The beautiful Mar del Plata Golf Club is one of several courses along the Tango Coast.

The beautiful Mar del Plata Golf Club is one of several courses awaiting visitors to the Tango Coast.

With only three weeks before the first day of summer, La Nación surveys hotel owners and real estate brokers regarding bookings and optimism for the upcoming tourist season in Mar del Plata, Pinamar and Cariló. Reservations are up and optimism is high according to the article, thanks in part to the relative strength of the Brazilian real making Argentina’s beaches more affordable destinations for Argentines and Brazilians alike. The City of Mar del Plata is planning over 100 concerts and cultural events during the upcoming summer season, many of them free to the public. Just up the coast in Pinamar, a popular destination for the upper-middle class, hoteliers and property owners are trying to keep prices around the same level as 2008, and in Cariló, a destination La Nación describes as “untouched” by the recent economic slowdown, the trend among visitors is moving away from short-term rentals and toward “the purchase of homes, as well as new condos along the coastline.” And over in Punta del Este, Uruguay’s premier destination for the rich and famous, La Nación says confidence is high with brokers recommending property owners hold prices at 2008 levels to offset the 17% drop in the dollar’s value versus the Uruguayan Peso in 2009.

Aerial view of debt-laden Dubai stands in stark contrast to the natural beauty of developments like this one in Carilo, Argentina

Aerial view of debt-laden Dubai stands in stark contrast to the natural beauty of developments like this one in charming Cariló on the Tango Coast.

World financial markets were rocked yesterday when news surfaced that Dubai World, the Dubai corporation responsible for some of the UAE’s most lavish developments, was unable to meet interest payments on the over $80 billion in debt it holds. According to The Times, “Dubai World began the panic on Wednesday by demanding a standstill on its interest payments (and) worsened the mood when it postponed a teleconference for its bond holders, saying the phone lines were overwhelmed.” So what would you expect to find today on the front page of the UAE’s leading English-language newspaper? A probing analysis of Dubai World’s leverage? A soul-searching essay questioning why anyone would want to live in overpriced, garish desert casino castles like this? No on both. How about a glowing review of Buenos Aires? “With its beautiful buildings, lively social life and colourful history, it’s no wonder that Buenos Aires is fast becoming South America’s favourite capital,” writes Julianna Barnaby in today’s Khaleej Times and, she concludes,one visit to Buenos Aires is definitely not enough.” Of course Dubai will be fine, because Abu Dhabi won’t allow it to fail, but the case for investing in waterfront real estate is much more compelling in Argentina than Dubai in terms of pricing, natural surroundings, building design and cultural similarities. For more information on coastal opportunities in Argentina and Uruguay, e-mail in@investba.com

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