The increase in development is likely to be in the commercial and tourist areas as there is considerable activity from Northern Hemisphere developers who bring their fast track building techniques to construct high rises and new hotels.

Agriculture wheat exports from the last harvest are up 20% and this is reflective, amongst other things, of a good growing season.

Farming in South America is quite different from farming as we know it in New Zealand. For example it is not common for owners of large properties to live and manage their farms from the property.

In Argentina the owners tend to live in Buenos Aires and in Uruguay in Montevideo or Punta del Este.

There are several traditional and practical reasons for this. Farms tend to be very large and it is common to own more than one for diversity of income.

With a head office in the city they can be managed more efficiently.

Schooling, hospitals, isolation, and lifestyle are all relevant considerations. However farmers who don't have such large property holdings to justify this structure often employ local administrators who manage and provide advisory services.

Over the next few months a steady stream of investors is expected to arrive in Argentina with a biew to buying commercial farms and construction opportunities.

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Argentina has been an agricultural exporter for the past four centuries, with exports ranging from beef to grain, from dairy products to leather, from fruit and wines to Polo players.

More recently its exports include oil, gas and phosphates. It is self sufficient in most foodstuffs. Investment opportunities abound at this time of turn-around, from investing in some of the most fertile farming land in the world; where the topsoil is over a metre deep, to development opportunities in commercial real estate ventures, from forestry investment to lifestyle developments.

After almost a decade pegged at the parity with the US dollar, in January 2002, the Argentine peso collapsed to 19c. The Government defaulted on its $141 billion indebtedness, government restrictions were enforced on bank withdrawals, effectively freezing people's accounts, unemployment rose to record levels, the residential real estate market collapsed overnight, some properties falling by as much as 70%.

The people, out of sheer desperation took to the streets in protest. Sadly several people were killed in some of the impassioned and angry clashes with authorities that ensued and Argentina was labeled a "no-go-area" by the rest of the western world.

Sad, dark and desperate times indeed for the people of such a beautiful country with so much to offer. Resilient, optimistic and determined are a few adjectives that could be used to describe this nation of very proud people who have seen troubled times before and dug deep to lift themselves up to return, once again, to be the nation known for their good looks and flamboyant sophisticated style an elegant and passionate nation of people who have hearts as big as their world famous steaks!

Throughout all the economic turmoil however, farming land prices appeared to hold their value better than any other real estate property, due mainly to the crops and livestock produced being commodities priced in US dollars on the world market and their input cost being paid for in pesos.

Compared to most other countries, farm land is still priced at very favourable prices, making it a very viable investment option, particularly given the high yielding capacity of the rich soils in areas such as the Pampas.