Argentina is a massive South American nation with terrain encompassing Andes mountains, glacial lakes and Pampas grassland, the traditional grazing ground of its famed beef cattle. The country is known for tango, steak and football.
Its big, cosmopolitan capital, Buenos Aires, is centered on the 16th-century Plaza de Mayo, lined with stately buildings including Casa Rosada, the iconic, balconied presidential palace.
Low Season (Jun–Aug)
Good time to visit the North. Many services close at beach resorts, and mountain passes can be blocked by snow. July is a winter vacation month, so things can get busy at some popular destinations.
(Sep–Nov & Mar–May)
Temperature-wise the best times to visit Buenos Aires. The Lake District is pleasant; leaves are spectacular in March. The Mendoza region has its grape harvests and wine festival.
High Season (Nov–Feb & Jul)
Patagonia is best (and most expensive) December to February. Crowds throng to the beaches from late December through January. For ski resorts, busiest times are June to August
Argentine Peso and US Dollars
There are no restrictions on foreigners buying and owning property in Argentina, and the process is a simple and efficient one for an emerging market.
Buyers must obtain a CDI tax registration number from the government to complete their purchase, as well as having and bank account in the country and a representative appointed if they do not become resident in order to pay property tax for them.
Also, every real estate purchase in Argentina must be registered through a notary public or escribano who specialises in dealing with real estate transactions. This is one of the reasons that land title is generally secure and trouble-free in Argentina, and can be expected to cost between one percent and two and a half per cent of the purchase price.
The escribano is also responsible for registering the property sale and transfer of ownership with the authorities.
There are currently no mortgage products available in Argentina for foreign investors, and even for resident Argentineans the conditions and interest rates on loans are prohibitive. In many ways, this makes the market more accessible to foreign buyers who are able to finance though other means.
The situation with mortgages is expected to change in the near future, which will have a huge impact on the property market both domestically and internationally. Added to this is the cumbersome method of changing money through the official conversion process, which can be very costly.
Most real estate transactions for mid- to high-end properties are carried out in US Dollars, but going through the official conversion process can cost you one to two per cent in money value.
Basic Steps to Buying Property in Argentina
Escribano – approximately 1 to 4% of the property price.
Annual Property Tax – approximately 1% of the value of your property.
Abogodo (attorney) - as agreed upon.
Real Estate Agent – usually 6% – half paid by the buyers and the other 3% by seller.
Who pays the fees?
Seller - 3% of realtor fee (if one is used), transfer tax of 1.5%.
Buyer – 3% of realtor fee (if one is used), notary fees of 1 – 2%.
The rental agreement or tenancy contract (Contrato de locación) stipulates the terms and conditions of the rental arrangement as well as the rent to be paid. It must be signed by the landlord (alquilador), or the estate agent on behalf of the landlord, and the tenant (inquilino).
Temporary rentals are usually offered on either a daily or weekly basis. For this reason they are often more expensive than long-term rentals.
Long-term accommodation is generally leased for a 24-month period, but can be leased for up to ten years.
The rental agreement should contain the following information:
The contract should be dated and signed by both parties.
On application for a lease a foreign applicant is normally requested to show the following:
Landlords may also ask for a guarantor to sign the agreement as well, thus ensuring payment is made if the tenant fails to pay the rent.
A guarantor can either be an Argentine resident, an employer or a bank. If a bank is to act as guarantor, this needs to be organised between the bank in the home country and the one in Argentina.
Some landlords may ask the tenant to sign an Eviction Agreement (Convenio de Desocupación) as Argentinian law protects the tenant more than the landlord, making it hard to evict a tenant. In this agreement it is specified how a tenant can be evicted and under what conditions. By signing this agreement, tenants agree to leave the rental property under the stated conditions.
It can be arranged for the landlord to keep certain utilities in their name and bill the tenant later for the costs. This should be arranged beforehand and be included in the contract.
It is normal for an inventory to be made when renting a furnished property. It is advisable for the tenant to carefully check for any damage prior to moving in, and to make a note of or photograph any damage to the interior or soft furnishings at the earliest opportunity.
The deposit is usually the equivalent of one month's rent. By law it cannot be more than one month's rent per year of the contract. In addition, if the tenancy is organised through a rental agency it is necessary to pay the first month's rent in advance as commission. The agency fee is generally five percent; the equivalent of one and a half months' rent.
Note: it is therefore necessary to pay just under four months' rent in advance to rent a long-term property.
Other costs and taxes
Other service charges may or may not be included in the rental agreement as part of the rent. It is important to check exactly what is included in the monthly rental. Additional taxes are not required to be paid in addition to rent.
The tenant's obligations are as follows:
Unless agreed in the rental contract, a tenant may not:
Terminating a Lease
The rental agreement can be terminated after six months, at the cost of forfeiting the deposit. An agreement can be reached with the landlord, but either one or two months' notice should be given. Terminating the rental agreement earlier than six months will result in additional costs; the amount of these varies depending on the property.
The deposit is generally returned within 30 days of leaving the property.
The deposit amount cannot exceed two months' rent and must be paid in advance when signing the lease agreement together, with the first month's rent and the agency commission, if applicable.