01 / 04February 10, 2021 · Real estate market
House Hunting in Argentina: A Historic Flat in Central Buenos Aires
By Roxana Popescu
International buyers, purchase requirements and financing in Buenos Aires.
ELIAS KIER JOFFE IN THIS ARTICLE 3 mentions
Elias Kier Joffe, the managing partner of Kier Joffe, a Buenos Aires law firm, said that home buyers in Buenos Aires were about 90 percent local before the pandemic, with the remaining foreign buyers coming mostly from the U.S., Canada, Spain and Italy.
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Foreign buyers are not restricted from purchasing real estate in Argentina. All purchasers must register for an Argentine tax identification number, Mr. Kier Joffe said, adding that it is easy to obtain in person or from afar with a power of attorney.
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Bank financing for home purchases in Argentina is rare, and down payments must be large, so most purchases are made in cash, Mr. Kier Joffe said. He also recommended hiring a lawyer, who will charge an hourly rate or a percentage of the purchase price, usually not more than 1 percent.
02 / 04December 6, 2020 · Inheritance
Maradona: Why the football icon’s inheritance could be messy
By Joshua Nevett
The complexities of Diego Maradona’s estate and the role of wills in Argentina.
ELIAS KIER JOFFE IN THIS ARTICLE 3 mentions
"I predict that the inheritance process will be a mess," Elias Kier Joffe, a lawyer based in Argentina's capital Buenos Aires, told the BBC. "I suspect it will take some time to sort out."
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At least five properties in Argentina but, as Mr Joffe said, "no Beverly Hills mansion"
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"The culture of Argentina is not to draft a will. Most people don't," Mr Joffe said.
03 / 04
July 25, 2018 · Property investment
House Hunting in … Argentina
By Vivian Marino
Foreign buyers’ perspectives and the property purchasing process.
ELIAS KIER JOFFE IN THIS ARTICLE 4 mentions
Elias Kier Joffe, the managing partner of the Buenos Aires law firm Kier Joffe, said foreign buyers in particular have been wary of the economic uncertainty: “They want to wait and see, just in case there’s an opportunity.”
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But he and other real estate professionals remain optimistic about the market’s eventual recovery. “Every five years you have a small crisis,” Mr. Joffe said. “The prices eventually go up.”
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Most foreign buyers are from the United States, Britain, Italy and Spain, Mr. Joffe said, adding that he has also seen interest from Australians. “Buenos Aires is known as the Paris of South America,” he said. “International people would like to have an apartment there, just as they would like to have an apartment in Miami or New York.” The Recoleta neighborhood typically attracts older buyers, he said, particularly retirees or those who have business in the city. Younger buyers prefer trendier areas like Palermo Soho, he said.
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The buying process is fairly straightforward, Mr. Joffe said: After an offer is made and a price agreed upon, the buyer provides a down payment, usually around 30 percent of the sale price. A date is set for the closing, at which time the deed is transferred through a notary public. The notary is also responsible for overseeing the title search and ensuring that all taxes on the property have been paid at the time of closing.
04 / 04
May 15, 2013 · Legal guidance
House Hunting in ... Argentina
By Nina Roberts
Legal guidance for foreign property buyers navigating currency restrictions.
ELIAS KIER JOFFE IN THIS ARTICLE 2 mentions
There are no restrictions on foreign buyers, but financing must be obtained at home, as Argentine banks generally don’t provide mortgages. Elias Kier Joffe, the managing partner of the Buenos Aires law firm Kier Joffe, described real estate transactions as straightforward, explaining that Argentines typically rely on notaries public and don’t hire lawyers.
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But given the recent restrictions on foreign currency, Mr. Joffe strongly suggested that foreign buyers hire a lawyer, even before contacting an agent for a property search. The lawyer, notary and closing costs together make up about 3 percent of the sale price, he said.
