For years, investing in real estate in Argentina meant buying an apartment, a plot, or participating in a private trust. In recent weeks, that has begun to change. In less than twenty days, three publicly offered real estate financial instruments were launched, allowing investment from very low minimum tickets with market liquidity.
These are not isolated events. They are part of the same phenomenon: for the first time in a way accessible to retail investors, the capital market and the Argentine real estate market are beginning to integrate in a real way, through financial products with a specific purpose that are simple to understand.
Until now, there were exceptions: companies like Consultatio — the developer behind Nordelta, Puertos, and a large number of projects in Argentina and Uruguay — and IRSA — with shopping centers and offices — that are listed on the stock exchange and allowed investors to have exposure to the sector through the capital market. But these were company shares, not instruments with a specific investment plan, predictable income, and agreed recovery time. For the investor, these new products are more similar to a bond, but with a return that depends on the performance of the real estate business backing them.
The investor accesses real estate assets simply, without management, with very low minimum tickets that allow many more people to participate. Unlike a traditional property, all these instruments trade on BYMA and can be traded on the secondary market, providing greater liquidity. On the other side, the market gains access to financing sources that go far beyond pre-sales and equity. The scale of capital that this can bring to the sector expands enormously.
This phenomenon does not appear by chance. After years of high inflation, absence of mortgage credit, and scarcity of long-term savings instruments, macroeconomic stabilization and the recovery of the capital market are beginning to create conditions for private savings to once again finance real assets.
The Financial Real Estate Trust «Espacio Añelo,» led by Lucas Salvatore of IDERO — the first publicly offered fund for energy real estate income in Argentina. A corporate lodging complex in Añelo, Neuquén, designed to house workers from the Vaca Muerta energy industry. With public offering authorized by the CNV and a minimum ticket of USD 1,000, its placement took place on May 26. The investor buys a rental flow backed by the income paid by oil companies operating in the Neuquén basin. Additionally, the certificates can be tokenized and traded on the secondary market.
The Allaria Lendar Fund, led by Juan Politi, vice president of Allaria — Argentina’s first closed-end mortgage credit fund. Investors contribute capital that is used to grant mortgage loans to families to buy finished homes, earning the income generated by those mortgages. The first issuance raised USD 3.1 million and financed more than 120 mortgage loans. The second issuance — carried out from June 8 to 12 — targeted USD 7 million and was placed in less than three days. Minimum ticket of USD 500, regulated by the CNV and listed on BYMA.
Argentina’s first REIT (Real Estate Investment Trust), created by Grupo IEB and Grupo Briones, led by Juan Ignacio Abuchdid and Beltrán Briones. This vehicle pools capital from multiple investors to acquire and manage income properties in CABA — apartments, offices, and commercial premises. The investor receives quarterly rental income and benefits from property appreciation over time. Regulated by the CNV, listed on BYMA, with a ten-year horizon and a minimum ticket of $1,000 pesos. They raised USD 45 million in two days.
For decades, Argentines saved in bricks and financed real estate projects mainly with equity and pre-sales. Accessing that asset class required high tickets, direct management, and low liquidity — leaving out a large portion of available savings. The possibility of channeling that savings through the capital market, with accessible and regulated instruments, can bring a new universe of investors to Argentine real estate. We are still in an early stage, but these three launches suggest that a new phase for financing Argentine real estate may be beginning.
Para mí esto huele a la misma joda de siempre, los grises del capitalismo te venden humo con ‘instrumentos financieros’ mientras los laburantes no llegan ni al alquiler. Yo creo que es especulación disfrazada, compañeres, no se coman el cuento.
Para mí esto es un golazo. Los zurdos llorando porque ahora cualquiera puede invertir en propiedades sin vender el auto. Esto huele a libertad financiera de verdad, no a la limosna que nos quieren dar. Dejen de quejarse y compren, vagos. ¡Viva el capitalismo carajo!