Foreign investors are more likely to buy luxury condos like the Torres Agustinas in Mendoza.
After several years of double-digit growth, the pace of new construction in Mendoza is slowing down according to Diario Uno?s Claudia Pagliarulo. The same factors that have prompted a pullback for developers in Buenos Aires are having the same effect in Mendoza including the rising cost of new construction materials and new currency controls making it more difficult for Argentines to convert pesos to US dollars.
?While the first three months of the year (in Argentina) are always slow in terms of new construction, we are now seeing a pullback in the initiation of new projects,? writes Pagliarulo. She is quick to point out that local demand is still strong; however, currency controls have placed local buyers at a disadvantage and sent local builders seeking more public works projects. As in Buenos Aires, the market shift gives added leverage to foreign investors with dollars to invest.
Overall, Mendoza?s commercial real estate market has been the most impacted, as few builders are breaking ground on new malls or office buildings, although construction continues on projects initiated last year like the Alto Dorrego Mall and the La Barraca Mall which opens in September. Many?Mendoza developers are moving away from luxury condos with large units, writes Pagliarulo, opting instead for more accessible buildings with smaller units and new construction homes in gated communities. (Full Story in Spanish)
For more information about Mendoza real estate investment opportunities, download the new issue of InvestBA Privada.
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