Carilo Property Owners Price Themselves Out Of The Market

Carilo Alquiler Casas

No takers: 50% price hikes and the one-month vacation anachronism have stymied rentals in Carilo.

“Greed, for lack of a better word, is good. Greed is right. Greed works.”

And if there’s an Argentine coastal corollary to Gordon Gekko’s touching soliloquy, it would be “Greed will kill your prospects for renting out your beach home this summer and send your fellow Argentines in search of more affordable and more attractive beach destinations abroad.”

And that’s exactly what has happened, according to Ambito’s Belen Fernandez, who says the demand for luxury rentals in Carilo has fallen 30%. Sensing an opportunity to capitalize on the currency controls which would theoretically force more Argentines to vacation at home, many Carilo property owners jacked up their summer rental rates 50% over last summer.

The result? Summer vacation luxury home and condominium bookings in Carilo have fallen 25 to 30%. Hundreds of available oceanfront homes and condos can be found on local property rental sites with prices as high as $70,000 pesos (US$14,300) for two weeks (pictured) and $180,000 pesos (US$36,850) for one month. Advantage Punta del Este, Florianopolis and Caribbean beaches that may suddenly seem more attractive, writes Fernandez.

One Carilo broker gives another explanation for the drop in bookings. The whole concept of a two-week (quincena) or one-month vacation just seems ridiculous in this day and age. And for a country that will have no fewer than 19 public holidays in 2013, long weekends on the coast simply make more sense. (Full Story in Spanish)

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