Don't rely on just one real estate agent in Buenos Aires to find the best deals

When I started looking to buy an apartment in Buenos Aires I was under the impression that I would walk into a real estate agency, meet an agent and then he/she would show me around to several apartments matching the description of the type of property I was looking for and eventually I would end up buying one.  I was shocked to find each real estate agent I visited would only show me properties listed by their own agency.

I researched the buying process online and the resources I came across stated that the first step to buying property in Buenos Aires is finding a good real estate agent. If you’re coming from the States or somewhere else where a buyer’s agent helps you through the process of buying, this seems obvious and makes sense however in Buenos Aires this is NOT how you should look for your new home.

Buyer’s agents will generally only show you the properties that they have listed.  Sometimes they work with one or two other agencies but in most cases they will only show you a small subset of the properties on the market.  If you want to see more homes and get a better understanding of the prices do not rely on one broker to do all the searching for you.

So how should one search for real estate in Buenos Aires without a dedicated buyer’s agent?  If you speak Spanish well, the simplest option is to find the property yourself and then contact the broker that listed the property.  I used to recommend picking up the real estate section of the Clarin on weekends but now you’ll find many more listings online and with more information.  You can use our site MoveGlobally.com but you should also checkout the biggest online real estate listing websites for Buenos Aires which are ZonaProp, Argenprop, and enbuenosaires.com. ZonaProp and Argenprop are only in Spanish but enbuenosaires.com and MoveGlobally.com are in both English and Spanish.

Another option if you already know the area in which you want to buy is to walk through the neighborhood or areas you’re interested in and note the phone numbers on any for-sale signs you see and visit every real estate broker that you come across.  It’s a bit time consuming but if you’re seriously interested in checking out all of the options and want to find the best deals it’s worth the time and will also help you get to know the neighborhood better.

If you don’t speak Spanish, you should try to find a Spanish speaker that you can trust to help you through the process. I’ve heard of a few people using real estate consultants that charge a fixed fee.  I haven’t worked with any myself so I can’t comment on how helpful they are but make sure that they aren’t working directly with a small set of agencies and be sure to check their references.

One last note about working with real estate agents is that most do little more than connect you with the seller and take a commission.  Often times they won’t even go to the closing. In the States the buyer’s and seller’s agents generally provide all the documentation and contracts that you need and provide assistance until the deal is closed.  A title lawyer will review the title to make sure it’s clear of liens or other debts but chances are you’ll never meet him or her.

In Argentina the escribano (title lawayer) plays a very critical role and is the person most responsible for ensuring that the deal is legit and that you don’t get taken advantage of.  Never sign a contract or put any money down until you talk with your escribano.  You should also always use you’re own escribano and not one recommended by the buyer or seller’s agent to ensure that the lawyer is working on your behalf.

Best of luck in your search and please leave a comment if you have any experience working with consultants or any other feedback or relevant anecdotes.

Resources

• Argenprop
• enbuenosaires.com (Available in English and Spanish)
• MoveGlobally.com (Available in English and Spanish)
• ZonaProp

Visit Mexico City for free medical coverage until December

In an attempt to help the country recover from the economic devastation caused by the swine flu pandemic, the Mexican government has recently made a surprising announcement. As of this past Tuesday July 28, all tourists (domestic and international) to Mexico City will benefit from free medical care until the end of the  year.

The plan covers any and all medical services relating to the swine flu, as well as ambulance and emergency room services, hospitalization (resulting from an emergency), medicines administered and/or prescribed for any illnesses or accidents that occur while in Mexico, medical repatriation expenses, hotel convalescence stay, and even emergency dental care.

Mexico City’s Secretary of Tourism, Alejandro Rojas Díaz Durán, estimates that this Tourist Medical Assistance program will cover around 7 million tourists this year.

Sources:

• Boletín del GDF sobre cobertura médica al turista
• Mexico: Free Health Insurance for Tourists

Kudos

• Thanks to Mario de Leo for the photo

The magnificent beaches on Colombia's Caribbean coast are just one of the attractions drawing tourists from all over the world to Colombia.

The tourism industry has been hit hard with the recent economic downturn, however tourism in Colombia keeps on rising. According to a study done by the National Police, the number of foreigners visiting the country has increased by more than 125% since 2002. The South American nation has also shot up 12 places in the worldwide ranking for congress and convention tourism set by the ICCA (International Congress & Convention Association), it currently ranks in at 38th place, compared to its 50th place position in 2007.

Coastal destinations such as Santa Marta and Cartagena, which have long been the most popular domestic tourist destinations for Colombians, as well as the capital Bogota, are where the vast majority of foreign traffic has been reported, seen, and felt. Although it bears mentioning that the small town of Pasto, in the southwestern part of the country has reported a jaw-dropping 1143% increase in tourism for the period of January to March of this year compared to 2008.

There are many underlying reasons for why Colombia is experiencing arguably one of the most important recoveries in Latin America, but undoubtedly the huge improvement in terms of security is what has made it all possible. The efforts made by the Colombian Government to reassert control through the country have been met with amazing results. The extremely publicized kidnappings by left-wing guerrillas which plagued the country in the 80’s and 90’s have been drastically reduced.  To date there are only 125 confirmed hostages being held for ransom, which to put into perspective, is significantly less than many other popular tourist destinations such as Mexico, Brazil, Ecuador and South Africa.  It is clearly evident that Colombia has lost its status as the “kidnapping capital of the world”.

Colombia is one of the countries leading the way in two growing tourism trends: the eco-tourism wave, and the ultra-chic “health tourism” dominated by cosmetic surgeries. Colombia’s modern private healthcare system is available throughout the country, and any foreigner can purchase a health coverage plan for a fraction of what it costs in the United States. But even without health insurance, you can get a top-notch medical procedure done for a shockingly low price. I had a Lasik-eye surgery done in 2008 under my health coverage plan. Even without a plan the price would have only been $200 USD. It would have been impossible to get the same surgery done for less than $2000 USD in the United States.

Because Colombia is one of the most biologically diverse areas in the world, and has more species of birds than any other country, it is no wonder that eco-tourism has taken off there. Bird touring, for example is a fast growing business which brings in hundreds of foreign tourists each year. Colombia has over 1800 species making it the most diverse country for bird watching in the world.

Another important factor contributing to the increase in foreigners visiting Colombia has to do with the boom in foreign investment. In 2008, 80% of the foreign investment in all of South America was concentrated in just three countries: Brazil, Chile and Colombia. Foreign investment is welcomed with open arms in Colombia. Foreign investors enjoy the same rights as locals, and are granted full ownership titles. Many foreigners travel back and forth from their country of origin to Colombia to manage their businesses or real estate investments, or simply relax in their vacation home.

As the country’s political and economic situation improves, the real estate market will become stronger and investment and development opportunities will abound attracting not only tourists but investors and expats too.  Many people are realizing that there has never been a better time than now to discover Colombia.

Related Articles:

• Colombia improved 12 positions in the world ranking of congress and convention tourism
• With Rebels on the Run, Colombia Is for the Birds – And Binoculars
• Kipnapping Statistics
• Colombia antoja cada vez más a extranjeros
• Aumenta 11,2 por ciento los viajeros extranjeros a Colombia
• La inversión extranjera en América Latina

Kudos:

• Thanks to Fred Fraces for the lovely photo

Find your Latin American dream home but beware of scams

Latin America has many great places to invest and buy real estate and the process is generally smooth however there are a few things you need to watch out for. Besides the fundamental cultural differences in business etiquette you need to make sure that the deal is legit. Of course there are real estate scams in other parts of the world but the problem is often exacerbated due to differences in laws, your rights as a foreigner, and the difficulty of researching and verifying the history of a property.

Domenick Buonamici, an American expat living in Ecuador, recently posted a article entitled “Real Estate Scams in Latin America to Avoid” which outlines seven of the most common complications/scams that foreign investors come across when purchasing real estate.

One situation mentioned in the article is what is referred to as the “Uncle Larry Scam”, when the house is sold and the current tenant either wasn’t informed, or for whatever reason simply refuses to leave. Since the authorities usually don’t serve much help in these sorts of cases, Buonamici advises that the buyer makes sure the house is tenant-free before shelling out any cash to the owner or the agent.

Other scams mentioned in the article are those that involve falsification of documents, (it is ridiculously easy to forge pretty much any kind of document in Latin America) or failing to follow the local registration protocol, rendering your recent property purchase invalid.

The good news is that most of these situations can be avoided by simply hiring a good attorney to help you with the process. So one should not be dissuaded from buying a beach cottage on the Mayan Riviera or a mountainside chalet in Patagonia, because as Buonamici states, investing in Latin America has been “the best choice many people, myself included, ever made”.

Its also a good idea to get advice from other foreigners who have experience purchasing property in the country you are interested in before making any sort of investment. Online expat forums for the country that you want to buy property in are often a good source for this kind of information.

To see the complete list of scams and tips, check out Buonamici’s article.

Related Articles:

• Real Estate Scams in Latin America to Avoid
• Vacation Rental Tips

Kudos:

• Thanks to alvez for the photo

Argentines have increased travel abroad by 17% compared with last year

In spite of the worldwide economic slowdown and the noticeable reduction in foreign tourists visiting Argentina compared to years past, according to the National Statistics Agency (INDEC), Argentines are traveling abroad in significantly greater numbers than they did last year.

A recent article published in The Argentine Post talks about some of these trends, particularly the disparity between the sharp decrease in tourist dollars being injected into the Argentine economy, a 24% decrease from last year, and the reported increase in Argentine nationals making trips outside of the country.

According to the INDEC, the number of Argentines making trips abroad rose by 17% in the month of April, which would indicate that not all Argentines are hurting from the extremely publicized recession. Yet an article published in the national newspaper Clarín, provides some clarity to this statistic.  According to the travel agents interviewed in the Clarín article, the increase in trips abroad made by Argentines is a result of an increase in business travel, not tourist travel, which in fact has fallen. Some travel agents have reported a decrease of up to 40% compared with last year.

What is clear though, is that tourism has declined considerably in 2009, which is a reality shared by most other popular tourist destinations around the world.

Related Articles:

• Tourism Falls But More Argentines Travel Abroad
• Según el INDEC, Argentinos viajan cada vez más al exterior – (Clarín article in Spanish)

Kudos:

• Thanks to laullon for the photo

Buenos Aires is named the World Book Capital for 2011

This week UNESCO (The United Nations Educational, Scientific and Cultural Organization) announced that Buenos Aires has been chosen  as the 2011 World Book Capital. According to the UN, Buenos Aires was chosen because of the “quality and variety of its proposed programme as well as for the consolidated strategy on which it is based”. UNESCO aims to recognize cities that promote reading and literature. The 2009 World Book Capital is Beirut.

Go to the UN News Centre to see the full article including past and future honorees.

Related Links:

• What is the World Book Capital?

Kudos:

• Thanks to Longhorndave for the photo

The 48 official Buenos Aires Barrios

Chances are if you ask someone who has spent any considerable amount of time in Buenos Aires where they lived and hung out, the standard answer will be either Palermo, Recoleta or San Telmo.  I am a perfect example, for in the year and a half I have called Buenos Aires my home,  I am ashamed to admit that seldom do I stray from my comfortable Palermo stomping grounds.  This is unfortunate because each of the over 40 different barrios (neighborhoods) that make up this city have their own charm. And because Buenos Aires is such a popular tourist and expat destination, there are myriad of online Buenos Aires city guides available.  Unfortunately many of these guides only cover the standard tourist areas, or even worse, provide less than accurate information. My aim here therefore is to give you a quick rundown of some of my favorite online barrio guides of Buenos Aires.

Wikipedia’s Neighbourhoods and Communes of Buenos Aires provides probably the most comprehensive and unbiased breakdown of each of the 48 different neighborhoods that the city is composed of, complete with a map outlining each zone and explanation of some of the unofficial, yet commonly referred to barrios such as Barrio Norte and the various sub-categories of the ever-expanding Palermo zone.

LandingPadBA.com -  Claims to “give you an insiders edge” on BA and I feel it does just that. In addition to information on current events and entertainment, this site provides a very comprehensive rundown of most of the barrios, rating each one on a variety of different attributes such as safety, tourism, transportation options, average price for a beer, and the general onda (vibe) of the area. The “Barrio/Area Guide” Index page allows you to select each barrio from its location on a map of the city. This site is aimed at the more alternative & younger (or young at heart) sort of traveler.

Expose: Buenos Aires – This expat blog provides a nice, concise breakdown of most of the city’s neighborhoods, outlining what the writers deem to be the pros and cons of each area, as well as a chart for each neighborhood ranking its level of safety, affordability, culture and other fun facts.  The site also provides information on a wide variety of other topics such as culture, entertainment, transportation, finding work, and links to other blogs.

Frommer’s Getting to Know Buenos Aires Neighborhoods although definitely geared to tourists, is a good single-page overview of the main neighborhoods of the city. It also renders basic information often missed by other guides, such as the lack of convenient subway access to such popular areas as Recoleta, la Boca and Puerto Madero.

Let’s Go Buenos Aires Neighborhood Overview is another good single-page guide, and in spite of the fact that it’s also targeted to tourists, it does go a bit more in depth than the Frommer’s guide.  I like its honest insight on some of the most popular tourist areas (for example, the rather offensive odors of la Boca which emanate from the incredibly polluted Riachuelo river that flows past the area) as well as the safety factor of various areas. This page also provides a quick rundown of what they refer to as the “outer barrios” such as Belgrano and Caballito, which most single page guides don’t even mention.

The Nile Guide – Covers many neighborhoods often overlooked (like Congreso and Abasto) and the distinguishing feature of this guide is that it provides information on the general “things to do” available in each barrio directly from its location on a Google map, making it easy to compare the different neighborhoods on activities and relative location from each other.

This is clearly by no means an exhaustive list of the Buenos Aires neighborhood guides available online, and I am sure there are many other good ones out there,  so if you know of a useful, unbiased, online guide please let me know!

Kudos

• Thanks to Carrie Mathers-Suter for making the map of Buenos Aires Barrios for us

The index is a value-weighted average of 20 metro area indices. Here are the percentage price declines over the past year for the key 20 metro cities covered by the index

1. Phoenix – 36%
2. Las Vegas – 31.2%
3. San Francisco – 30.1%
4. Miami – 28.7%
5. Detroit – 25.7%
6. Minneapolis – 23.3%
7. Tampa – 22.4%
8. Los Angeles – 22.3%
9. San Diego – 22%
10. Chicago – 18.6%
11. Washington – 18.4%
12. Seattle – 16.4%
13. Atlanta – 15.7%
14. Portland – 15.3%
15. New York – 11.8%
16. Charlotte – 9.3%
17. Cleveland – 9%
18. Boston – 8%
19. Dallas – 5.6%
20. Denver – 5.5%

Resources

• See the full S&P Case-Shiller Report
• Read the Wikpedia Case-Shiller Index entry describing the index

According to Mercer’s annual ranking of the world’s top 50 cities in terms of quality of life, in European capitals people “live the good life”.

The major factors used to rank the locations include the economic & political stability, social & cultural conditions, education, public services, housing, and entertainment options.

The survey also ranked the cities’ infrastructure based on ratings of electricity and water supply, communication services, public transport, and the range & availability of international flights.

European capitals captured 7 out of the top 10, with German and Swiss cities clearly dominating with 3 out of the top 10 apiece.

Interestingly, the highest ranking US city, Honolulu, only figures in at 29th place overall.

Of particular note is that Eastern Europe has moved up in the rankings, spurred by greater economic and political stability, increased availability of imported goods, and improved overall living standards.

Top 10 Overall

1. Vienna, Austria
2. Zurich, Switzerland
3. Geneva, Switzerland
4. Vancouver, Canada
5. Auckland, New Zealand
6. Dusseldorf Germany
7. Munich, Germany
8. Frankfurt, Germany
9. Bern, Switzerland
10. Sydney, Australia

Other Resources

• Mercer survey – Quality of Living Global Cities Rankings
  

Photos

• Thanks to Guldfisken for the photo