FALL/WINTER 2012

The Source for Real Estate & Investment Opportunities In Buenos Aires, Argentina & Uruguay

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_executive_summary_
The new issue of Privada has over 100 pages of lifestyle content, and we are pleased to welcome Hoteles.com as our partner in promoting some of the most amazing destinations, people and properties in Buenos Aires, Argentina and Uruguay. InvestBA readers and subscribers will now receive luxury travel advice, discounts and recommendations from the experts at Hoteles.com. 2012 has been a great year for our clients and real estate partners in Buenos Aires, Mendoza, Bariloche and across the river in Colonia, Montevideo and Punta del Este. Fortunately more foreign investors are learning about the cost of living and quality of life advantages that Argentina and Uruguay have to offer, the original goal of InvestBA.com when we launched the website three years ago. The new InvestBA Property Map is another great addition to the website, and we would like to thank the BA-based team at InnixSoft for making this a reality. Now our readers can browse through hundreds of unique properties including luxury homes, oceanfront condos, farms, condo-hotels and private vineyeard properties. As always, we hope you enjoy this issue of InvestBA Privada.
Patrick Archer CEO, InvestBA

inside_the_numbers

The number of countries invited to be the featured country at SIMA 2012, one of Spain and Europes largest real estate expos. Uruguay accepted and won more converts. (Read More)

18%

Average annual appreciation of vineyard properties in Mendoza, the highest among 15 global wine regions surveyed in Citis Knight Frank Wealth Report. (Read More)

$181,204
The average cost of a two-bedroom apartment in Buenos Aires. By comparion, Sao Paulo properties are 128% more expensive, Paris 257% and New York 368% (Read More)

47,600,000

Millions of liters of Argentine Malbec consumed annually in the US, second only to Argentinas 55 million. Malbec sales in the US rose a whopping 49% last year alone . (Read More)

Luxury Homes, Condos, Vineyards & Other Properties For Sale Third Story Headline InvestBA.com features a wide variety of unique residential and commercial properties for

sale in Buenos Aires, Argentina and Uruguay. From private vineyards to luxury high-rise apartments to condo-hotels, our network of boutique brokers can help you nd the perfect property. To begin searching the InvestBA property database, please visit InvestBA.com.

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FALL/WINTER 2012
The Source for Real Estate & Investment Opportunities In Buenos Aires, Argentina & Uruguay

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_artista_ 3 _viajera_ 22 _FRANQUICIA_ 36 _inteligencia_ 40

_inmobiliaria_ 56 _vanguardia_ 70 _deportiva_ 82 _vendimia_ 86

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(rtist)

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pablo atchugarry

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master of the marble

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As we saw in the last issue of Privada, the Great Room of the Estancia Vik Hotel in Jos Ignacio is an impressive oor-to-ceiling art gallery and shrine to some of Uruguays most talented artists. Of all of the paintings and sculpture that ll the room, it is the towering piece of white marble soaring from the center of the room which has the strongest visual impact on guests and visitors alike: Pablo Atchugarrys sculpture in Carrara Statuary white marble. As impressive as this single sculpture is, an even more impessive collection of Atchugarrys creations is on full display just a few miles away at a sprawling estancia, museum and event complex called the Pablo Atchugarry Foundation. The non-prot Foundation opened in 2007 with the goal of promoting the visual arts, literature, music and other manifestations of mans creativity.

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An 11-foot half-ton slab of white marble in the ondeck circle

An apprentice making initial cuts arond Atchugarrys markings

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A closer inspection reveals cuts from the masters circular saw

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The Foundation serves as the perfect union of nature and art in one of the most scenic corners of coastal Uruguay. In summertime, the Foundation hosts a variety of society events, concerts and art expositions sponsored by Banco Itau and Merrill Lynch Wealth Management. During the other nine months of the year, the Foundation welcomes large groups of schoolchildren, retirees and foreign travelers in hopes of offering inspiration for future artists.

We all have the capacity to become artists, as long as we keep the child inside us alive.
pablo atchugarry In addition to Pablos workshop, the Foundation is home to a museum with three separate galleries, a large auditorium for concerts, lms and conferences, an outdoor ampitheater, a restaurant and classrooms for powered by painting, drawing, ceramics and, of course, sculpture. The permanent collection and original works of Atchugarry are on display throughout the facility and the beautiful grounds from which this master of the marble draws inspiration.

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Shade & tranquility at the Foundation

The Office

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Work in progress for a NYC collector

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creative class

wine & vineyards

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powered by Selected Works from the 21st Edition May 18-22 2012 - Buenos Aires www.arteba.org

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JARDN OCULTO (Argentina) San Poggio

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GACHI PRIETO GALLERY (Argentina) Viviana Zargn

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MIRTA DEMARE GALLERY (Holanda) Robbier Cornelissen

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RIO GALRIA DE ARTE (Argentina) Marta Minujin

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FERNANDO PRADILLA (Espaa/Colombia) Marcos Lpez

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ARTE X ARTE (Argentina) Daniel Kiblisky

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REVOLVER GALERA (Per) Jos Carlos Martinat

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ANGEL GUIDO ART PROJECT (Argentina) Maria Silvia Corcuera

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ZAMORA ARTE (Argentina) Eugenio Cuttica

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GC ARTE (Argentina) Leo Battisteli

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(trveler)

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Colonia del Sacramento

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Uruguays New Year-R!nd Destination...

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The winding cobblestone streets, 17th century architecture and beautiful sunsets that characterize Colonia del Sacramento have always lured Argentines and international tourists in Buenos Aires across the river for a weekend stay. But now Colonia is turning into a year-round destination, and the same qualities that attracted the Portuguese back in 1680 are luring a new generation of foreign investors and real estate developers. Colonias year-round attraction is highlighted in a new Perl article which lists the Best Time to Visit Colonia as Winter, Fall, Spring, All Year and Summer. That covers most of the bases. Unlike Punta del Este where High Season is only two months out of the year (January, February), Colonias proximity to Buenos Aires (75 minutes via Buquebus) is what gives this waterfront gem its year-round appeal. New condos like Costa Colonia and Altos del Virrey are prime examples of the type of new construction developments with large units, waterfront views and powered by modern amenities awaiting travelers looking for more Our 100% increase in Colonia rental inquiries received this than a weekend stay in Colonia. year is validation of a growing trend we noted last April: Living in Colonia and commuting to Buenos Aires for Simultaneously, both Argentine and European developers business or pleasure when the ofce calls or the nightlife are breaking ground on new residential mid-rises along beckons. Fortunately, a handful of new Colonia apartments the waterfront that stretches north from Colonia towards and condo-hotels are making this a reality. Carmelo and east towards Montevideo.

Colonia: Uruguays New Year-Round Destination

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Colonia del Sacramento

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Uruguays New Year-R!nd Destination...

Colonias Waterfront Rambla

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Colonia del Sacramento

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Uruguays New Year-R!nd Destination...

The Paseo del Sol Galleria

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Colonia del Sacramento

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Uruguays New Year-R!nd Destination...

New Hotel on the Waterfront Rambla

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Colonia del Sacramento

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Rush Hour in Colonia

Uruguays New Year-R!nd Destination...

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Colonia del Sacramento

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Sunset at the Sheraton Colonia Resort

Uruguays New Year-R!nd Destination...

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Colonia del Sacramento

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Colonias Historic District

Uruguays New Year-R!nd Destination...

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The Emirates Have Landed: You Cant Spell Dubai Without BA
The strengthening ties between Argentina and the Middle East just got a little stronger thanks to new daily service between Dubai and Buenos Aires aboard Emirates, the agship carrier of Dubai in the UAE. The rst Emirates ight to Argentina landed earlier this year in Buenos Aires, and an Argentine pilot was at the controls of the ultra-modern Boeing 777. Daily service between Dubai and Buenos Aires opens a critical bridge for passengers from the Middle East and Asia who can now y to BA more directly via Dubai instead of routing through the EU. Emirates ights from Dubai to BA will land daily at 19:30 and depart from Ezeiza to Dubai at 21:30. Both ights will make one Brazilian stop in Rio de Janeiro. The Argentina:UAE connection is an ideal union between two countries that are bucking the global malaise and charging full speed ahead into 2012: Argentina as a global magnet for trade and tourism and the UAE as the trend-bucking powered transportation hub of the Middle East. As the international gateway to Argentina, Buenos Aires is forecasting another record year of international tourist arrivals while Dubai International, which welcomed 50 million passengers in 2011, has reinforced its position as the worlds fth largest airport.

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Brazilians Choose Argentina for Shopping, Culture & Nightlife
We have charted the rapid rise of the Brazilian economy and the corresponding surge in Brazilian tourists in Argentina over the past few years. When the news broke that Brazilians were spending over US$2 billion a month on foreign travel, the Brazilian Central Bank said the combination ofeconomic growth and a strongrealwere the primary catalysts. While Brazilians only accounted for 15% of Argentina tourists in 2005, that number had grown to 33% by 2010, and the number of Brazilians staying in Argentine hotels rose 85% in 2010 alone. In an attempt to better understand the drivers motivating the Brazilians who choose their vizinho argentino, the Ministry of Tourism commissioned a study to dissect the prole of Brazilian travelers.

According to Panrotas, the University of Buenos Aires powered by named culture, proximity, accessibility and Center for Tourism Studies found that 31% of Brazilians Brazilians namedShopping as their primary motivator for an natural beauty among Argentinas many positives, while Argentine vacation followed closely by Cultural poor service, limited ight availability and aperception Offerings(25%) and Entertainment/Nightlife (23%). The of insecurity (Indeed a perception considering remaining one-fth of the motivation pie was split between Argentinas violent crime rate is one-fourth of Sports (11%), Nature (9%) and Education (1%). Brazils)as a few negative associations.

The second part of the survey examined the positive and negative top of mind associations that Brazilians have when considering Argentina versus other destinations.

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Argentina Named One of Worlds 4 Emerging Travel Destinations
Explosive growth countries like Brazil and China are BRICs, European debt traps are PIGS, and now a select few global travel meccas have been christened SLIMA. At the most recent World Travel Market in London, the leading global global event for the travel industry, attendees were asked to name the four countries they considered to be the worlds emerging tourism destinations. The results of the November survey were released yesterday and Sri Lanka, Indonesia, Malaysia and Argentina were the top four countries chosen by WTM 2011 attendees, hence the acronym SLIMA. In the World Travel Market Industry Report, Argentina was described as a destination with continued success, positive performance and great value for tourists.

Argentina Staycation Requests Jump Over 400%

A new report from Hoteles.com sheds some interesting light on the most sought-after vacation destinations among Argentines. The worldwide leader in hotel reservations just published the Top 20 list of global destinations with the largest one-year increase in search requests among Argentines, and destinos argentinos dominated 3 of the Top 5 and 6 of the Top 10. Cordoba ranked #1 with a whopping 496% increase in search requests between December 2010/2011 followed by El Calafate at #2 with a 489% increase and Iguazu Other Argentine destinations on the Top 20 list were Ta del Valle (#6, up 419%), Carilo (#7, up 418%), Tilcara (#9, up 405%) and Mendoza (#16, up 348%). (See next page)

Th e c h a i r m a n o f W o r l d Tr a v e l M a r k e t , F i o n a Jeffery, explained the motivation behind the 2011 survey, While the BRIC nations are and will continue to be important, there are other emerging countries that the travel and tourism industry needs to begin to take a closer look at.

powered at #5 with a 447% increase over the same period. Falls by

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Top 10 Ranking of Destination Search Requests from Argentina
(2010-2011 increase)

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Campo & Caviar: Uruguay Is the Perfect Mix of Wyoming & Saint-Tropez
They came in droves from Rio and So Paulo this summer and lled the nest hotels and restaurants in Jose Ignacio, La Barra and Punta del Este. The combination of rened luxury and rural tranquility proved equally appealing for thousands of travelers from the US and Europe. Alexander Vik, the owner of the Estancia Vik and Playa Vik in Jose Ignacio, describes coastal Uruguay as the perfect mix of Wyoming and Saint-Tropez, one of the best descriptions of la costa uruguaya since a WSJ reporter described Garzn as a town with dirt roads, stray dogs and a $48 ravioli. Vik GM Augustin Leone says 90% of guests come from Europe and the US, many of them art lovers from New York. Agencia EFE says Argentine polo players typically spend their summers in Uruguay before taking their ponies and talents to Palm Beach, Monaco and the Hamptons. Their jet-setting and networking abroad has been the catalyst for more Americans and Europeansdiscovering coastal Uruguay. Brazilians are following the lead of national developers like JHSF who can make more money with a seasonal luxury property in Punta del Este than a year-round business hotel in overpriced Brazil.

Americans, Brazilians and Europeans collectively may soon rival Argentines in terms of importance in the Punta del Este real estate market, because they dont face the same currency control and tax transparency issues now facing Argentine real estate investors in Uruguay.

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_FRANQUICIA_
(frnchise)

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With Wendys Return, Argentinas Burger Wars Are Heating Up
The ongoing battle for burger-lovin hearts and minds heats up tomorrow in Argentina with the ofcial return of Wendys to Buenos Aires. Ohio-basedWendysoriginally bought 11 Buenos Aires restaurants in the 1990s for $13.2 million and grew the chain to 18 company-owned restaurants before pulling out of Argentina altogether in 2000. Now, twelve years later, the smiling redhead with pigtails is back in Argentina with plans for 5 more Buenos Aires locations this year alone. The rst new Wendys in Buenos Aires is located in Belgrano one block from the rst McDonalds Arcos Dorados opened 25 years ago and two blocks from Burger King. The proximity is a tting allegory for the growth of competition in Argentinas fast food arena, a sector growing at a brisk 8% annually. McDonalds has over 200 restaurants in Argentina and annual revenue of over US$400 million. Burger King has 58 locations, and Wendys plans to open 50 new outlets in the coming years. In other Argentina burger news, Hollywood Burger whichpowered opened last year in Mendoza, just announced expansion plans to Dubai where the company will open the rst Hollywood Burger locations in the Middle East over the next 12-18 months. The companys Fresh Food, Fast! model and Hollywood-themed restaurants should be a hit in Dubai given its youthful demographics, large expat community and Hollywood ties.

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BA Barbie Store Has New Franchisees Thinking Pink (and Green)
The rst ofcial Barbie Store in the world opened in Buenos Aires in 2007 aimed at winning the hearts of girls aged 3-12 and simultaneously the credit cards of doting parents. The rst location in Palermo was such a hit, a second location opened in BAs Unicenter Galleria. Barbie then grabbed her passport and ew her pink G5 to Mexico City, Lima and Montevideo to open her rst stores outside of Argentina. Now the BA-based team behind the Barbie Store is ready to replicate their unique concept of fashiontainment around the globe using a franchise model. The stores target market is young girls but many times the mothers are the ones who are the most excited about at trip to the Barbie Store which features dolls, clothing, merchandise aimed at adults, the House of Barbie, and a Beauty Salon for manicures and pedicures. The Montevideo store which opened in 2011 was the rst Barbie Store franchise, and now the founders are eyeing expansion to the interior of Argentina. The brandhas established itself asleader infashion forgirls, and the business model is mature enough that we can grow it insmaller formats across the country, without neglecting the concept ofretailexperience that makes our stores unique, explains powered Pebly Garica, CEO of Barbie Stores. Opening a 1,000 to 2,000 square foot Barbie Store franchise requires an initial investment of approximately US$150,000 to $200,000 including store furnishings, initial inventory and working capital for the rst 6 months.

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InterContinental Opening New Hotels In Buenos Aires, Argentina
InterContinental Hotels Group (IHG) expanded its menu of Argentina hotel offerings this week with the opening of a new Holiday Inn near Ezeiza International Airport. IHG now has ten hotels in Argentina including the InterContinental Buenos Aires, the InterContinental Nordelta-Tigre and the Holiday Inn Express Puerto Madero. IHG announced major Argentina hotel expansion plans in October 2009 with an emphasis on extending the Holiday Inn and Holiday Inn Express franchises in Argentina and the simultaneous launch of two new hotels in the interior: the InterContinental Mendoza and the Holiday Inn Express Rosario. The company is focusing on business-friendly properties in Argentina which could eventually include IHGs Indigo Hotel, Staybridge Suites or Candlewood brands. The newest hotel, the Holiday Inn Buenos Aires-Ezeiza Airport, is a welcome addition for international travelers, powered especially considering the unpredictable nature of ights in and out of Argentinas busiest airport. Incredibly, the sevenstory, 114-room hotel is the rst hotel to open near Ezeiza International, which recently unveiled a new US$150 million Terminal. The new hotel is located ve miles from Ezeiza, shuttle service is available for US$20 and rooms are priced from US$125 per night.

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(intlligence)

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Parking Lot Values Soar in Auto-Centric Buenos Aires
New data charting the annual appreciation of parking space prices in Buenos Aires is good news for small investors looking for real estate diversication without the requisite US$100,000+ cash outlay for a Buenos Aires condo. Several supply and demand factors are in play including the fact that Argentines are buying 700,000 new cars a year, or a new ride every 44 seconds. For every 700,000 new cars sold, 53 million square feet of new parking spaces are needed. And while parking space demand is surging, the supply of available lots is plummeting especially in Capital Federal where more bike paths and Metrobus lanes are eliminating miles of curbside parking options. Another factor boosting appreciation of existing spaces is the fact that more than 1,000 parking lots closed in Argentina last year. Local analysts say many lot owners saw the value of their lots soar during the most recent Palermo (US$29,000) and Belgrano (US$27,000). construction boom and cashed out when approached by powered by Almagro (US$22,000) parking spaces were the most high-rise developers. The Capital Federal parking spaces affordable and also showed the highest annual ROI of that remain are coveted commodities appreciating nicely, as 16.22%. Centro parking spaces were also more evident in the adjacent graph. affordable (US$26,000); however, new legislation that Among ve of the most popular and densely-populated prohibits autos from entering downtown during peak Buenos Aires neighborhoods, the three with the highest hours is already having a negative impact on the value of average parking space values are Barrio Norte (US$29,000), those lots.

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Argentina, Colombia Competing for Foreign Investors
During the 1990s, Argentina reported annual GDP numbers over US$150-200 billion greater than South American rival Colombia. Argentinas nancial crisis proved to be a great equalizer a decade ago leaving both Argentina and Colombia with 2002 GDP numbers of approximately US $100 billion. The ensuing decade has been a story of tremendous growth and nearly lock-step movement as the two economies buck the global malaise and attract more foreign investment. And while Argentina may not be looking in the rearview mirror at the suddenly-surging chivita, Colombia denitely has its sights set on Argentinas bumper and is easing into the passing lane. With mounting decits, 23% unemployment and social unrest in Spain, Spanish companies are ramping up their Granados leaving little doubt about who Colombia investments in Colombia to the tune of US$274 million in considers their leading regional rival for the hearts and the rst 9 months of 2011 alone compared to just US$119 wallets of and powered by foreign investors. The economic stabilitythe million in all of 2010. Simultaneously, Spanish companies positive public image of Colombia created during exported US$668 million in goods to Colombia between unappableUribe presidency has carried over to the January and November 2011, a 32% increase over the same Santos administration. period in 2010. Regional investors in Colombia are drawn to the same We believe we are going to surpass the GDP of Argentina growth story, consumption patterns and youthful in 2014, says Colombian Minister of Industry Sergio Dazdemographics that exist in Argentina.

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10

City Of Buenos Aires Real Estate Options For Investing in 2012

Where? What? Why?

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1
9 de Julio Corridor South
Where: Avenida 9 de Julio corridor between Corrientes & Autopista 25 de Mayo

What: Existing residential, parking garages and mid-rise ofce buildings

Why: Proximity to Ave. 9 de Julio, San Telmo, Congreso & easy Autopista access

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2
Almagro Corridor
Where: 14-block corridor in Almagro barrio between Crdoba and Rivadavia

What: New and existing residential, low-rise retail and commercial, parking

Why: High trafc areas and attractive neighborhood with train and Subte access

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3
Barracas - BA Design District
Where: Barracas barrio south of 9 de Julio and southwest of La Boca

What: Ofce/warehouse space, retail and residential conversions

Why: Young, emerging barrio growing up around the new BA Design Center

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4
Boedo Corridor
Where: Avenida 9 de Julio corridor between Corrientes & Autopista 25 de Mayo

What: Existing residential, parking garages and mid-rise ofce buildings

Why: Proximity to Ave. 9 de Julio, San Telmo, Congreso & easy Autopista access

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5
Colegiales
Where: South of Belgrano and northwest of Palermo

What: Single-family homes, condos for conversion, midrise commercial on Cabildo

Why: Great location, more affordable than adjacent Belgrano and Palermo

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6
Congreso
Where: 50+ block area around the Argentine National Congress building

What: Mid-rise commercial, new residential and old buildings for conversion

Why: The Argentine equivalent of owning property on Capitol Hill

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7
Juan B. Justo Corridor
Where: 20-block stretch extending from Santa Fe southwest to Corrientes

What: Mid-rise residential, commercial, upscale retail, hotels, restaurants, boliches

Why: Palermo location, rst BA Metrobus corridor, new $50M Alto Palermo galleria

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8
Libertador North Corridor
Where: Avenida Libertador north of Belgrano barrio and south of General Paz

What: Both mid and highrise residential and ofce space, parking lots

Why: Proximity to BAs most expensive avenue at lower prices than Belgrano, Palermo

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9
Parque Patricios - BA Tech District
Where: Southwest of 9 de Julio, downtown and northwest of Barracas

What: Residential and ofce conversions for new IT companies & employees

Why: The BA Tech District is the core of the barrio. Many more services are needed.

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10
Villa del Parque
Where: 8 kilometers west of 9 de Julio and 3 kilometers east of General Paz

What: Existing residential for conversion, some new construction, mid-rise ofce

Why: Affordability with residential units priced well below $1,500/m2

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Healthy Outlook for Luxury Spas & Wellness Tourism in Argentina
Wellness tourism is on the rise in Argentina as more hotels and resorts adapt to foreign visitor demands for Aromatherapy, Chromatherapy, Hot Stones, Thai Massage and Herbal Treatments. From the nest Buenos Aires hotels to rural retreats in tranquil settings like Bariloche, Iguazu, and Mendoza, new spas are opening while existing spas are adding innovative face and body treatments to their menus. According to TUR Noticias, 87% of the treatments in Argentina use water as the essential cleansing element while others incorporate clay, algae, wine and mud, one of the healthiest components of spa therapies when it comes from the correct source and is used appropriately. Most high-end spas in Argentina have qualied directors who oversee spa quality controls and tailor treatments to the needs of each client.

Le Spa at Algodon Mansion in Buenos Aires

Industry ofcials at the 2011 European Medical Travel powered Conference said Health & Wellness Tourism generates US $100 billion annually and predicted 100% growth over the next decade, making it one of the travel industrys fastestgrowing segments. Luxury spas and unique treatments in Argentina include everything from Jungle Mist in Buenos Aires to chocolate baths in Iguazu to hydromassages in Villa La Angostura and crushed Malbec scrubs in Mendoza.

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Buenos Aires Real Estate Costs A Fraction of NYC, Paris, Brazil
But dont take our word for it. This report comes from the Jornal Florianpolis in the Southern Brazilian state of Santa Catarina. The article written by Beatriz Thielmann of Jornal Floripa was intended to emphasize just how expensive real estate in Brazil is today, especially in Rio and Sao Paulo. The headline, Real Estate in Sao Paulo and Rio de Janeiro is More Expensive than European Cities, was the launching pad for an average cost comparison of an 860-square foot (80m2), 2-bedroom condominium in some of the best neighborhoods of ve global megacities: Buenos Aires, New York, Paris, Rio and Sao Paulo. Research shows that housing prices in Sao Paulo and Rio de Janeiro are something for the rich, Thielmann writes adding, It would be cheaper to have a view of the Eiffel Tower from your window.

Of the ve chosen cities, New York tops the list with a price of US$ 849,762 (R$ 1,572.060) followed closely by powered by the Leblon Beach neighborhood of Rio de Janeiro at US$ Of the ve cities in the report, Buenos Aires real estate is the 741,881 (R$ 1,372,480). The City of Lights clocks in at cheapest with an average price of US$ 181,504 (R$ number three with an average price of US$ 648,649 (R$ 335,782). Compared to Buenos Aires, Sao Paulo properties 1,200,000) making it more affordable than Rio de Janeiro are 128% more expensive, Paris 257%, Rio 308% and New but still more expensive than Sao Paulo. York 368%

The average two-bedroom apartment in the Jardim Paulista barrio of Sao Paulo costs US$ 414,486 (R$ 766,800) or US$ 481 per square foot (US$ 5,175 per m2).

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10

City Of Buenos Aires neighborhoods and real Estate prices

barracasvillaurquizarecoletapuerto llitopuertomaderopalermoviejobarr eropalermohollywoodbarrionortesa zasantelmobelgranocaballitopalerm

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1
barracas
new condo prices
US$158/SF US$213/SF

used condo prices

photo: investba

US$130/SF US$185/SF

new: 13-21% used: 16-17%

1-mo. Appreciation

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2
barrionorte
new condo prices
US$260/SF US$297/SF

used condo prices

photo: paula soler-moya

US$176/SF US$232/SF

new: 7-18% used: 10-20%

1-mo. appreciation

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3
belgrano
new condo prices
US$213/SF US$278/SF

used condo prices

photo: mike wegner

US$153/SF US$204/SF

new: 4-6% used: 10-17%

1-mo. appreciation

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4
caballito
new condo prices
US$176/SF US$250/SF

used condo prices

photo: pedro bartholomai

US$140/SF US$176/SF

new: 3-5% used: 5-7%

1-mo. appreciation

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5
palermohollywood
new condo prices
US$158/SF US$213/SF

used condo prices

photo: investba

US$130/SF US$185/SF

new: 12-13% used: 11-14%

1-mo. appreciation

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6
palermoviejo
new condo prices
US$214/SF US$278/SF

used condo prices

photo: mara varela

US$158/SF US$195/SF

new: 7-8% used: 6-33%

1-mo. appreciation

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7
puertomadero
new condo prices
US$418/SF US$622/SF

used condo prices

photo: investba

US$343/SF US$464/SF

new: 3-11% used: 5-10%

1-mo. appreciation

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8
recoleta
new condo prices
US$325/SF US$464/SF

used condo prices

photo: investba

US$250/SF US$315/SF

new: 11-13% used: 8-10%

1-mo. appreciation

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9
santelmo
new condo prices
US$158/SF US$185/SF

used condo prices

photo: zonaprop

US$130/SF US$162/SF

new: n/a used: n/a

1-mo. appreciation

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10
villaurquiza
new condo prices
US$185/SF US$232/SF

used condo prices

photo: zonaprop

US$158/SF US$195/SF

new: 11-25% used: 13-24%

1-mo. appreciation

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Nueva Costa del Plata: The $2 Billion Puerto Madero of the South
The number of waterfront development mega-projects under construction in Buenos Aires just grew to three, and el tercero will be larger than the rst two combined. First there was Solares de Santa Maria, the US$900 million island between Puerto Madero and La Boca. Then came Alrio Vicente Lopez, the US$800 million planned, mixed use development on the north side of town. Now, the US$2 billion Nueva Costa del Plata is aspiring to become the Puerto Madero of the South. The South in this instance means the Quilmes/Avellaneda area approximately 20 kilometers south of Downtown Buenos Aires, and the project has the full support of the governments of both municipalities, according to La Nacions Pablo Tomino who says local ofcials consider the project a new Puerto Madero, but for the whole world with apartments, restaurants, recreation areas, ve-star hotels and a university campus. Nueva Costa del Plata will be spread over a 540-acre powered waterfront parcel with 3 miles of coastline, 75% of which will be open to the general public. Tomino says the project will take 12-15 years to complete. By 2025, the developer, Techint, is forecasting 30,000 full-time residents and 80,000 visitors every weekend.

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More Boats, Jets & Helicopters Make Punta del Este Pilgrimage
The number of yachts, helicopters and private jets descending on the waterfront playground of Punta del Este has doubled in the past two years, according to a new analysis in El Pais. And while Argentines still account for the majority of all arrivals on private planes and watercraft, the number of visitors from Brazil, the US and other foreign countries keeps growing, according to Viviana Ruggiero. Ruggiero pegs the market value of all private aircraft and watercraft arriving in Punta del Este at US$1 billion. On water, the approximate value of all yachts arriving at the Port of Punta del Este rose from US $150 million in January 2010 to over US$300 million this January. 543 yachts passed through the Port of Punta del Este this summer, and their owners paid as much as $4,500 per day in docking fees. At the Laguna del Sauce Airport (top photo), the number of private planes landing was 6,500 for all of 2011. In one month this summer, there were 3,000 private plane arrivals and departures meaning 2012 will be another record year. During the peak summer season, the approximate value of jets parked at Laguna del Sauce was US$500 million including several Gulfstreams and an Airbus 320. powered The value of all private helicopters landing in Punta has also doubled in the past two years. Typically ve to ten helicopters are on the tarmac at El Jaguel. When the owners are not ying over the waters of Rocha and Jose Ignacio, several helicopters are used as private taxis to Buenos Aires at an average cost of US$3,000 per trip.

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dreamer... designer... inventor... innovator...

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Uruguay native Ramiro de Len is one of South Americas rising stars in the world of haute couture fashion. His 2012 collection, Impulsos, was recently unveiled at the Conrad Hotel in Punta del Este, and InvestBA was there to capture the moment and interview the brains behind the collection. de Len, who began designing in his parents workshop at the age of 21, is much more than just a designer...he is an inventor and fashion innovator. Constantly pushing the envelope in terms of textiles, de Len specializes in the creation and development of design tools based on his textile research. Through his research and collaboration with the Uruguay Laboratory of Technology, de Len now holds a variety of copyrights and patents for original pleats, original prints, laser cuts for fabrics and organic ornamentation.

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Original Textile Ramiro de Len Finished Textile

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Ramiro de Lens 2011 Collection, Sombras, was unveiled last year in Punta del Este and very well received by the fashion press. The brilliant oranges,blues and pinks of Sombras contrast sharply with the black and white tableau of the new collection, Impulsos. de Len says the works of Italian artist Omar Galliani (pictured below) served as the inspiration for Impulsos. The collection is testament to an artist who continues to push the boundaries of haute couture as a desinger and the boundaries of technology as a modern textile researcher and fashion innovator. www.ramirodeleon.com

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Algodon Mansion: First BA Hotel In Relais & Chteaux Collection
From Gotham With Love. Thats how we summed up our initial impression of the Algodon Mansion in last summers issue of InvestBA Privada. Now it seems the hotel that redened the luxury category in Buenos Aires has joined one of the most exclusive clubs of hoteliers, chefs and restaurateurs. Algodon Mansion is the rst and only Buenos Aires hotel to become a member of theRelais & Chteaux Collection. According to Relais & Chteaux, The hotels 1912 French classical landmark building has been impeccably restored and re-imagined with stylish contemporary elegance. Attended by 24-hour butlers, each of the 10 suites overlooks the shady residential street as well as an exquisite interior light-well and waterfall cascading into the lobby. Rooms are exceptionally spacious and offer superior amenities and comfort. The restaurant, Chez Nous, reinterprets traditional regional dishes, taking Argentine gastronomy to a new level. According to Travel Pulse, Chez Nous becomes only the powered second Buenos Aires restaurant to join the Relais & Chteaux Collection. The Algodon Wines featured at Chez Nous also received their share of accolades this month when Robert Parkers Argentina Wine Ratings were released. The 2008 Algodon Malbec received a 91 and the 2008 Algodon Bonarda received a 90.

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Coastal Uruguay Is The Perfect Backdrop for J.Crew Catalog
NYC-based specialty retailer J. Crew has released their new catalog, and Uruguay is the chosen destination for the 140-page collection. The beaches of Punta del Este and Jose Ignacio are no stranger to models or New Yorkers in January, so a summer shoot in Uruguay probably made perfect sense. We traveled to Uruguays breathtaking landscape to showcase our new spring collection, reads the catalogue introduction, the rolling green hills, saturated skies and rocky beaches made for the perfect backdrop. (Well, minus the occasional tarantula run in.) So go ahead, start exploring In addition to their models, the J. Crew photographers do a wonderful job showcasing the terrain that makes Uruguay one of the most beautiful countries in Latin America. The juxtaposition of rolling hills, dense pine forests and white sand beaches is a combination unique to Uruguay coastal Departments like Maldonado and Rocha. The subtle greens and blues of the Uruguay landscape make a strong contrast with the bright colors of the spring collection.

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Messi by The Glass: Argentine Wine Inspired by Worlds Greatest Player
Like ne wine, Rosario native and Barcelona striker Leo Messi only gets better with age, so it seems only tting that the worlds greatest futbol player have his own bottle of wine. Thats the idea behind Leo, a new collection from the Valentin Bianchi Winery inSan Rafael, Mendoza. The 24-year-old, multiple Ballon dOr winner has proven his ability to sell everything from $200 Adidas cleats to Chinese cars, so Argentine wine should be a cinch by comparison. In fact, if measured by the kilo, Argentine wine and Messi are two of Argentinas most valuable exports. And true to La Pulgas philanthropic form, a portion of the proceeds from the sale of Leo will go towards charitable causes. In launching the wine, Bianchi is collaborating with the Leo Messi Foundation in an effort to promote projects geared towards the health and development of children. Founded in 2008, the Foundation offers training internships in Barcelona powered for Argentine doctors who specialize in the treatment of childrens cancer. Most recently, the Foundation opened a sports facility for the children of Rosario. The Valentin Bianchi Winery is located in San Rafael, Mendoza, recently named one of the Worlds Best Places to Retire by CNN/Money and Fortune Magazine.

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Argentina Prime For More Public Boat Facilities & Private Marinas
With over 3,000 miles of coastline, an avid boating population and very few large-scale marinas, Argentina is fertile ground for foreign investor groups interested in developing private and public marina projects. The main barrier to marine industry growth in Argentina has been the lack of marinas and boat storage facilities, but that could begin to change this year. The marine industry in Argentina is comprised of 120 national manufacturers of sailboats, motorboats, yachts and other watercraft. Many of those boats are docked in the major port areas around Buenos Aires and the northern neighborhoods extending from the northern boundary of Capital Federal to Vicente Lopez, San Isidro, San Fernando and Tigre.

Industry ofcials in Argentina are planning to leverage the event in an effort to attract more foreign investors and marine developers to the Argentine coast.

Compared to the government regulations, public Considering that those northern suburbs account for the opposition and environmental obstacles they face in highest concentration of active boaters and wealth in places like California and South Florida, Argentina will Argentina, that coastline is prime to explode in the coming be smooth sailing. powered by decade, especially considering the number of new marina projects planned just across the river in Uruguay from Carmelo south to Colonia del Sacramento. A good indication of international interest in local marina development opportunities is the fact that Argentina will play host to the International Council of Marine Industry Associations (ICOMIA) 2012 Annual Meeting in October.

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Social Gaming Studios Attracting Argentinas Creative Class
The number of video game studios keeps growing in Argentina, and the demand for creative professionals keeps rising along with the complexity of games being developed for smartphones and tablets. According to iProfesionals Cecilia Novoa, there are now 65 video game studios in Argentina, and 95% of the games and apps they produce are exported to foreign countries with the United States being the number one destination. The Argentina Association of Video game Developers (ADVA) says 85% of the countrys video game studios were founded after 2000, the average age of workers is 27, and most of the studios are focused on developing games for smartphones, social networks like Facebook and other avenues of digital content distribution for corporate clients. ADVA says the explosion of global demand for these types of casual games is what is sustaining the Argentine studios and local companies.

Novoa says the Argentinas role in the gaming world has evolved from being a mere software factory (2003-2007) powered wannabe player in the creation of games for Just like Hollywood studios, the Argentina video game studios and by draw on talented individuals from a wide range of industries consoles like Playstation, Wii and Xbox. Today the focus to create original games and apps. Programmers, designers, is rmly on making games and apps for smartphones, artists, illustrators, engineers, actors, screenwriters, musicians tablets and social networks. And unlike console games and testers are just a few of the job descriptions of workers at which can take 2-4 years to complete, Novoa says Buenos Aires app and videogame studios like Gameloft, Argentine studios can crank out new social games and InnixSoft and Vostu. apps every month.

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Mendoza Vineyards: Best Appreciation Among Global Wine Regions
Mendoza lot prices rose an average of 18% in 2011, according to new data released from the Mendoza Real Estate Association. The analysis found while the price of the average lot in Mendoza rose 18% last year, there were some cases where annual appreciation was closer to 25% depending on the lot size, location and surrounding amenities. Local experts point to the scarcity of available land in Mendoza given the recent wave of new construction and master-planned communities requiring hundreds or thousands of acres. Local brokers report the majority of Mendoza land transactions are all cash deals. A spokesman for the Mendoza Real Estate Association, Santiago Debe, says the group is forecasting continued Mendoza real estate appreciation in 2012 given the virtual lack of other investment options considering currency controls, nancial investments with returns lower than expected ination and continued volatility in the stock market. For these reasons, the real estate market will continue to be the safest and most protable alternative for Mendoza residents.

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The 18% average appreciation story is an important part of a larger narrative being told to Citi Private Banking clients through the Knight Frank Wealth Report. The most recent issue of the Wealth Report features an article titled, The Market for Lifestyle Vineyards, which analyzes real estate appreciation in fteen of the worlds most famous wine regions from Napa to Chianti to Bordeaux. (See Next Page) Of the fteen regions surveyed, Mendoza was #1 in terms of 2010 price appreciation (+15%) almost double the #2 region, the Colchagua Valley in Chile (+8%). The other thirteen regions posted either zero growth or double-digit declines including Var (-15%), Chianti (-16%), Hawkes Bay (-23%) and Napa Valley (-25%).

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Copyright Knight Frank LLP.

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Uruguay Wines Win Medals Abroad; Record Exports to BRIC Nations
Uruguay wine is garnering a good reputation and loyal following abroad, especially in BRIC nations where demand for bulk wine is strongest. Industry analysts predict Uruguay will export record amounts of both wine (14 million liters) and grape juice (3 million liters) in the rst half of 2012. In the rst two months of this year, Uruguay exported 4 million liters of bulk wine to Russia and China. Today Uruguay is exporting 17% of the countrys wine production, and trade ofcials expect that percentage to grow to 20 or 25% by the end of this year. Uruguay has 220 vineyards with 50,000 workers producing several varietals including Tannat, the countrys signature grape and leading export to foreign markets. While Uruguay bulk wines are gaining market share in emerging markets, the countrys premium wines have been garnering medals at several international wine competitions. According to Impulso Negocios,22 Uruguayan wines won gold and silver medals in 2011 in Argentina, Canada, Chile, France, Hungary and Switzerland. Basque immigrants rst introduced Tannat to Uruguay in 1870, and the grape is perfectly suited for the countrys soil and climate. Today, Tannat accounts for one-third of the grapes grown on Uruguays 20,000 acres of vineyards. In addition to quality Tannats, many boutique wineries in Uruguay offer unique blends that combine Tannat with Cabernet Sauvignon, Merlot, Syrah or Pinot Noir.

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presents

Argentinas top

10

wine Export Markets

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DENMARK

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THE COUNTRY Population: 5.579 Million Annual Wine Production: Scarce Per Capita Consumption: 32 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 13.1 Million Per Month 2011: US$ 11.3 Million One-year % change: -13.4%

SWITZERLAND

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THE COUNTRY Population: 7.870 Million Annual Wine Production: 1.1 MM hl. Per Capita Consumption: 38 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 11.9 Million Per Month 2011: US$ 12.5 Million One-year % change: 4.1%

SWEDEN

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THE COUNTRY Population: 9.48 Million Annual Wine Production: Scarce Per Capita Consumption: 20 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 11.6 Million Per Month 2011: US$ 13.4 Million One-year % change: 15.5%

CHINA

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THE COUNTRY Population: 1.34 Billion Annual Wine Production: 1.5 MM tons Per Capita Consumption: 1.2 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 8.31 Million Per Month 2011: US$ 14.4 Million One-year % change: 73.5%

MXICO

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THE COUNTRY Population: 112 Million Annual Wine Production: 52,700 tons Per Capita Consumption: 0.5 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 14.1 Million Per Month 2011: US$ 14.6 Million One-year % change: 3.5%

NETHERLANDS

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THE COUNTRY Population: 16.7 Million Annual Wine Production: Scarce Per Capita Consumption: 17.8 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 34.8 Million Per Month 2011: US$ 35.4 Million One-year % change: 1.6%

UNITED KINGDOM

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THE COUNTRY Population: 62.3 Million Annual Wine Production: 30,346 hl. Per Capita Consumption: 21 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 39.7 Million Per Month 2011: US$ 43.2 Million One-year % change: 8.9%

BRAZIL

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THE COUNTRY Population: 192.4 Million Annual Wine Production: 340,000 tons Per Capita Consumption: 1.6 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 49.2 Million Per Month 2011: US$ 60.1 Million One-year % change: 22.1%

CANADA

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THE COUNTRY Population: 34.6 Million Annual Wine Production: Scarce Per Capita Consumption: 9.9 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 75.6 Million Per Month 2011: US$ 73.8 Million One-year % change: -2.4%

UNITED STATES

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THE COUNTRY Population: 312 Million Annual Wine Production: 2.2 MM tons Per Capita Consumption: 8.9 liters ARGENTINA WINE IMPORTS Per Month 2010: US$ 203 Million Per Month 2011: US$ 235 Million One-year % change: 15.6%

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Global Grape: US Malbec Consumption Approaches Argentina Levels
US wine enthusiasts now consume almost as much Malbec as Argentines, according to a new industry report. In the last nine years, Malbec exports have grown 27.4x (from US$14.4 million in 2002 to US$394.4 million in 2011) to a level where today almost as much Malbec is consumed in the United States as in Argentina: 47.6 million liters in the US compared to 55.4 million in Argentina. Luigi Bosca director Alberto Arizu credits the US$1.5 billion invested over the last twenty years to improve winemaking in Argentina, of which one-third or US$500 million has gone toward improving Malbec production. Arizu says there were only 24,000 acres of Malbec being harvested in Argentina in 1995 compared to over 74,000 acres today. While acreage tripled over the past seventeen years, powered Malbecs phenomenal growth story lies in the annual growth rate in Malbec sales to international markets like the US, Canada, Brazil and China over the past decade: a whopping 44%. Today, Argentine Malbec accounts for 49.7% of international revenue and 33% of volume of Argentine wines sold abroad.

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Argentine Malbecs Compete for Shelf Space in the US

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lgodon Wine Estates

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lgodon Wine Estates
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More Foreigners Buying in Mendoza
The number of foreign investors buying real estate in Mendoza continues to rise according to a new survey of buyers and brokers in Los Andes Online. Gabriela Balls says investors view Mendoza as a safe place to invest with regions like the Valle de Uco, Vistalba, Chacras de Coria and San Rafael as some of the most sought-after destinations in Argentinas most prolic wine region. In terms of who is doing the buying, Balls says our neighbors from Chile top the list followed by the French, Americans, Italians, Spaniards and Canadians. The economic slowdown in Europe has triggered a wave of Mendoza-bound migration from Spain and Italy, while similar malaise in our hemisphere is resulting in more North Americans investing in Argentina vineyard properties, raw land or second homes in Mendoza. Balls spoke with one broker who listed New York, Los Angeles and Miami as three of the U.S. markets where the number of inquiries for investment opportunities in Mendoza have risen sharply in recent months with crisiseeing Europeans and real-toting Brazilians rounding out the Big 3. The author said every broker she consulted says foreign investors are drawn to casual living elements surrounding the vineyard lifestyle like ne dining, golf, tennis, hotels, Spas, polo and horseback riding.

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The Pablo Atchugarry Foundation in Uruguay