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La Nación - July 20th 2007In spite of the recent prices rise, buying properties in Argentina still is a good business for foreign investors. It seems so, according to Reynolds Propiedades’ new venture. The Argentine real estate firm has opened a new office in Madrid and aims at attracting potential Spanish investors.
“There is a kind of real estate bubble in Spain that has provided local developers with high liquidity for investing, which opens big possibilities for the projects of the Argentine market”, said Paul Reynolds, head of the company.
He mentioned that locations that foreign investors go for are still the high buying power areas of Puerto Madero and Recoleta, in Buenos Aires, although there is a growing interest for other spots in the interior.
“We notice an increasing interest in other areas of the country, such as Salta or the San Rafael and Valle de Uco vineyards areas, in Mendoza”, the realtor said.
Argentine prices are very attractive for the foreign investor. “Properties in the most expensive areas of the city cost around 2,000 dollars per square meter, whereas in Madrid you pay 15,000 euros”, added Frances Reynolds, who will be in charge of the Madrid office.
The Spanish potential real estate buyers are not few. According to the Banco de España, Spanish investors spent 441 million euros outside the country during the first two months of 2007, 56% more than during the same period of the previous year.
“Within this context, Argentina is turning to be one of the most attractive countries for real estate investment, since we offer a rentability that can reach 35% and a 15% annual increase of the value of properties”, stated Reynolds, who also commercializes properties in Punta del Este and is planning to extend to Brasil.
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