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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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Surf’s Up: City Government Brings The Beach to BA

On January 14, 2010, In buenos aires events, tourism, by InvestBA
The 3 Playas Porteñas were such a hit in 2009, the City opened several more for 2010.

Besides providing relief from the heat, the 3 Playas Porteñas have been a great exercise in public trust.

Even though it’s summertime and thousands of Buenos Aires residents have made their annual exodus to the beaches of Argentina, Uruguay and Brazil, surveys suggest 70% of porteños have neither the time nor the resources for such a vacation. In 2009, the Government of the City of Buenos Aires took a novel approach and decided if residents couldn’t go the beach, the City would bring the beach to them. The “Playas Porteñas” debuted last summer and almost 300,000 residents took advantage of the urban beaches complete with sand, volleyball courts, soccer fields, cooling stations and the signature yellow umbrellas and chairs. The Buenos Aires coastline had popular beaches a century ago, but years of pollution and water contamination have rendered the Río de la Plata unfit for swimming. The 3 Playas Porteñas were such a hit last year, several more were added for the 2010 Season. According to Clarín, the beaches have been a good exercise in public trust: the neighbors, thankful for the opportunity to relax and cool off with their families, took pride in the Playas and kept them clean, orderly and free of vandalism to the umbrellas and chairs. So A.) if you’re in Buenos Aires and B.) you’re burning up, the beaches will be open daily now through February 28. (YouTube video)

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BA Valley: Tech District Ready for Liftoff in 2010

On December 21, 2009, In entrepreneurs, foreign investment, technology, by InvestBA

Young Argentines working in one of the offices in the Buenos Aires Tech District.

Young Argentines working in one of the offices in the new Buenos Aires Tech District.

WiFi connectivity, generous tax breaks, grants to cover the cost of quality certification, preferred lines of credit at local banks, and a government-sponsored training program to groom future talent. It may sound like a Christmas wish list, but it’s an emerging high tech reality in the Parque Patricios neighborhood thanks to the City of Buenos Aires. And according to Cronista, the list of goodies is attracting large multinationals and small start-ups alike. Iron Mountain and Clarín Global have both reserved office space, while India’s Tata Consultancy Services announced a new Global Delivery Center back in September. Cronista says small and medium-sized businesses (in Argentina, PYMEs or Pequeñas y Medianas Empresas) make up the majority of Argentina’s 1,600 tech companies, and 70% of those companies are located in Buenos Aires. Carlos Pirovano, Subsecretary of Investment for the City, says the number of companies working in the Distrito Tecnologico will more than double in 2010 to 50 with over 10,000 employees, so the City is investing in everything from a new fiber optic network to new subway stations to accommodate the growing talent pool. Another important development will be the launch of the Metropolitan Tech Center, an initiative to connect with secondary school students and groom the next generation of IT talent here in BA. (Full Cronista article).

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Report Card: BA Government “Making Up For Lost Time”

On December 14, 2009, In arts & entertainment, competitiveness, culture, foreign investment, lifestyle, technology, visionaries, by InvestBA
All first graders in BA schools study English today; only 2 schools offered classes in 2001.

All first graders in BA schools study English today; only 2 schools offered such classes in 2001.

December is usually the time for making resolutions for the year ahead, but the Government of the City of Buenos Aires is looking back and celebrating the many achievements since December 2007 when conservative Mauricio Macri was elected Mayor. “In 2 years, we accomplished more than in the last 10,” declares the city’s microsite, “We’re making up for lost time.” The accomplishments are numerous and organized into eight broad categories including Health (20 new Health Centers, 35 new ambulances), Education & Culture (Broadband connectivity in 98% of schools, record attendance at Buenos Aires festivals), Economic Development (an emerging Technology District, the opening of an Investor Assistance Center for foreign investors), and Security (the new Metropolitan Police force, a state-of-the-art Urban Monitoring Center). Another noteworthy achievement is designed to prepare the next generation of porteños for a more competitive global environment: English as a Second Language is now being taught in all first grade classes in the City; second and third grades will be added in 2010 and 2011, respectively. The website is a shining example of transparency and accountability for a city government that has delivered on many 2007 campaign promises, is working today to improve the quality-of-life in Buenos Aires  and is preparing for Bicentennial celebrations in 2010. Hence, the new website’s tagline: Hicimos, Hacemos, Haremos (We Did It, We Are Doing It, We Will Do It).

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Tata Announces Major Investment in BA

On September 15, 2009, In foreign investment, technology, by InvestBA

India’s largest IT services and outsourcing firm, Tata Consultancy Services, today announced the opening of a new global delivery center in Buenos Aires. The 100,000 square foot facility, which will be Tata’s first SAP Center of Excellence in Latin America, will initially house 250 IT consulting professionals and ultimately 1,400. The announcement was a major first step toward GCBA’s (Government of the City of Buenos Aires) stated goal of transforming the Southern District of BA including the Parque Patricios neighborhood into the Buenos Aires Technology District. GCBA’s goal is the creation of 5,000 jobs in the Tech District by 2010 and 30,000 jobs by 2012. Following the groundbreaking ceremony, Clarin declared the March to the Tech District officially underway (Article) while BA Mayor Mauricio Macri shared the good news on his Facebook page.

For more information on IT expansion opportunities in the Tech District including official contacts and relocation incentives, e-mail me at info@investba.com.

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