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Costantini reveals the government's pending issues and why it continues to buy properties - La Nacion Propiedades
Source:
www.lanacion.com.ar
July 28, 2025
The creator of Nordelta spoke about the dollar, the government, property values, and what determines the start of his US$250 million-plus project in Catalinas.
Eduardo Costantini answered all the questions at LA NACION's real estate summit.LN+
This isn't just another year for Eduardo Costantini . In addition to having his eighth daughter, Kahlo, he's also made significant investments in the real estate market . After six years, he returned to Buenos Aires with the acquisition of land in the Cañitas area, bought land in Carrasco and Punta del Este, Uruguay, and acquired 51% of the developer behind the Quartier brand .
His views on the government , the world , the future of property prices , and his new ventures are some of the topics he discussed in the one-on-one discussion he held with José del Rio, director of content for LA NACION, at the closing of the real estate meeting.
- Eduardo, how do you see the country?
This administration began with a country on the brink of hyperinflation and was surprisingly successful in reducing national public spending and lowering inflation . But it seems that the external sector has yet to find medium- and long-term equilibrium, because the country needs to accumulate dollars and reverse the negative balance in its total reserves. Since we are not accumulating reserves , there is still no change in favorable expectations and the confidence necessary to turn to the international market.
Eduardo F. Costantini closed the LA NACION Real Estate SummitFabian Malavolta
- Why do some sectors perceive the dollar as expensive and others as competitive?
- What you have to seek is a general balance between the external sector , the level of activity, employment, and prices ; the exchange rate is like shooting at a moving target. Determining whether something is expensive or cheap is relative . If you consider the flows, you have to be able to meet the principal and interest maturities. The Central Bank should buy dollars, which would impact a rise in the dollar, and I don't think a measured devaluation of the peso would be a problem. Regarding relative prices: there are things that have increased significantly in dollars, but we have to analyze where we're coming from. Argentina has a very large state, with a very large tax structure, a relatively closed economy. In the long term, it should open the economy , reduce public spending and taxes, achieve a level of competitiveness that allows for a level of activity with employment for all Argentines, and then produce enough dollars to finance imports.
- It seems far away…
- Today, Argentina, with this dollar, these obligations, and no access to the international market, faces a bottleneck that isn't a tragedy, but it exists. It would be different if it were like Uruguay, which is expensive in dollars but in equilibrium, because it is offset by the capital balance, a stable and balanced economy with a strong value of the Uruguayan peso. That is, it has a large state, but with employment. Every economy achieves its equilibrium according to international flows in the balance sheet. Today, the country is in a period of short-, medium-, and long-term transition in search of long-term equilibrium.
- And the cost of construction, why did it increase so much? Is it expensive?
- While prices have increased significantly, we compare poorly with Miami, New York, or Europe. Property prices aren't that expensive in dollars ; the problem is that there isn't enough demand to justify that value. The ABC1 segment saves in dollars and, faced with the cost of a new unit, feels out of step. It takes longer for families to accept the value of new apartments .
- Today, used properties are the star…
- Yes, and that's favorable, but it's a market that will gradually clean up, and demand for new cars will come in. In the medium term, used cars will converge to a reasonable price relative to new cars.
- Why do you continue investing in Argentina, where the macroeconomic situation is relentless?
- We don't manage the macro aspect. All our projects are long-term. We focus on intrinsic value, trying to deliver more than we initially imagined. In Ports, for example, we didn't know we'd be building Malba Puertos, and we invested US$10 million . This creates a deficit of one million dollars a year, but we're doing it because we're improving the quality of life, not just for Escobar. The surprise was that we opened in September of last year and more than 150,000 people have already visited. Ninety percent of Malba Puertos visitors don't know about the Figueroa Alcorta project. There's a demand for culture that one wouldn't have imagined. Everything is more holistic. It's not just about maximizing the profits of the real estate business per se, but also about including the ecological, health, sports, aesthetic, and cultural aspects.
- What is your investment recommendation today?
American stocks are trending upward, despite the ups and downs of international politics led by Mr. Trump. Bitcoin remains strong, also supported by the American president. Rates are positive—we had negative rates for several periods—so there is an opportunity to invest in sovereign or corporate government bonds. All are viable alternatives.
- What does Trump mean in the new world?
- It's a leadership representative of the new leaders, who are hegemonic, extremist, and intransigent; but Trump , with the power of the American economy behind him and his quasi-coercive approach, has a very virulent way of doing politics . However, it has its foundations. The United States has lower tariffs than the rest of the world, so some countries take advantage. There are genuine demands, but he has a particular way of making them... he tries to destroy everything overnight . All of this produces major changes, and we need to re-read the dynamics of the global international system, not only economic, but also political-military.
Eduardo F. Costantini, businessman and owner of ConsultatioFabian Malavolta
- Why did you buy Argencons, the developer behind the Quartier brand?
We consider it a partnership, not a purchase . It's a 50-year-old company, and I've known it for many years. We did a project together, Quartier Ocampo, in 2000. They're honest, experienced people, and they have a different business strategy than ours. We invest capital; they have an investor club, and through our know-how, they develop projects and charge for services. The partnership allows us—through strategy segmentation— to cover a larger number of projects on the market . In turn, we can expand their platform because we have many contacts and potential investors.
- In addition, he is looking at land in the city of Buenos Aires, an area where he has not purchased land since 2017.
- Yes, we bought a piece of land in Cañitas and are looking at another one in the city. We're also approaching some groups that could be complementary, very large partners.
- When you show up, do they raise the price beforehand?
- No, in general the land we are looking at is auctions…
- He also invested heavily in land in Uruguay.
- As I mentioned before, Uruguay is a stable country . Punta del Este is an international hub. We're developing a 145-hectare project there, which, although centered on polo, has a regulatory change that allows the best horses and players to attend. So we spoke with Adolfito Cambiaso and bought a portion of it. It will be a nice project, and we might launch a pre-sale this year. There's also a movement from Montevideo to Carrasco. We partnered and acquired the last green space. We've already purchased 170 hectares. It's an open, secure, and comprehensively designed development. Land prices are expensive —around US$500/m²—and existing land is even priced at US$700/m².
- Do you seek out business or do you find it?
- They're offering us a lot. We also currently have three plots of land in the Catalinas area. It's a 100,000-square-meter project of our own: three towers. We've been working on the project for years. We had a regulatory issue that, fortunately, was resolved 15 days ago.
- Will you start it now?
- We'll see... We're waiting for the elections, it depends on the timing .
- How much will you invest?
- The land was paid for at US$145 million, to which we will add another US$250-US$300 million.
- What's fun for you today?
In real estate development, it's always creativity. I enjoy content, aesthetics, enriching the project... in art, the same, and in family, Kahlo.
www.buysellba.com
Source:
Costantini revela los pendientes del Gobierno y por qué sigue comprando propiedades
El creador de Nordelta habló del dólar, el Gobierno, el valor de las propiedades y de qué depende que arranque con su proyecto de más de US$250 millones en Catalinas
www.lanacion.com.ar
July 28, 2025
The creator of Nordelta spoke about the dollar, the government, property values, and what determines the start of his US$250 million-plus project in Catalinas.
Eduardo Costantini answered all the questions at LA NACION's real estate summit.LN+
This isn't just another year for Eduardo Costantini . In addition to having his eighth daughter, Kahlo, he's also made significant investments in the real estate market . After six years, he returned to Buenos Aires with the acquisition of land in the Cañitas area, bought land in Carrasco and Punta del Este, Uruguay, and acquired 51% of the developer behind the Quartier brand .
His views on the government , the world , the future of property prices , and his new ventures are some of the topics he discussed in the one-on-one discussion he held with José del Rio, director of content for LA NACION, at the closing of the real estate meeting.
- Eduardo, how do you see the country?
This administration began with a country on the brink of hyperinflation and was surprisingly successful in reducing national public spending and lowering inflation . But it seems that the external sector has yet to find medium- and long-term equilibrium, because the country needs to accumulate dollars and reverse the negative balance in its total reserves. Since we are not accumulating reserves , there is still no change in favorable expectations and the confidence necessary to turn to the international market.
Eduardo F. Costantini closed the LA NACION Real Estate SummitFabian Malavolta
- Why do some sectors perceive the dollar as expensive and others as competitive?
- What you have to seek is a general balance between the external sector , the level of activity, employment, and prices ; the exchange rate is like shooting at a moving target. Determining whether something is expensive or cheap is relative . If you consider the flows, you have to be able to meet the principal and interest maturities. The Central Bank should buy dollars, which would impact a rise in the dollar, and I don't think a measured devaluation of the peso would be a problem. Regarding relative prices: there are things that have increased significantly in dollars, but we have to analyze where we're coming from. Argentina has a very large state, with a very large tax structure, a relatively closed economy. In the long term, it should open the economy , reduce public spending and taxes, achieve a level of competitiveness that allows for a level of activity with employment for all Argentines, and then produce enough dollars to finance imports.
- It seems far away…
- Today, Argentina, with this dollar, these obligations, and no access to the international market, faces a bottleneck that isn't a tragedy, but it exists. It would be different if it were like Uruguay, which is expensive in dollars but in equilibrium, because it is offset by the capital balance, a stable and balanced economy with a strong value of the Uruguayan peso. That is, it has a large state, but with employment. Every economy achieves its equilibrium according to international flows in the balance sheet. Today, the country is in a period of short-, medium-, and long-term transition in search of long-term equilibrium.
- And the cost of construction, why did it increase so much? Is it expensive?
- While prices have increased significantly, we compare poorly with Miami, New York, or Europe. Property prices aren't that expensive in dollars ; the problem is that there isn't enough demand to justify that value. The ABC1 segment saves in dollars and, faced with the cost of a new unit, feels out of step. It takes longer for families to accept the value of new apartments .
- Today, used properties are the star…
- Yes, and that's favorable, but it's a market that will gradually clean up, and demand for new cars will come in. In the medium term, used cars will converge to a reasonable price relative to new cars.
- Why do you continue investing in Argentina, where the macroeconomic situation is relentless?
- We don't manage the macro aspect. All our projects are long-term. We focus on intrinsic value, trying to deliver more than we initially imagined. In Ports, for example, we didn't know we'd be building Malba Puertos, and we invested US$10 million . This creates a deficit of one million dollars a year, but we're doing it because we're improving the quality of life, not just for Escobar. The surprise was that we opened in September of last year and more than 150,000 people have already visited. Ninety percent of Malba Puertos visitors don't know about the Figueroa Alcorta project. There's a demand for culture that one wouldn't have imagined. Everything is more holistic. It's not just about maximizing the profits of the real estate business per se, but also about including the ecological, health, sports, aesthetic, and cultural aspects.
- What is your investment recommendation today?
American stocks are trending upward, despite the ups and downs of international politics led by Mr. Trump. Bitcoin remains strong, also supported by the American president. Rates are positive—we had negative rates for several periods—so there is an opportunity to invest in sovereign or corporate government bonds. All are viable alternatives.
- What does Trump mean in the new world?
- It's a leadership representative of the new leaders, who are hegemonic, extremist, and intransigent; but Trump , with the power of the American economy behind him and his quasi-coercive approach, has a very virulent way of doing politics . However, it has its foundations. The United States has lower tariffs than the rest of the world, so some countries take advantage. There are genuine demands, but he has a particular way of making them... he tries to destroy everything overnight . All of this produces major changes, and we need to re-read the dynamics of the global international system, not only economic, but also political-military.
Eduardo F. Costantini, businessman and owner of ConsultatioFabian Malavolta
- Why did you buy Argencons, the developer behind the Quartier brand?
We consider it a partnership, not a purchase . It's a 50-year-old company, and I've known it for many years. We did a project together, Quartier Ocampo, in 2000. They're honest, experienced people, and they have a different business strategy than ours. We invest capital; they have an investor club, and through our know-how, they develop projects and charge for services. The partnership allows us—through strategy segmentation— to cover a larger number of projects on the market . In turn, we can expand their platform because we have many contacts and potential investors.
- In addition, he is looking at land in the city of Buenos Aires, an area where he has not purchased land since 2017.
- Yes, we bought a piece of land in Cañitas and are looking at another one in the city. We're also approaching some groups that could be complementary, very large partners.
- When you show up, do they raise the price beforehand?
- No, in general the land we are looking at is auctions…
- He also invested heavily in land in Uruguay.
- As I mentioned before, Uruguay is a stable country . Punta del Este is an international hub. We're developing a 145-hectare project there, which, although centered on polo, has a regulatory change that allows the best horses and players to attend. So we spoke with Adolfito Cambiaso and bought a portion of it. It will be a nice project, and we might launch a pre-sale this year. There's also a movement from Montevideo to Carrasco. We partnered and acquired the last green space. We've already purchased 170 hectares. It's an open, secure, and comprehensively designed development. Land prices are expensive —around US$500/m²—and existing land is even priced at US$700/m².
- Do you seek out business or do you find it?
- They're offering us a lot. We also currently have three plots of land in the Catalinas area. It's a 100,000-square-meter project of our own: three towers. We've been working on the project for years. We had a regulatory issue that, fortunately, was resolved 15 days ago.
- Will you start it now?
- We'll see... We're waiting for the elections, it depends on the timing .
- How much will you invest?
- The land was paid for at US$145 million, to which we will add another US$250-US$300 million.
- What's fun for you today?
In real estate development, it's always creativity. I enjoy content, aesthetics, enriching the project... in art, the same, and in family, Kahlo.
www.buysellba.com
