Legal Restrictions on Ownership or Sale of Property by Foreign Nationals in Argentina
There are no legal restrictions on foreign ownership or sale of property in Argentina. Foreigners are able to purchase property in the same way as locals and there is no differentiation in the process of buying property between nationals and non-nationals. However, foreign buyers need to get a Tax ID number and open a bank account in Argentina for the transaction.
Average Property Prices in Argentina
The average property price in Argentina is relatively low compared to other countries in South America, with prices ranging from around AR$2,000,000 to AR$15,000,000 or more depending on the location and type of property. Prices can vary greatly depending on the region and the economic conditions of the country.
Regional Variations in Property Prices
Property prices in Argentina can vary greatly depending on the region. Properties in the capital city of Buenos Aires and other major urban areas tend to be more expensive than those in the rural areas. Properties located near popular tourist areas, such as the beaches, tend to be more expensive.
Popular Locations for Buying Property in Argentina
Popular locations for buying property in Argentina include the capital city of Buenos Aires and other major urban areas such as Cordoba, Rosario, and Mendoza. These areas offer a mix of urban and coastal living, with easy access to amenities and outdoor activities.
Upcoming Areas in Argentina
The area around the new developments in the province of Buenos Aires and the city of Rosario are becoming a popular place to buy property, with many new developments and projects in the works. This area is known for its natural beauty and potential for tourism growth.
Trends in the Property Market in Argentina
The property market in Argentina has been experiencing steady growth in recent years, driven by increased tourism and foreign investment. However, the market also tends to be volatile and it is important to be informed and aware of the country’s economic conditions before making a property purchase.
Investment in Property in Argentina
Buying property in Argentina can be a good investment as the country is a popular tourist destination and the property market is stable. However, it is important to be aware of the economic conditions of the country, as well as the potential for currency fluctuations, before making a property purchase.
Common Property Types in Argentina
The most common property types in Argentina include apartments, townhouses, and detached houses. There are also many luxury villas and beachfront properties available, as well as rural properties and land for sale.
Once you have found a property in Argentina, the following steps outline the typical house buying procedure.
Surveys and Inspections
It is recommended to conduct a thorough inspection of the property before making an offer. This includes a full evaluation of the building structure and facilities, such as the electrical and plumbing systems. Hiring a professional surveyor to assess the property is a common practice in Argentina.
Making an Offer
After the inspection, you can make an offer to the seller through your real estate agent or lawyer. The offer should include the purchase price, closing date, and any other conditions or contingencies. The seller will then either accept, reject or counter your offer.
Notary
In Argentina, it is not necessary to involve a notary in the property purchase process. However, a lawyer is highly recommended to assist with the legal and financial aspects of the transaction.
Exchange of Contracts
Once the terms of the sale are agreed upon, the parties will sign a preliminary contract, known as a “Promesa de Compraventa.” This contract outlines the terms and conditions of the sale and serves as a binding agreement between the buyer and the seller. The final contract, known as a “Escritura de Compraventa,” is then signed in front of a public notary and registered with the appropriate government office. This final contract transfers the ownership of the property to the buyer.
Finding a Reputable Lawyer in Argentina
When buying a property in Argentina, it is recommended to engage the services of a reputable lawyer. Lawyers in Argentina are regulated by the Colegio de Abogados de la Ciudad de Buenos Aires (College of Lawyers of the City of Buenos Aires). You can search for a qualified lawyer through their website at https://www.cacb.org.ar/
Lawyers in Argentina typically charge a fee for their services, which can range from 1-2% of the purchase price. It is important to discuss and agree on the fee with your lawyer beforehand.
Pitfalls and Problems
in the House Buying Process in Argentina
Expats often encounter the following problems when buying a property in Argentina:
- Complex regulations and bureaucratic processes can make the process slow and complicated.
- Property title issues, such as outstanding debts or liens on the property, can arise and delay the transfer of ownership.
- It can be difficult to determine the true market value of a property in Argentina, as the property market is not as developed as in other countries.
- The Argentine peso is known for its high inflation and devaluation, which can affect the value of the property and your investment.
Purchasing Property Through a Company in Argentina
It is possible to purchase property through a company in Argentina, but it is important to consider the potential tax implications and the added complexity of the process. Seeking the advice of a reputable lawyer and financial advisor is highly recommended.
