Argentina is one of the emerging markets with enormous potential for growth. The growing prosperity and increasing disposable incomes have strengthened the real estate market in the country. The Kavanagh Building in Buenos Aires is the apartment block is the tallest building in South America. Built in 1936, the 120 meter tall building was the tallest reinforced concrete structure in the world at the time. The largest unit in the building occupies its entire 14th floor and is, by far, the most expensive apartment on sale in the city.
The luxurious apartment boasts of five en-suite bedrooms and a series of spacious reception rooms spread over 1,980 sq ft. The outdoor space with its terraces and garden add up to another 820 square feet. Tierra Estates is handling the sales for an asking price of $3.6 million. Alain Levenfiche, an Englishman had taken over the apartment in 2005. Despite its basic elegance, the apartment was in a dilapidated condition. Alain got the bathrooms redone with marble from Italy, Pakistan and Ivory Coast. He fitted reinforced glass dance floor in one of the reception rooms and had floor to ceiling aquarium installed in another. The bedstead in the master bedroom was decorated with Swarovski crystals. The renovated apartment became the venue of major glamorous event including the launch party for Paco Rabanne’s new perfume.
Alain Levenfiche believes that the real estate market in Buenos Aires is very balanced and orderly. One of the reasons being that no disproportionate levels of credit is available to the buyers and generally the owners avoid distress sales. In the new blocks of luxury apartments the going rate is around $5,000. In Palermo, which is a trendy neighborhood across town, a three bedroom town house would cost you about $250,000 but will require more investment for renovations. Levenfiche, after successfully refurbishing his apartment got around to transforming his vision of the perfect polo estate house into reality. He has built a private estate at Santa Maria de Lobos on a large lot of 7.5 hectares with a swimming pool, helipad, outhouses and vegetable garden.