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1. Real Estate in Argentina – Markets, Opportunities and Issues for International
Buyers
For more than 40 years, we have assisted international clients in locating and selecting their ideal properties,
and helped them achieve favorable terms in negotiations. Smooth transfer of ownership and trouble­free
management of tax and regulatory issues are also key objectives. In the past few years alone, Kier Joffe has
represented internationally known clients with multimillion­dollar transactions.
We've provided a range of international real estate legal services across Argentina for clients in the United
States, Canada, England, Ireland, Scotland, Australia, Israel and other places throughout the world. Our main
role has usually been to help international buyers identify and take advantage of the values available, plan for
the future, and maximize returns on their existing properties.
In this article, I give a run­down of the salient things an international buyer will want to know.
Summary of the Property Sales Process in Argentina
Before discussing some of the real­estate market conditions and opportunities in Argentina, let's first review the
sales process and the issues of property ownership integrity and security.
Minimal Transnational Purchase and Ownership Barriers
In general, purchase and ownership of property by foreigners is unrestricted and foreign individuals and
companies have the same property rights as Argentinian citizens.
The only major exception to this is that government approval needs to be obtained for foreign ownership of
property in the immediate area of Argentina's national borders with neighboring countries. There are also size
limits for foreign ownership of rural lands and restrictions on ownership of major portions of larger lakes or
rivers.
Though the foreign acquistion and transfer of property in Argentina is quite straightforward, for optimal
outcomes, I highly recommend hiring a lawyer. It can often be ideal if you do so before contacting an
Argentinian real­estate agent.

2. Simple and Straightforward Process
Once you negotiate the price on the property you're interested in, it takes about four to six weeks for deed
transfer. And if you're not available at that time, the deed transfer can be handled for you by a trusted agent
through a power of attorney.
Bureaucratic Requirements
Your passport and a CDI (Clave de Identificación) are your fundamental document needs for doing property
transactions in Argentina. (Through a power or attorney, you can arrange for someone to obtain your CDI for
you.)
Sequence of Events
Once you've found the property you wish to purchase, the following are the typical steps leading to final title
transfer:
●
Reserva – this is your initial offer, and the seller's realtor will ask for a deposit equalling 2% of your
offer price. If it is not accepted or you do not accept any counter offer before the reserva expires
(typically one week after your offer), your deposit will be returned.
●
Boleto – this is prepared by the notary, usually completed immediately after or within a week or so
after the reserva process. The boleto is is a pre­contract that sets out the specifics of the planned sale
and transfer, which includes financial, encumbrance, and property boundary and build­out
specifcations.
Typically, 30% of the agreed price will be due to the seller at this point. If the buyer backs out, the down
payment is not refundable. If the seller backs out, the downpayment must be returned to the seller – in double.
In such a case, the buyer also has the legal right to enforce the sale.
●
Escritura – this is the closing date (typically set within a week or two, or up to a couple months, of
the Boleto completion) when the formal deed transfer is made and the buyer takes possession of the
property. At this time, the balance on the agreed sum is paid in cash or by verified bank transfer.
Role of Escribano (Notary Public) in Argentina
The role of a notary (escribano) is legally required for property transactions in Argentina. The notary
investigates and certifies title security, tax and mortgage history, lien issues, and property specifications. (If the
seller already has a Certificado de Dominio, this simplifies the process of title security and encumbrance
investigation.) The notary also registers ownership transfer with the government. The notary also prepares the
boleto (pre­contract) and final deed.
Foreign buyers should also use a good law firm to ensure the best terms and outcomes, and many of the firms
with expertise in real estate matters will have a qualified civil law notary on staff. (Many law firms are also now
recognizing the need for a responsively efficient, cost­effective, and well­skilled multi­lingual team as real estate
becomes more and more globally fluid.)
Costs
Beyond the actual purchase price, the costs you can expect will include legal fees, escribano (notary public)
fees, property registration fee, stamp costs, and agents fees. In most transactions these will total 10% or less
of the purchase price. Some of these costs may be shared with the seller, as well. In our practice, the lawyer,
notary and closing costs often make up about 3% of the sales price.

3. Once you become the new owner of a property in Argentina, you will also be responsible for annual property
tax payments. You tax rate will be based on factors including the sales price, the 'valuación fiscal,' the VIR,
so take care with the advice and assistance you employ in this area.
Most properties are also subject to an annual municipal tax of about 1/2% of property value to cover garbage
collection, street lighting and infrastructure maintenance.
Cautionary Note – because properties are priced, and bought and sold, in U.S. dollars, avoid unnecessarily
converting your funds to Argentinian currency, because you will just have to convert it back – and you are
likely to lose some value in each direction of conversion.
Argentinian Real Estate Market Overview
The real­estate market in Argentina is sometimes confusing to international buyers, sellers, developers and
renters. But when understood and handled knowledgeably, the values available in Argentina are some of the
very best in the world.
If you do your own research, you'll find that, on average, property in Buenos Aires is widely considered to be
30% undervalued, and properties throughout other parts of Argentina are seen as undervalued by 20%­30%,
and more. Like other dynamic markets, the key to the best values is “location, location, location.”
Argentina's culture today shows a deep legacy on the surface – tango, polo, fine wines, a rich multicultural
history, and a vibrantly expanding international economic sector. It also includes rich qualities to attract the
young trailblazers as well, in the vast, varied, adventurous and breathtaking natural expanses. All of these are
potential targets of a real estate search: vineyards, polo ranches, private villas, luxury residences in Buenos
Aires, spectacular Patagonian estates, mixed­use developments, etc.
There is much more to be found and experienced by digging beyond this vibrant surface patina. A good law
firm or other native advisor will always discuss all potential avenues with a potential buyer.
The goal is to make the potential buyer aware of all the options, opportunities and drawbacks to choose from;
and to learn as much as possible about the potential buyer's interests and situation. Only in this way, can the
communication lead to the best outcomes, and often discover possibilities that forge a new way that no one
had anticipated.
Regional Overview
Buenos Aires is sometimes compared to 1920's Paris and to modern­day New York City, with a native
beauty and cultural vibe undeniably of its own. Currently, there are many North America, British, Italian and
French buyers, and word has been spreading.
But it goes far beyond just Buenos Aires, depending on your personal orientation or business focus.
From Patagonia, one of the few places on earth where glaciers still calve into the ocean, to the wine country of
Catamarca at the foot of the Andes mountain range, to the stunning, nearly virginal areas with population
densities from a few to less than one inhabitant per square kilometer, visionary people from all over the world,
including but not limited to American media moguls, world reknowed international CEOs, and forward­looking

4. adventurous types of all stripes, are drawn by the exceptional and varied beauty and largely undiscovered
economic values still to be found.
With the ongoing growth of tourism and high occupancy in luxury hotels and other short­term rentals for
tourists, the opportunities there are strong, too.
Many have seen the potential for a vibrant and exciting overseas property investment in Argentina. Most who
have succeeded in their quest credit the choice to engage a team of well­chosen knowledgeable, insightful and
hard­working local assistants. This is very important – choose your guidance and service providers with care.
About the Author – Elias Kier Joffe is the managing partner of one of the premier law firms in Argentina
respresenting individuals from the U.S. and other countries in luxury, personal residential, specialty and
commercial real­estate transactions. Elias was featured in this New York Times article on Argentina's
real­estate markets for foreigners and expats, and he contributes the following overview and guide to
Argentina real estate for foreign buyers.
KIER JOFFE - Attorneys at Law
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Buenos Aires, Argentina (C1106ABG)
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