In times of financial instability and political uncertainty in Argentina, real estate investment abroad takes center stage among the options sought by businessmen as a refuge for their capital, and gives them the possibility of collecting rent in dollars if that property is rented.
By MiamiDiario Newsroom
According to PROFILE After the 2018 devaluation, there was a greater interest of Argentines in investing in real estate abroad. According to the sources of the Buenos Aires media, after the result of the PASO, the queries doubled and Miami is one of the preferred destinations.
Alex Rakover, of Qum Real Estate Advisors, with investments in Florida and other cities in the United States, told PROFILE that in the last six months there was a significant increase in queries, well above the natural average interested in investing in Miami, "but after the PASO the questions doubled, if we had five a day, now there are ten", at the same time which added that "the other time when there were more consultations than usual was in the 2015 elections, before Macri and Scioli went to the second round."
Along the same lines, Hernán Nucifora, from Global Investments, told PROFILE that "it is cyclical, every time there is a major crisis, the Argentine investor migrates as a safeguard of value, and when there are virtuous processes in Argentina, he brings capital because income in the country is higher."
According to Nucifora, Argentines are the second largest group of investors in Florida today, "where there is the possibility of buying with credit: they look for a building with temporary rental, the rent covers almost the loan installment and then they use it once or twice a year, and gives an annual income of 6% with an investment of US$ 200”, while “today in Argentina the level of rental income is the lowest in history, around 1,8%”.
According to the report of PROFILE, Eduardo Pérez Orive, of InvestDTW, maintains that Argentine investors allege "reasons of lack of economic predictability, political instability and that the wealth they generate through taxes is volatilized."
The real estate agents consulted indicated to the Argentine portal that the queries skyrocketed between 30 and 50% from the PASO results.
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