Territory Expansion
The northeastern region is showing a remarkable breakthrough connected to real estate investment. The cities of Resistencia, Corrientes and Posadas add up 50 buildings under construction. Provinces such as Formosa, Misiones, Corrientes and Chaco are attracting new real estate buyers, due to the wide education offer they provide: national owned and private universities and other educational institutions. The most popular careers are Accounting, Medicine, Psychology, Veterinary and Engineering among others, which guarantee a constant flow of students in the region.
The Northeast offers wide, green spaces, stunning nature and proximity to river courses. The provinces facing the Paraná River as Misiones and Corrientes are experiencing the largest real estate growth. The profits derived from the agro-business are being invested in properties, since due to ferrous exchange controls and a high inflation index real estate is perceived as a safer investment of these earnings. Another interesting point is how the region has adapted to carry on their transactions in Argentine pesos, instead of US$, as opposed to other regions, who are having a hard time making the transition to start operating in local currency.
Even the height of these projects is changing, as the number of 10 /12 stories buildings is increasing. Argentine Real state trusts are tempting for middle-class investors and parents are buying apartments for their children who are attending college in the area. The demand ranges from parcels, apartment’s buildings and commercial premises. Projects conceived for a higher segment are also on the making such as country clubs and private neighborhoods. Private companies are mainly the developers and investors in real estate in the region looking for protecting their capital and eventually get a monthly rent. Other investors are individuals who are buying permanent or temporary homes. Another popular transaction is buying used properties and refurbishes them.
In Resistencia, the value per square meter oscillates from 8,000 to 10,000 Argentine pesos for middle class constructions to 13,000 pesos for upper scale buildings and amenities. Meanwhile in Posadas, this value ranges from 10,000 to 15,000 pesos. Parcels in neighbors surrounding the city of Formosa starts from 2,000 pesos. One bedroom apartments in the city center are valued in US$ 70,000 and two bedroom apartments are valued in US$ 90,000. In Corrientes the expansion comes as a consequence of the buildings for students and investors who buy apartments for rent. In the city center, a district which is growing fast, display quoted prices of 10,000 Argentine pesos per square meter. A number of factors have come together to generate the expansion of a sector which has been paralyzed in other regions. Investing in Argentina real estate, in local currency, taking advantage of the infrastructure and the educational offer of these provinces seems to be working.
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