Argentina drawing in property investors
Friday, 01, May 2009 10:58
A small wine-making community in north-west Argentina is being transformed into a buying ground for international investors.
La Estancia de Cafayate is currently marketing homesites from $100,000 at the foothills of the Andean mountains.
The 1,500 acre estate has been developed by best-selling author and investor Doug Casey, who has travelled to over 170 countries and lived in ten, discovering Cafayate in 2005. Last year Mr Casey, alongside local Juan Romero, launched the first phase of real estate development, with the second phase now well under way.
Mr Casey said: "Argentina will do better than most countries simply because it has no real estate debt.
"And its economy is closely linked to agriculture, which I think will be good. In the US I've lived in Aspen. To me Cafayate has the potential to be another Aspen. It may not have skiing, but it has the wine culture, a spectacular climate, and wide open spaces."
The new homesites border an 18-hole golf course designed by former Jack Nicklaus head designer Bob Cupp, and is located among 200 hectares of working vineyards. All homesite purchases include membership for owners and their families to the Vintners' Club, as well as access to the onsite golf course, spa, equestrian centre and wine club.
Mr Casey said Cafayate is the perfect place to "make the most of personal freedom and financial opportunity", and that it's "culture.sophistication.low costs and..exceptional value" make it the ideal investment destination.