The Multi-Cultural City With a European Blend of Architecture
Discover Buenos Aires's Real Estate
Renowned for its diverse, rich culture and European architecture, Buenos Aires has been a major attraction for tourists. With its stable, growing economy, low cost of living, high living standard, and affordable real estate options, the city has never failed to draw investors’ attention, and most of them have been positioning themselves for the big payday.
Culture, History, and Business
Buenos Aires is the largest, as well as the capital city of Argentina. This city is situated on the western coastline of the river mouth of the Rio de la Plata. The name Buenos Aires means good airs or fair winds. It is the fourth-most populous city in South America, with about 15.6 million residents. The quality of life in Buenos Aires is ranked among the best in Latin America. As of 2012, it was the most visited city in the continent and the second- most visited in Latin America.
This city is the industrial, commercial, and financial hub of Argentina. As of 2011, the total GDP of the city was at about $84.7 billion, and that was about a quarter of the country’s entire GDP. The metropolis of Buenos Aires constitutes the 13th largest economy amongst cities in the world.
Real Estate Appeal
Purchasing property in Argentina is not as tricky as it seems, but you should be conversant with how the local market operates. It is basically a cash market, and there are no mortgages involved. Sometimes, this makes financing difficult, and the property could be overly priced. Also, the main currency for transactions is the dollar, anything other than that may not be accepted. To an extent, the operating currency has helped to establish some stability in the market. The cash system steps down the speculative disposition of the market and reduces huge borrowing and lending rates.
Buenos Aires has been attracting a lot of visitors from around the world, including job seekers, artists, tourists, and young professionals. Indeed, this has created a high demand for real estate. The low-cost nature of the city puts it at the forefront of investor’s wish list because they can easily purchase property at affordable rates.
For every smart investor, investing in Buenos Aires real estate will be a wise move to make. Find out more about the property investment destination in our subsequent article, where we will be discussing the reasons to invest as well as the hottest neighborhoods in the city.
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