There aren't many places left in the world where you can pick up a real bargain, but Argentina might just be one of them, and now more so than ever. The current weakness of the dollar is creating buying opportunities around the world for UK investors as currencies such as the Argentinian peso, which are pegged to it, devalue against the pound. That makes it time for more bargain-hungry British buyers to fall for the attractions of this stunning and varied South American country.
The capital, Buenos Aires, has been attracting big interest from overseas buyers ever since 2001 when the country's financial collapse radically reduced asset prices. "One in three property transactions is now made by foreigners," says Kevin Prior, sales and marketing director of Obelisk International. Prices have gone up as a result, but to the Londoner's eye there are still bargains aplenty. Here, a small two-bedroom apartment will cost you £500,000-plus. There, a vast one can be had for well under £250,000. Head inland from the capital and you can divide that by ten: you can still find decent properties all over the place selling for as little as £25,000.
Most of us would love to own a chalet in the Swiss Alps, but a multi-million pound price tag means that few can afford a chalet that is just a short hop away. But Argentina's resorts "now compare favourably with the finest facilities in Europe and the United States", says Laura Henderson in The Daily Telegraph. And the prices are far more palatable. For £70,000 you can buy a bungalow at the Arelauquen Country Club 15 minutes from Bariloche, a historically European settlement, where the chalets and fondue restaurants create an area that feels "like a vaster version of an Alpine getaway", according to Henderson. If you have a bit more to spend, prices start from £300,000 for a two-storey villa with exposed beams and floor-to-ceiling windows at the same resort where you have access to a golf course, polo field and tennis centre. And according to Maria Reynolds of Reynolds Propiedades, "the Bustillo corridor, from Bariloche to the village of Llao Llao, is set to boom in the next five years, as are the less expensive communities of El Bolson and Lago Puelo."
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For the real ski bargains, Leas, a one-hour flight from Buenos Aires, takes some beating. It has "some of the best snow in South America", says Nicky Holford in The Times, and is particularly good for experienced skiers. A two-bedroom apartment in Leas with direct access to the slopes costs only £25,000-£30,000, a fraction of the equivalent European property. For those who prefer winter sun, the Mendoza region, which offers hiking, riding and fine wines, "is attracting Britons who want to really get away from it all", says Helen Davies in The Sunday Times. Prices start from £40,000 for 30 acres. In San Rafael, close to Leas, 100-acre wine estates are available for £400,000. Visit www.argentinahomes.com or www.sothebyrealty.com for information on properties for sale in Argentina.
