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A Estrenar: Real Estate Boom in Villa Urquiza

On February 7, 2010, In foreign investment, real estate, by InvestBA
New construction projects in Villa Urquiza offer modern amenities & great views.

Many new construction projects in Villa Urquiza offer modern amenities & greater affordability.

When we reported last week on the 2009 summary statistics for units sold and under construction in the City of Buenos Aires, Palermo was singled out for it’s #1 ranking among neighborhoods in terms of projects under construction last year. Yet, according to Clarín, a closer look at the numbers throws a little cold water on the Palermopalooza and simultaneously spotlights a rising star among BA barrios: Villa Urquiza. The 18,700 sq. ft. under construction in Palermo last year represented a 42% drop compared to 2008; however, the 13,000 sq. ft. under construction in Villa Urquiza (VU) represented a 10% increase compared to 2008. Local real estate analysts attribute the VU boom to good location (inside Capital Federal and adjacent to the General Paz Highway), availability of vacant lots, improving infrastructure (the Subway’s B Line will soon add two new stations in Villa Urquiza) and greater affordability. A quick look at new construction listings in VU reveals ample 2 and 3-room apartment inventory priced below $100,000. Finally, the recent price trajectory in the neighborhood has definitely been up: Prices for new construction in VU have more than doubled from $65/SF in 2003 to $149/SF last year. For more information on real estate opportunities in Villa Urquiza or other neighborhoods of Buenos Aires, please send your inquiry to re@investba.com.

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A Few Good Men (& Chevys) To Protect BA

On February 5, 2010, In buenos aires events, competitiveness, by InvestBA
Just two of the new officers, Chevys & Hondas that hit the streets of BA this morning.

500 new police officers, Chevy Merivas & Honda motorcycles hit the streets of BA this morning.

The new International Living Quality of Life Index covered yesterday gave Argentina high marks for “Risk & Safety;” yet security—or the lack thereof in many lower and middle class neighborhoods—remains the most important and troubling issue for many porteños. That’s why today’s introduction of the Metropolitan Police Force is being applauded throughout many corners of Buenos Aires.  According to Clarín, 500 trained officers will hit the streets and initially serve a supporting role to the Federal Police who have long held jurisdiction. In addition to taking on additional duties in the coming months, Police Chief Eugenio Burazco says the MPF ranks will grow to 1,400 officers by May and over 10,000 officers by 2016. In addition to being armed, the new officers will be patrolling the streets of Buenos Aires in style with a fleet of 50 new Chevrolet Meriva patrol cars painted with a distinctive black-and-white checkerboard pattern. Years in the making and highly politicized by opposition parties, the acceptance and perceived effectiveness of a Metropolitan Police Force will have serious implications for 2011 candidates like BA Mayor Mauricio Macri. On his facebook page, Macri describes today as an historic day designed to restore the “tranquilidad de la gente.” (the calm of the people.)

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Argentina Tops Quality of Life Index…Again

On February 3, 2010, In foreign investment, lifestyle, tourism, by InvestBA
Argentina and Uruguay were the top 2 Latin American destinations in IL's Annual Quality of Life Index.

Argentina and Uruguay were the top 2 Latin destinations in IL's Annual Quality of Life Index.

January’s headlines out of BA were either steeped in controversy (The debt row and Central Bank standoff) or sexual scandal (Fake Viagra from China and Cristina’s pork promotion.) Yet, despite all of the infighting and innuendo, there was one very positive piece of news that merits repeating for those contemplating relocation to Argentina. For the second consecutive year, Argentina and Uruguay were the two highest ranking Latin American countries in International Living’s annual 2010 Quality of Life Index. (Click image to enlarge) On the 1-100 scale, Argentina received its highest marks in the categories of Risk & Safety (100), Climate (91), Freedom (83) and Health (82). Of the 194 countries surveyed, Argentina ranked #26 sandwiched right between the United Kingdom and Slovenia; however, Argentina’s Cost of Living score (61) was actually 2x better than the U.K.’s (30). Neighboring Uruguay, another InvestBA favorite along the Tango Coast, garnered the #19 spot on the IL 2010 Index, sandwiched right between more expensive and significantly colder European competitors, Finland and Hungary. In a related story, data released this week from Argentina’s Tourist Ministry suggests a record number of foreigners traveled to Argentina in January “buoyed by an improved global economic situation and competitive prices at the country’s different destinations relative to those of its neighbors.” The entire 2010 Quality of Life Index ranking is available at InternationalLiving.com.

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BA Real Estate Activity: Something to Build On

On January 27, 2010, In foreign investment, real estate, by InvestBA
2009 finished on a positive note in Buenos Aires. The trend should continue for the first half of 2010.

Despite a sluggish start and less new construction, 2009 finished on a positive note in Buenos Aires.

Argentina’s Reporte Inmobiliario just released the 2009 summary for real estate transactions in the City of Buenos Aires and—despite the fact that activity is at the lowest level in a decade—the overall trend for 2009 is positive. According to RI, “Compared to 2008, the total number of real estate transactions in the City of Buenos Aires (75,950) fell 21.84%, while the total area of housing units under construction declined almost 35%. In the Province of Buenos Aires, the decrease in the number of transactions (105,638) was 25%.” As the adjacent bar graph indicates, BA home buyers really pumped the brakes during the first half of 2009 with monthly sales figures falling on average 30% compared to 2008. If that trend had continued, 2009 real estate transactions in the City would have fallen to around 60,000 compared to the actual figure of 75,950. After eight long months, renewed optimism and market activity finally kicked in around September, and the year ended with the first monthly gain in real estate activity vs. 2008. In terms of units under construction, MercoPress reports “New projects totaled 1.7 million square meters (18.3MM sq. ft.), which means a 34.7% fall compared to 2008. Similarly three neighborhoods concentrate the majority of new projects, with one of them (Palermo) absorbing 11% of the total which is 200,918 square meters (2.16MM sq. ft.).” InvestBA believes the upward trajectory of sales activity will continue in the first-half of 2010 given a favorable supply/demand imbalance, the lingering mistrust of local banks and lack of sound investment alternatives. The second-half of 2010 should be less robust given the shifting landscape and growing uncertainty building up to the pivotal 2011 elections. (Full story)

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Beer Wars Heating Up In BA, Latin America

On January 22, 2010, In competitiveness, foreign investment, by InvestBA
Just like the Super Bowl Catfight, the Latin Beer Wars will explode during the 2010 World Cup.

Just like the Super Bowl Catfight, the Latin Beer Wars will explode during the 2010 World Cup.

When temperatures began to rise in BA last November, one local brewer, Isenbeck, covered the City with billboards promising the ultimate fantasy for beer lovers seeking respite from the calor bonaerense: A chance to swim in beer. Ultimately, according to Advertising Age, the marketing event was canned by government officials who feared “the Pileta de Cerveza ad campaign and the plunge into a pool brimming with brew would encourage irresponsible drinking.” The government may have thrown cold water on the Beer Pool, but the competition is just now heating up among brewers in BA and the region in general. First, Heineken outbids SABMiller for FEMSA’s beer business to gain much-needed Latin American exposure, then Chile’s Kunstmann (part owned by CCU, the second-largest player in Argentina) announces a regional expansion, and finally speculation surfaces that Anheuser-Busch InBev may increase its ownership stake of Grupo Modelo. After so many M&A’s, the Latin Business Chronicle says “Scarce Targets” remain in the region: “To acquire volumes in Latin America potential acquirers would now have to look at smaller players that only have operations in one country.” Several of these cervejas artesanais are located in neighboring Brazil where A-B InBev rules, but Schincariol is gaining market share both at home and in  Argentina. Now with the World Cup only six months away, the Latin beer battle moves from the boardroom to the TV with every major brewer vying for top-of-mind association with each country’s national team. (A-B InBev’s Quilmes set the bar extremely high with this 2006 epic.) Winning that battle to reach 26.29 billion viewers in 214 countries would be something unforgettable…kind of like swimming in beer.

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