Real Estate For Sale...in Buenos Aires
Apartments in Buenos Aires are desirable buys right now, and in an article from the New York Times entitled, “For Sale…in Buenos Aires,” one such apartment is showcased. The apartment for sale is a one-bedroom, 462-square-foot furnished pied-à-terre. It has a balcony that overlooks the trees of the street below as well as the other French-style apartment buildings on the block. The inside of the apartment was decorated in 2003 with a white and steel kitchen and a wood stained bedroom. It is for sale for 170,000 dollars.
The Times notes that the typical buyers for an apartment like this are from the United States or Europe, though at times buyers come from Asia, Australia, and Russia. Buyers tend to be retirees looking for an urban cultural experience that they can afford over an extended period of time. There are also some young professions looking to pursue creative careers in a less expensive environment. Buyers who can afford it often augment their apartment with a house in the surrounding countryside. The reason that Argentina is a cheaper option can, in many ways, be attributed to the crash in 2001. While the nation has been recovering rapidly from its crash, growth has slowed somewhat in the last two years and prices are still much cheaper than in the US or Europe (3 pesos to 1 dollar).
For those who can’t afford to buy a 170,000 dollar apartment no matter how much cheaper the cost of living is, there are many apartments under 100,000 dollars surrounding the fashionable neighborhoods of Palermo and Recoleta.
The process of buying an apartment in Argentina is complicated by the fact that mortgages are rare in the country. Buyers who purchase property in Argentina should expect to pay the entire purchase price of the property at the final sale. Foreigners buying property in Argentina must set up a bank account in the country and also need to get a tax identification number. Your real estate agent can assist you by explaining how to obtain these important things. Real estate agents get three to four percent of the purchase price (with value added tax) from buyers and sellers alike. A new law in Buenos Aires now requires that buyers also pay 2.5 percent of the purchase price to the city as a “stamp tax.” Once you own the apartment, there are still fees to be paid. Property taxes for foreigners are 1.5 percent the value of the property every year and buyers will have to pay for upkeep.
The Times recommends several websites for prospective buyers: the official tourism site of Buenos Aires (www.bue.gov.ar/home/index.php?lang=en), the site of the Federal Administration of Public Revenues (www.afip.gov.ar/english), and the site of the Clarín (www.inmuebles.clarin.com/), a newspaper in the city with a large classifieds section. These sites, along with a local real estate agent, can assist the process of finding and buying an apartment in Buenos Aires.
MORE NEWS: Argentina's Real Estate News - Stay up to date with the latest Real Estate news.
ADDITIONAL RESOURSES ABOUT ARGENTINA REAL ESTATE
Argentina Real Estate Buying Guide - Visit our buyers guide to learn about the buying process in Argentina.
Buenos Aires Neighborhoods - Not sure which neighborhood is right for you? Check our Buenos Aires' Neighborhoods Guide. On this section you'll find a quick overview of Buenos Aires' most popular neighborhoods.
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