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Optimista: Argentine Developers Look to 2011

On December 6, 2010, In real estate, visionaries, by InvestBA
Azahares de Paraná

Fútbol phenom Lionel Messi is one of the partners in the largest country club development in Argentina's interior.

December 2009 was a turning point in the Buenos Aires real estate market. After eleven months of home sales weaker than the same month in 2008, sales finally jumped into positive territory in December, a trend that would continue over the course of 2010. Now, one year later, Argentina real estate developers are feeling bullish about their ability to sell existing inventory and launch new projects in 2011.

In the new survey from the Business Chamber of Urban Developers (CEDU), developers said 2010 was a very good year given the sale of lots and the increase in lot values due to growing demand. According to La Nación, two-thirds of those surveyed (66%) said they plan to launch new projects in the first quarter of 2011.

“The niche with the greatest growth potential for 2011 will be projects that encompass less than 2.5 acres,” said CEDU president Raúl Sáenz Valiente, “because a property that size can be acquired without the need for financing.” In terms of Argentina cities where builders anticipate the most new development, Buenos Aires, Córdoba, Mendoza and Río Negro top the list.

In terms of future growth in and around Buenos Aires, several developers surveyed say they are beginning to look south to La Plata and major corridors like Route 58 between Canning and San Vicente where undeveloped land is cheaper, more abundant and in relatively easy driving distance to Capital Federal. (Full Story in Spanish)

For more Argentina and Uruguay real estate data, visit our archives and download the latest issue of InvestBA Privada.

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VanityBA: Madero Harbour Coming Soon to Puerto Madero

On September 24, 2010, In real estate, vanityba, by laura
Madero Harbour Shopping Center

The Madero Harbour Shopping Center will be the $75 million retail component of a $300 million development.

In March 2011, the doors of Puerto Madero’s first shopping center, aptly named Madero Harbour, will open to the public. In addition to 120 luxury retailers and service providers, the $75 million center being developed by GNV Group will include a supermarket (Puerto Madero’s first), a gym, several restaurants and movie theaters, satisfying a huge demand that exists in the young neighborhood.

Puerto Madero’s unusual demographics are not expected to negatively affect the success of the shopping center in any way. Although the BA barrio only has 12,000 residents, over 30,000 people work there Monday through Friday and over 100,000 visitors descend on the weekends.

“We expect to attract over 500,000 visitors annually,” says Alejandro Ginevra, president of GNV Group. And a shopping center is just the tip of the high-rise iceberg, Ginevra tells La Nacion. The developer has plans for two office towers, a luxury residential complex, and two 5-star hotels which will raise the total project value to US$300 million.

Madero Harbour will be located at Elvira Rawson de Dellipiane 150, Dique 1. For more information about Puerto Madero, visit our archives and download the new issue of InvestBA Privada.

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Buenos Aires Real Estate Expo: Who Invited Small Investors to the Party?

On August 31, 2010, In buenos aires events, real estate, by InvestBA
911 Carrera at the Argentina Real Estate Expo

Small investors at the Real Estate Expo were looking for safer investment alternatives than a $200k 911 Carrera.

Ten days have passed since Expo Real Estate Argentina 2010 (Did you see our video?), which gave Clari­n sufficient time to absorb all the information presented and formulate some conclusions of their own. Most notable was the fact small investors were really the stars of the event, significantly outnumbering large brokers, developers or architecture firms.

“We’re not talking about people with huge international support or institutional funds backing them,” said one attendee, “We’re talking about individual investors looking for a safe alternative for investing their capital.”

Just one small problem, Clari­n opines. The small real estate investor walking the floor of the Exhibition Hall is as likely to influence the direction of the local market (in terms of product and pricing), as a small shareholder attending the Annual Meeting of a large publicly-traded company (with the possible exception of Berkshire Hathaway).

Small real estate investors have concerns, needs and great ideas; yet, the push-push-push marketing by the local broker-developer community leaves them out in the cold. Don’t believe us? Try finding a local broker or developer with a blog, twitter account, or any type of social media plugin soliciting user feedback.

Instead, our inboxes are cascading with Argentine broker e-mails with subject lines like INCREIBLE PROPIEDAD! or PARA INVERSORES! and the requisite 5MB attachments which we never open. As one very astute broker told Clari­n, “The new way of operating should be less about having a big Rolodex and more about reading the market and having the capacity to segment your clients.”

Which is exactly what we do @InvestBA. We blog in several languages, we inform and educate, we promote lifestyle, we solicit feedback daily, and we know exactly which of our international clients would be interested in what types of real estate opportunities in Buenos Aires, Argentina and Uruguay. In short, Clari­n characterized the presence and demands of the small investor as “nuevos desafi­os,” but we view them as “nuevas oportunidades.”

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Subte Expansion Drives Buenos Aires Real Estate Development

On August 9, 2010, In ba government, foreign investment, real estate, by InvestBA
The Corrientes Subway Station on the H Line in Buenos Aires

The Subte's expansion is shaping the residential & commercial landscape of BA barrios.

Of all the amenities Buenos Aires property buyers look for, one of the most valuable is actually state-owned and underground. The Buenos Aires Subte transports well over 1.5 million passengers a day along six lines, and Micaela Vacca of La Razon says future underground stations are shaping the residential and commercial landscape of the barrios above.

“The opening of new stations not only increases ridership, it also revitalizes different areas of the city,” Vacca writes, “a growing subway network acts as an economic motor, generating greater interest and expanding investment in housing and services.” For proof, just look at the recent appreciation of properties in neighborhoods like Flores and Villa Urquiza, one of our favorite value plays.

Median residential prices in Villa Urquiza rose 10% last year from US$148/SF in 2009 to $163/SF today. In the zone of Urquiza bordered by Roosevelt, Alvarez Thomas, Congreso y Triunvirato, there are 49 new developments under construction, and many of those buildings feature 3 and 4-room apartments meaning developers anticipate more families will move to the subte-enhanced neighborhood.

Flores, meanwhile, has seen an 8% growth in median prices since the Puan and Carabobo stations opened on the A Line. The H Line, which began service in 2007, will see the Corrientes station open later this year, while the future Hosptiales and Parque Patricios stations are helping fuel new development in areas like the BA Tech District.

From demographics to density, incentives to zoning, developers have multiple factors to consider when choosing the perfect location in BA. Based on this market data, maybe a Subte long-range planning map should be their guide.  (Full article in Spanish)

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

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Uruguay Embraces Pro-Construction Policies

On July 30, 2010, In foreign investment, real estate, tourism, uruguay, by InvestBA
Mujica Astori

President Mujica and VP Astori want to encourage more foreign developers to launch projects in Uruguay.

After the U.S.’s $787 billion Grow Government package which Harvard essentially labeled a failure, it’s refreshing to hear about a stimulus package that could actually create jobs, promote development and provide some much needed housing.

Montevideo’s LR21 reports today on the Uruguay government’s decision to promote a series of fiscal stimulus measures to incentivize private investment in the construction of new homes and condominiums. The President and Vice President of the Republic, Jose Mujica y Danilo Astori, made the announcement yesterday at a luncheon hosted by the APPCU, the Association of Private Developers in Uruguay.

While some members of the U.S. Congress seem completely out of touch with the private sector, President Mujica said he values interaction with groups like APPCU to better understand the needs and challenges facing leaders in the country’s most important job creating sectors. Vice President Astori also acknowledged the critical role national and foreign developers will play in realizing one of the priorities of the Mujica administration, “promoting tourism-related real estate development which provides tremendous revenue and job creation for Uruguay.”

And while national builders still account for the bulk of new construction, Astori officially rolled out the light blue carpet for foreign developers. “These incentives are as much for national investors as they are for foreign groups who can collaborate with the public sector in developing new projects,” Astori said adding, “National investors dominate housing construction, while in the real estate tourism sector, we are hoping for more foreign investment.” (Full Story in Spanish)

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