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Old May 28th, 2006, 12:20 AM   #1
mzn
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BUENOS AIRES is rising!! - one of the biggest booms in the world (UPDATES)

BUENOS AIRES
Argentina
May 27th, 2006


These are pictures of the most important buildings currently under construction in the city. It is worth mentioning that the tallest projects are still in their first stages.


















































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Old May 28th, 2006, 12:39 AM   #2
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Wow. Buenos Aires made some progress!

I remember this photo from a few months ago

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Old May 28th, 2006, 12:59 AM   #3
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wow very nice.
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Old May 28th, 2006, 06:07 AM   #4
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Gorgeous riverfronte...
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Old May 28th, 2006, 05:57 PM   #5
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Thanks MZN!
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Old May 28th, 2006, 06:04 PM   #6
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Great pics!
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Old May 28th, 2006, 07:03 PM   #7
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Quote:
Originally Posted by Forza Raalte
Wow. Buenos Aires made some progress!

I remember this photo from a few months ago

haha compare it to this one:

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Old May 28th, 2006, 07:23 PM   #8
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Awesome!

MZM, d´u know How many more buldings are already approved for construction in this area?

This side gives a very good idea of the advance and I guess it is aimed at that but I love the pictures where you can see the new buldings and the old ones. Such a nice contrast.
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Old May 28th, 2006, 07:30 PM   #9
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If you think this is one of the biggest booms in the world, you should travel to Asia and see what some real big booms are. Or just travel to Panama City, Miami, London or Moscow.


Great towers, anyway. I love good designed residential buildings!

Last edited by gronier; May 28th, 2006 at 07:42 PM.
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Old May 28th, 2006, 09:32 PM   #10
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Quote:
Originally Posted by Jens
Awesome!

MZM, d´u know How many more buldings are already approved for construction in this area?

This side gives a very good idea of the advance and I guess it is aimed at that but I love the pictures where you can see the new buldings and the old ones. Such a nice contrast.
There are many more on the way.. all of them above the 45-storey mark.
I don't know in this area... but last year the number of towers under construction in the whole city was 188.


Quote:
Originally Posted by gronier
If you think this is one of the biggest booms in the world, you should travel to Asia and see what some real big booms are. Or just travel to Panama City, Miami, London or Moscow.


Great towers, anyway. I love good designed residential buildings!
It is indeed on of the biggest booms in the world.. the thing is that the biggest projects haven't come to surface yet.. construction has only just started.. give it a few months more and you'll see how this image changes:

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Old May 28th, 2006, 10:49 PM   #11
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That's a great advance in just a few months...
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Old May 29th, 2006, 06:07 AM   #12
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I'm glad you liked them
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Old May 29th, 2006, 06:19 AM   #13
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Spectacular! Why's BA booming so much all of a sudden?
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Old May 29th, 2006, 06:55 AM   #14
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Quote:
Originally Posted by harkerb
Spectacular! Why's BA booming so much all of a sudden?
Easy.. the economy in Argentina has been growing 9% per year, and in the last 3 years poverty and unemployment were reduced to a half. A few months ago our President canceled the whole of the debt with the International Monetary Fund.

Read this (this article was written 2 years ago, when the recovery was only beggining.//)


Quote:
Argentina's recovery defies odds
By LARRY ROHTER
The New York Times



President Kirchner


BUENOS AIRES, Argentina — When the Argentine economy collapsed in December 2001, doomsday predictions abounded: Unless it adopted orthodox economic policies and quickly cut a deal with its foreign creditors, hyperinflation would surely follow, the peso would become worthless, investment and foreign reserves would vanish and any prospect of growth would be strangled.

But three years after Argentina declared a debt default of more than $100 billion, the largest in world history, the apocalypse has not arrived.

Instead, the economy has grown by 8 percent for two consecutive years, exports have zoomed, the currency is stable, investors are gradually returning and unemployment has eased from record highs — all without a debt settlement or the standard measures required by the International Monetary Fund for its approval.

Argentina's recovery has been achieved, at least in part, by ignoring and even defying economic and political orthodoxy. Rather than moving to immediately satisfy bondholders, private banks and the IMF, the Peronist-party-led government chose to stimulate internal consumption first and told creditors to get in line with everyone else.

"This is a remarkable historical event, one that challenges 25 years of failed policies," said Mark Weisbrot, an economist at the Center for Economic and Policy Research, a liberal research group in Washington, D.C. "While other countries are just limping along, Argentina is experiencing very healthy growth with no sign that it is unsustainable, and they've done it without having to make any concessions to get foreign capital inflows."

The consequences of that decision can be seen in government statistics and in stores, where consumers once again were spending robustly before Christmas.

More than 2 million jobs have been created since the depths of the crisis early in 2002, and according to official figures, inflation-adjusted income has also bounced back, returning almost to the level of the late 1990s, before Argentina sought to tighten its belt according to IMF prescriptions, only to collapse into the worst depression in its history, which also set off a political crisis.

Some of the new jobs are from a low-paying government make-work program, but nearly half are in the private sector. As a result, unemployment has declined from more than 20 percent to about 13 percent, and the number of Argentines living below the poverty line has fallen by nearly 10 points from the record high of 53.4 percent early in 2002.

"Things are by no means back to normal, but we've got the feeling we're back on the right track," said Mario Alberto Ortiz, a refrigeration repairman. "For the first time since things fell apart, I can actually afford to spend a little money."

Traditional free-market economists remain skeptical of the government's approach. While acknowledging there has been a recovery, they attribute it mainly to external factors rather than the policies of President Nestor Kirchner, who has been in office since May 2003. Increasingly, they also maintain that the comeback is beginning to lose steam.

"We've been lucky," said Juan Luis Bour, chief economist at the Latin American Foundation for Economic Research here. "We've had high prices for commodities and low interest rates. But if we want to grow in 2005, we're going to have to settle the debt question and have foreign capital come in."

Some of the record budget surplus has come from a pair of levies on exports and financial transactions that orthodox economists at the IMF and elsewhere want to see repealed. About a third of government revenues are now raised by those taxes, which have surged.

"The IMF wants these taxes to be eliminated, but on the other hand they also want Argentina to improve its offer to creditors and also pay back the fund so it can reduce its own exposure here," said Alan Cibils, an Argentine economist associated with the independent Interdisciplinary Center for the Study of Public Policy here. "In other words, they are saying, 'You have to pay out more and take in less,' which is a sure prescription for another crisis."

Because of the absence of a debt accord and a stalemate over utility tariffs, some investors, mainly European, continue to shun Argentina. But others, mainly Latin Americans used to operating in unstable environments or themselves survivors of similar crises, have increased their presence here amid expanding opportunities.

"So why are they investing? Because today, clearly, they can get a very good rate of return," says Economy Minister Roberto Lavagna.

The Brazilian oil company Petrobras bought a stake in a leading energy company. Another Brazilian company, AmBev, has acquired a large interest in Quilmes, Argentina's leading beer brand, and a Mexican company has bought control of a leading bread-and-cake maker.

Asian countries, with China and South Korea in the lead, have begun to move in. During a state visit last month, the Chinese president, Hu Jintao, announced that his country plans to invest $20 billion in Argentina over the next decade.

But the bulk of the new investment comes from Argentines who are beginning to spend their money at home, either bringing their savings back from abroad or from under their mattresses.

For the first time in three years, more money is coming into the country than is leaving it.

"The thing is that Argentina has a current account surplus, so they don't really need so much foreign investment," said Claudio Loser, an Argentine economist and the former Western Hemisphere director for the IMF.

That has given Kirchner the luxury of taking a hard line with the monetary fund and with foreign creditors clamoring for repayment of the $167 billion still owed.

His government is not only talking about cutting its last ties to the IMF but also insisting that any payback to bondholders be linked to Argentina's continued good economic health.

"It's very simple," said Lavagna, the economy minister. "Nobody can collect from a country that is not growing."
http://seattletimes.nwsource.com/htm...gentina26.html


Here you have the Argentina economic report for May 2006
http://www.amisa.com/arg_econ_rep.html

Quote:
Expansive policies have long-range effect, and union salary agreements are finally concluded (sources intimating that, although salaries rose 20%, the government’s adjustment objective was 15%--consistent with a 1% monthly inflation rate and a real increase of 3%, justified by productivity improvements)...
Quote:
Overall, February’s 2006 economy grew 9.5% over the same month last year, according to the EMAE’s monthly estimate (translated as sustained economic growth for the last 39 months). The GNP grew 9.3% in first two months of 2006 over 2005’s same period. Deseasonalized, industry rose 0.4% in March 2006 over February, and 11.6% taking into account seasonality (March 2005’s industry grew 7.5%, discounting seasonality, and 7.2% excluding it—thus, in 2006’s first trimester the accumulated variation as measured with the seasonality indicator reaching 7.1%).

Quote:
Nominal salaries at close of 2006’s first trimester (according to information from the IVS of INDEC) nominal salaries grew at a rhythm of 18% annually, led by private formal salaries. However, since January, informal salaries have increased—indicating that decreased unemployment and supply stagnation (the active workforce increased little) are beginning to have an impact on the labor market.
Quote:
umulatively, primary expenditures (salaries, goods and services) grew 28%, driven by the strong increase in public works (72% annually), followed by the private sector and provincial transfers (between 27 and 28%).
Quote:
Argentina’s commerce during March yielded a surplus of U$S 814 M. Goods export reached U$S 3.528 Bn, implying 16% growth over the same month in 2005. Import added up to U$S 2.724 Bn—24% higher than March 2005, maintaining dynamic growth, with rates above 20% inter-annually. Exports grew at a rate of 16%, determined by a 6% price increase, with export volumes at 10%. Imports increased 18% in volume and prices above 5%.
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Old May 29th, 2006, 07:28 AM   #15
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Quote:
Originally Posted by mzn
haha compare it to this one:

and it will look like this in 2009

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Old May 29th, 2006, 07:31 AM   #16
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The renedering is awesome!

Cool pics man!
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Old May 29th, 2006, 11:38 AM   #17
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in 2010 the puerto madero skyline will be awesome
how it will be like in 2015 ??
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Old May 29th, 2006, 02:54 PM   #18
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Quote:
Originally Posted by harkerb
Spectacular! Why's BA booming so much all of a sudden?
One of the main reasons is that the current economic recovery takes place in a context of negative real interest rates, which makes it more profitable for investors to put their money in real estate than in financial instruments such as time deposits. Plus, foreigners are investing as well. The Economist had a story about this last week.

Quote:
Argentina
Gringo invasion
May 25th 2006 | BUENOS AIRES
From The Economist print edition


Looking for lofts in Buenos Aires

IN 2003, when John Kahoun, a New Yorker, decided to buy an apartment as a rental investment, he was deterred by the cost of property in Manhattan. So for $70,000 he bought a loft in Buenos Aires, the home of his former wife. As Argentina's economy has recovered from its 2001-02 collapse, so have property prices. Mr Kahoun's property in Palermo Viejo, a trendy neighbourhood beloved by film-makers and artists, has nearly doubled in value.

Foreigners like Mr Kahoun have contributed to a continuing property boom in Buenos Aires. They account for up to a quarter of buyers in some wealthier neighbourhoods. Two years ago, Michael Koh, an American, set up Apartments BA, a firm which buys property for foreign clients and rents it out to foreign tenants—about 15% of whom come to the city for plastic surgery. Mr Koh says his investors, many of whom have never seen their properties, enjoyed a rise in their capital asset of 25% last year on top of rental income worth 10% of their investment.

By comparison with the United States or Europe, housing in Buenos Aires is still cheap. Modern apartments in the elegant districts of Palermo and Recoleta cost less than $1,500 per square metre, and bargain-hunters can buy in slightly older buildings in pleasant, middle-class barrios for a third less.

So far the foreign invasion has not prompted a xenophobic backlash. That may be because it is largely confined to the leafiest neighbourhoods, where many new blocks of flats are going up. And foreign buyers must climb over mounds of red tape.

Sellers demand cash. But foreigners are not legally allowed to bring large sums of money into the country. So the typical route is to transfer the money to the account of an Argentine foreign-exchange house held at a bank abroad. The exchange house converts the funds into pesos, to comply with controls on the import of foreign currency, and then back into dollars (for a fee of around 2%). On completion, the exchange house presents the buyer with a suitcase full of cash to hand over to the vendor. Only then can the would-be resident of Buenos Aires celebrate with a steak and a bottle of vino tinto.

Link
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Old May 29th, 2006, 03:15 PM   #19
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nice render, the two chateau puerto madero residence are missing in this render
I can´t wait
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Old May 31st, 2006, 05:27 AM   #20
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Quote:
Originally Posted by la bestia kuit
nice render, the two chateau puerto madero residence are missing in this render
I can´t wait
YEP, and some others too
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