On five acres on Miami's Bal Harbour beach, Argentinian developer Eduardo Constantini's is bulding a 28-floor glass tower which will be part art installation, part residential development. Oceana Bal Harbour will feature two Jeff Koons art pieces worth $14 million.
While a focus on international buyers is nothing new for Miami developers, one company is taking the marketing strategy to an extreme. "The local buyer does not exist," said Martin Melo, a principal of the family-run Melo Group.
The supply of new office buildings completed in Buenos Aires during the first six months of 2013 was five times higher than the amount delivered in the same period of 2012, reaching production levels not seen since the market's peak in 2010.
Asking rents for offices in Caracas, Venezuela have skyrocketed, increasing 80 percent during the first half of the year
Property sales in Argentina dropped 44.7 percent in June from the same period a year ago, as the market wrestled with new currency regulations. The June sales of 2,632 homes amounted to $1.5 billion. 37.2 percent lower than the same time last year.
Buenos Aires-born Edgardo DeFortuna founded Fortune International Realty in 1983 and grew the company into Miami's biggest family-owned real estate firm by catering to the fast-growing Latin American clientele.
Foreign cash buyers are finding deals in Buenos Aires, where prices for luxury apartments are down 20 percent to 25 percent from a year ago. But there is a catch. Argentina's wildly fluctuating currency and new monetary restrictions make it difficult to close deals,
Hotel operators in the Americas posted strong gains in January, reporting a 3.3 percent increase in occupancy to 51.3 percent, STR Global Reports. The region--including United States, Brazil, Mexico, Panama and Canada--also showed gains in other key metrics, including a 4.8 percent gain in average daily rate and an 8.3 percent uptick in revenue per available room.
Argentina. Land of gauchos and pampas. Beef and Buenos Aires. Volcanoes and vineyards. Mountain villages and cosmopolitan cities. And a food-and-wine culture that's world-class. Everywhere you go in this country, you'll smell the aromas of wonderful regional and national dishes, and sophisticated wines that are now enjoyed all over the world. Argentina is, literally, "Foodie Heaven!"
One thing Argentines will be looking to put far behind them as the New Year begins is last year's real estate sector performance. According to a recent report, real estate activity in 2012 fell approximately 40%, making it one of the sector's worst performing years in the country in a decade. For transactions related to properties already on the market, activity plummeted nearly 80%.
In addition to creating the world's first international hotel chain, one of the great accomplishments of Hilton Hotels founder Conrad Hilton was to lead his hotel properties through many periods of great economic difficulty. Building on its international presence and history of making investments despite difficult macroeconomic circumstances, it was announced that the Hilton will build its fifth hotel in Argentina.
Jorge Luis Borges, one of Argentina's most famous writers, memorably said that "reality is not always probable, or likely." For an interesting example of how improbable the reality of real estate markets can be, one needs look no further than Palermo Nuevo, a small residential area in Buenos Aires.
Hyatt Hotels Corporation recently announced the opening of Park Hyatt Chennai, marking the 30th hotel in the Park Hyatt collection and the first Park Hyatt hotel to be introduced in the city of Chennai, known as the gateway to Southern India.
Four Seasons Hotels and Resorts recently celebrated a homecoming of sorts with the opening of a new 259-room flagship hotel in Toronto, where the company was founded more than 50 years ago.
Shanghai, China's largest city by population (23 million) and one of the world's great commerce hubs now faces an uncertain future from major floods, according to a new study. Worse, the city has not taken heavy-duty measures to protect itself, the study warns.
The Americas region recorded positive results in the three key performance metrics when reported in U.S. dollars for July 2012.
The Argentine real estate market has witnessed stunning growth over the last decade. According to the "2001-2012 Relevamiento de Mercado Inmobiliario en la Ciudad de Buenos Aires" (Overview of the Buenos Aires Real Estate Market 2001-2012) prepared by the Urban Development Ministry of Buenos Aires, the price of land between March 2002 and December 2011 increased from US $272 to US $1,680.2 per square meter.