Argentina Leads South America’s Economic Growth
Over the last 10 years, Argentina has been quietly strengthening its economic position. According to IMF figures, between 2002 and 2011, Argentina was the fastest growing economy in the western hemisphere with GDP growth of around 94% – double Brazil’s impressive economic growth. This impressive growth has continued with year-on-year GDP growth in Q3 2011 at 10%. This was the highest growth of all the G20 countries and significantly higher than the 3.6% average growth of the G20. The IMF forecasts slower growth in 2012 of 4.6%, which is significantly higher than the world average of just over 3%.
Argentineans Prefer to Invest in Property
Investing in property is the number one way to save for the future by Argentineans. Traditionally, investing in land and property has been the preferred method over other investment options. Property is considered a safe haven for capital that will continue to grow in value over time, a way to beat inflation. One in every two Argentines would choose to invest in real estate over other options, according to a Cronista front page poll.
Property Demand and Prices Continue to Increase
Property demand and values are expected to continue growing strongly in line with the last 10 years performance, which has seen property prices rise by over 8% year-on-year. Property investment is the preferred method of saving in Argentina and certain provinces are experiencing a housing shortage. It is estimated that Argentina has a housing shortage of approximately 2.5 million units centred mainly around Capital Federal and Buenos Aires, according to the Buenos Aires Real Estate Chamber.
Buenos Aires – A World Leading City to Live in
Buenos Aires is the 7th best city to live in, according to the Telegraph. As South America’s second largest city and the world’s 13th richest, Buenos Aires is proving to be a key destination for tourism and investment.