are inseparable. The title of the fair is a quote borrowed from Brazilian poet Jorge de Lima’s Invencao de Orfeu: There is always a cup of sea to sail in. The title of the fair embodies the idea that the Bienal de Sao Paulo hopes to achieve: “to assert that the utopian dimension of art is contained within itself, not without it or beyond it.”

It is in this “cup of sea” where artists produce their works and move forward, despite everything else. The works of 160 artists will be on display that the Bienial. With free admission, it is expected that over one million people (300,000 of them tourists) will attend the fair over its two and a half month run.

For more event information, visit the official website and download the new issue of InvestBA Privada.

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Foothill Foothold: Bariloche Real Estate Attracts Year-Round Buyers

On September 28, 2010, In foreign investment, real estate, tourism, by InvestBA
Bariloche Casa

A 4-bedroom home in Bariloche listed for US$240,000, roughly one-tenth of a similar-size home in Aspen.

As winter turns to spring in Argentina, ski and snowboard fanatics are enjoying the final days of the 2010 Season in Bariloche, San Marti­n de los Andes and Villa La Angostura.

Heavy snowfall this month made for ideal conditions and helped resorts like Chapelco push season’s end to early October. So when the snow stops falling next month, will tourists and investors lose interest? Not likely, says Laura Henderson in a new Financial Times House & Home article.

In “Foothill Foothold” Henderson describes the year-round appeal for outdoor enthusiasts of not just San Carlos de Bariloche, but the entire Lakes region extending north across Nahuel Huapi Lake to Villa La Angostura and San Martín de los Andes in the north.

“Wealthy Argentines already enjoy Patagonia’s wild open spaces,” writes Henderson adding, “Now Americans, Brazilians and Europeans are gaining a foothold, lured by favourable prices, upscale homes on a par with those found in Aspen or Whistler for 50-60 percent less,  a tax-light regime and a buoyant rentals market.”

Scanning through property listings in the region, the 50-60 percent estimate may be a tad conservative when you consider new construction condominiums can be found in the Patagonia for US$70,000 and large single-family homes purchased for US$250,000. With one bedroom condos in Downtown Aspen selling for $1.5 million and West Aspen homes fetching US $3-4 million, the Colorado:Argentina discount is probably closer to 90%. (Full Story)

For more information about Argentina real estate opportunities, visit our archives or download the new issue of InvestBA Privada.

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VanityBA: An Argentine (fashion show) in Paris

On September 27, 2010, In arts & entertainment, creative class, culture, lifestyle, vanityba, visionaries, by laura

Jorge Ibanez and his Evita 2010 collection

While some of Argentina’s top designers were showing their designs at Mercedes-Benz Fashion Week in New York, others were across the Atlantic, sending their looks down the runways of Paris.

The group of designers, who were hand-picked by the Argentina Chancellery to participate, included Laurencio Adot, Sylvie Burstin, Veronica de la Canal, Jorge Ibanez and Claudio Cosano. The runway show, which had a Bicentennial theme, took place on September 17th in the French capital.

“It was incredible. It was a dream come true as a designer,” Jorge Ibanez said in an interview with the news agency Telam. “I believe that we will come back here because I believe in myself and I believe in my country. Argentina is very well-positioned in fashion design and this was a good first step.”

Many of the creations were inspired by the designers’ home country. Argentina’s famous leather was incorporated into the collections and the colors mimicked the colorful houses in Buenos Aires’s La Boca neighborhood. Ibanez, who was chosen to close the show, presented his collection, Evita 2010, inspired by the famous and controversial Argentine First Lady. He felt that the collection was perfect to present at Paris Fashion Week because Argentina celebrates its Bicentennial this year.

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