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Mendoza, Córdoba Top Interior Rent Hikes

On March 4, 2011, In real estate, by InvestBA
Mendoza

Mendoza posted the largest increase in average rents from 2009-2011 followed by Cordoba.

Mendoza and Cordoba are the two cities in Argentina’s interior that posted the largest increases in residential rental rates according to a new report by Reporte Inmobiliario. An analysis of all major Argentine metros focused on the average rent for an existing two-room apartment in January 2009 and January 2011.

Mendoza led the ranking with a 55% increase, although the percentage was probably closer to 60% as data for Mendoza focused on an 18-month window. Average rents in Mendoza rose from $770 pesos in July 2009 to $1,195 in January 2011. Cordoba took second place with a 51% increase over the two-year period. Two-room departamentos cordobeses rented for an average of $800 pesos in 2009 and now fetch just north of $1,200. Other northern cities posting two-year, double-digit gains include Santa Fe (48.6%) and Corrientes (47%) where average rents rose to $1,100 and $1,090, respectively.

And while northern cities are posting the largest gains in average rents, cities in Southern Argentina are still posting strong double-digit gains. Río Gallegos posted a 32% increase ($870 to $1,150 pesos), Cipolletti rates rose 27% ($920 to $1,170) and Comodoro Rivadavia rents jumped 26.8% ($1,190 to $1,510) making CR the most expensive rental market in Argentina’s interior followed closely by Bariloche where the average two-room apartment listed for $1,440 pesos in January 2011.

In terms of affordability, Gabriela Origlia reminds La Manana de Cordoba readers that the highest private sector salaries are paid in southern provinces like Santa Cruz, Chubut and Neuquen where average salaries are twice the national average of $3,700 pesos. Conversely, salaries in Northwest and Northeast Argentina are much lower than the national average making housing affordability a more pressing issue. (Full Story in Spanish)

For more information about investment opportunities in Argentina, download the new issue of InvestBA Privada.

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Freeze Will Impact Argentina’s 2011 Wine Harvest, Exports

On January 24, 2011, In energy & agriculture, foreign investment, wine & vineyards, by InvestBA
Argentina's wine exports

The U.S. remains the number one destination for Argentina's wine exports. (Source: Diario de Cuyo)

With wine harvest season just around the corner in Argentina, the pride in last year’s achievements (e.g., eclipsing Chilean exports, greater U.S. market share, etc.) has turned to genuine concern over the impact November freezes may have on 2011 production, exports and pricing.

Diario de Cuyo says Mendoza wineries will need at least 60 million kilos of grapes to meet international demand, including 30 million Malbec, 10 million Cabernet Sauvignon and 10 million Chardonnay kilos. Given the weather’s impact on supply, some analysts say wineries may be paying twice what they were last year for these grapes.

Of concern, the November freezes impacted one of the best growing regions in southern San Juan, Pedernal, as well as areas of San Carlos, Tunuyan and Tupungato, and some regional growers lost 30-70% of their grapes. As a result, Diario de Cuyo estimates grape prices per kilo will rise 4-5 pesos (US$1.00-1.25) this year, but we will not know the actual increases until next week for whites and mid-February for reds.  The above infographic shows the phenomenal growth in both Mendoza and San Juan production since 1990 with some varietals surging 10-12,000%.

According to the Instituto Nacional de Vitivinicultura (INV), Argentina’s wine exports topped US$630 million in the first eleven months of 2010 and full-year projections come in around US$705 million. Of that total, the top four international markets account for two-thirds of Argentina’s wine exports: the United States (39%), Canada (12%), the U.K. (7%) and Brazil (6%). (Full Story in Spanish)

For more information about Argentina wine and vineyards, download the new issue of InvestBA Privada.

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Another Record Year of International Arrivals at Argentina Airports

On January 22, 2011, In tourism, by InvestBA
Argentina tourism statistics

Aeroparque posted the largest percentage gain in 2010 traffic, the best year on record in Argentina.

Argentina’s soaring popularity as a destination of choice for world travelers is reflected in the 2010 passenger data just released by Aeropuertos Argentina 2000, the consortium that manages the 33 busiest airports in the country. “From January through December of last year, 22.8 million passengers passed through those terminals,” writes Cronista’s Nuria Rebon, “which is a 12.4% increase over 2009 passenger levels.”

And while domestic passenger numbers posted a solid 12% gain, it’s the 21% growth in international arrivals that merits the most attention for a country that began to prioritize international tourism and promote the Argentina brand in 2010.

The number of international passengers arriving in Argentina airports topped 10.3 million in 2010, a 21% increase over 2009. The creation of new international routes direct to cities like Cordoba, Mendoza and Bariloche meant more flights, more international passengers and fewer onerous connections through Ezeiza.

Aeroparque Jorge Newberry was the airport posting the strongest percentage gain in 2010 passenger arrivals (17.2%) thanks to the addition of international flights and new routes from the likes of Buquebus and Pluna, followed by Mendoza (13.7%), Ezeiza and Bariloche (11.1% each), Cordoba (10.7%), Iguazu (9,1%) and Salta (10.2%). According to Cronista, Argentina air cargo shipments also rose 31% in 2010 to 248,692 tons.

Aeropuertos Argentina says the only year that comes close to 2010 in terms of passenger levels was 1999 when 20.3 million passengers arrived or departed. After Argentina’s 2001 financial crisis, annual arrivals and departures fell to the 15-16 million level through 2007 when the negative trend finally reversed and 18 million passengers passed through the country’s airports. (Full Story in Spanish)

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

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Beyond ABC1: Untapped Housing Demand in Argentina’s Middle Class

On January 10, 2011, In real estate, by InvestBA
Argentina Residential Construction

Affordable housing and mortgages are needed to meet middle class demand in Argentina. (Photo: Los Andes)

When we shared the 2011 real estate predictions of the local broker community in the final days of 2010, #2 on the list was that demand would be greatest for units priced below US$200,000. On further reflection, that’s not really a prediction, it’s a given. Middle-class demand for housing in Argentina has reached record levels and remains untapped given the absence of low-cost financing options for first-time home buyers.

The market status quo is summed up beautifully today by Diana Chiani in Los Andes with an analysis of Mendoza that can be extrapolated to the other major cities in Argentina. “The gated communities and buildings designed for the upper class with countless amenities have grown exponentially in Mendoza; however, major players in the sector admit that expensive properties have reached the roof. In contrast, the bet for this and future years should be on housing built for the middle class where demand is the greatest.”

Chiani admits the other key ingredient will be a mortgage program designed according to first-time buyer salaries and ability to repay. Jorge Panella, president of the Mendoza branch of the Argentina Construction Chamber agrees: “The biggest sector is the middle class, but it’s a market that needs financing.” Last year’s AEV proposal could boost the pool of potential homeowners from 140,000 to 1.2 million families, and many of those, writes Chiani, are households like single moms and retired couples with grown children who need duplexes, small apartments and single-family homes in semi-private neighborhoods. (Full Story in Spanish)

For more real estate predictions in Argentina and Uruguay, download the new issue of InvestBA Privada.

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iProfesional: Will Bonarda Become Argentina’s Next Signature Grape?

On December 30, 2010, In lifestyle, wine & vineyards, by InvestBA
Argentina Bonarda

Argentine sommelier Rodrigo Griguela recommends five premium and super premium Bonardas.

They call it Dolce Nero in Italy, Charbono in California and Corbeau Noir in the Savoy region of France. With so many different names, ongoing debate over its European origins, and a less-than-lujoso introduction in Argentina, sommelier and wine author Rodrigo Griguela attempts to set the record straight on the grape known locally as Bonarda. It’s a much-needed analysis considering Bonarda is now the second most produced varietal in Argentina after Malbec.

The journey began at the end of the 19th century when Italian immigrants first brought Bonarda to Mendoza. Planting was modest and Bonarda only accounted for about 15,000 acres by the mid-1930′s, but production ramped up dramatically in the 1960′s in a quest for quantity over quality.

That Bonarda growers were able to achieve high production is testament to Argentina’s climate and soil conditions, writes Griguela, because Bonarda requires lots of sunlight, has a lengthy vegetation cycle and often doesn’t reach the right maturity level in large-scale production.

Unlike the early days of mass production, today’s Argentina wineries are putting the emphasis back on quality over quantity with Bonarda, and the result has been several Premium and Super Premium wines that are gaining fans in the U.S., Brazil and England among other countries.

Griguela says Nieto Senetiner and Zuccardi were the pioneers who truly believed in Bonarda, a wine he describes as floral with fresh red fruit notes, velvety tanins and a freshness that gives it a unique acidity. In addition to the two aforementioned wines, Griguela gives high marks to three other Bonardas: 2008 Colonia Las Liebres, 2008 Alma 4 and 2006 Mora Negra. (Full Article in Spanish)

For more information on Argentina wine and vineyards, download the new issue of InvestBA Privada.

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