The “Paris of South America”, Buenos Aires, is set to receive a boost this year as a new daily non-stop service from London, operated by British Airways, will commence from March 27th. Previously BA flights to the capital of Argentina involved a connection in Sao Paulo but due to passenger demand a new direct flight will be introduced making it even easier to reach South America’s second largest metropolitan area.
In the decade since the economic crisis of 2001, Argentina has worked hard to establish economic prosperity, boasting five straight years of 9% GDP growth through 2007 and impressive GDP of 8% for 2010. The nation’s booming economy, primarily based on agricultural and natural resource exports, manufacturing and telecommunications has attracted significant levels of foreign direct investment.
Labelled by the Financial Times as “China’s New Investment Frontier”, Argentina has seen levels of Chinese investment go from millions to US$ 2.45 billion in the last decade. In addition the tourism sector is also rapidly expanding; the Argentine Ministry of Tourism expected more than 5 million foreigners to visit the country in 2010, 15.5% more than in 2009, generating revenue of US$470 billion.
This increase in tourism numbers is in turn having a positive effect on Argentina’s housing market. Identified as a “future high growth luxury residential market” by the Knight Frank Global Property Wealth Survey 2010 and one of the “most favourable destinations” for hotel investment in 2011 by Jones Lang LaSalle Hotels, the South American hotspot of Argentina offers a wealth of opportunity both for domestic and international property buyers.
Demand for high quality accommodation around Buenos Aires is particularly high with country clubs proving popular both as retreats for city workers but also permanent residences in their own right. Offering the best of both worlds, country clubs such as the 5* Camino Real Polo & Country Club located just 35 minutes from Buenos Aires, allow residents to enjoy the true Argentinian countryside, first class on-site amenities and easy access to the city for work.[box] Source: Dos Manos Travel Agency[/box]