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RESIDENTIAL DEVELOPMENT OPPORTUNITIES IN BUENOS AIRES
By
Esteban Edelstein Pernice
A Real Estate Development Project
Presented to
The Faculty of Architecture, Planning and Preservation
Submitted in partial fulfillment of the
requirements for the degree
Master of Science in Real Estate Development
Graduate School of Architecture, Planning and Preservation
COLUMBIA UNIVERSITY
May 2004
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RESIDENTIAL DEVELOPMENT OPPORTUNITIES IN BUENOS AIRES
By
Esteban Edelstein Pernice
Submitted in partial fulfillment of the
requirements for the degree
Master of Science in Real Estate Development
Abstract
The intention of this thesis is to show the opportunities for developing residential
real estate available in Argentina today. While the general perception about the country is
that it is the land of trouble, by reading the paper the reader will understand how certain
economic conditions, like having construction costs in Argentine Pesos and selling prices
in American Dollars, have created extraordinary opportunities for residential real estate
development.
By analyzing the reasons and understanding what is going on, the reader will leave
behind his fears of those risks more associated with misinformation than with real facts.
Once these “misinformation risks” are no longer a concern, the investor will be able to
explore and measure the “real risks” that exist in investing in a country with the
characteristics of Argentina.
Thesis Advisor: Michael Buckley
Title: Director
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Acknowledgement
I would like to dedicate this thesis to my parents, Ricardo Edelstein Pernice and
Maria Teresa Harosteguy. I would like to thank them for being my model and guidance in
life and for introducing me into the fascinating world of real estate.
I would like to thank my thesis advisor and director of the program Michael
Buckley for his thesis recommendations.
Finally I would like to thank my wife Florencia and my da