Executive take

The following information is our own research at Latitude Bridge Ventures, originally prepared for our own use while investigating Argentina as a promising emerging market to invest in.

Argentina just staged a rare, democratic economic pivot: from decades of state-heavy policy and stop-go stabilization to the most sweeping liberalization in a generation. Inflation is falling fast, capital is circling, and real credit is reappearing. That’s the macro opening. Our “wedge” is local: a founder-led strategy in Tandil—an under-the-radar university/tech/tourism city with improving air links, tight rental supply in the upper-mid market, and durable domestic demand. We’ll start by buying and operating modern, upper-middle-class rentals (mid-to-long stay + business travel + digital nomads + high-season STRs). Then we’ll help local firms professionalize, and finally bring in international operators to fill service gaps.

Our vision is to build a bridge for capital, technical expertise, and new markets between Argentina and the rest of the world—primarily Canada—creating lasting connections between nations. We begin with Tandil as our foundation, with plans to expand across the country.

We invite you to join us on this journey, partner with us in this exciting endeavor, and share in the unique opportunities ahead.

1) The Macro Reset (what changed—and why it matters for investors)

A peaceful but impactful revolution via policy, not protests

Since December 2023 President Javier Milei has pursued the broadest deregulatory push in decades—via a sweeping decree (DNU 70/2023) that scrapped hundreds of regulations and modernized labor, commerce, and competition rules, followed by the Ley Bases reform package in mid-2025 that created a large-investment incentive regime (RIGI) with tax and customs stability to attract long-horizon capital. Supporting this effort is the newly created Ministry of Deregulation and State Transformation, led by economist Federico Sturzenegger. Since July 2024, his office has implemented ‘chainsaw’ cuts to public agencies, slashed red tape in housing, energy, and commerce, and launched an interactive reform portal—claiming roughly 30% price reductions in regulated sectors—all while reorganizing government without expanding it.
Reuters, Wikipedia, Buenos Aires Herald, Reuters+1, Wikipedia, Cato Institute

Disinflation is real

After peaking above 200% y/y in 2023, national inflation has decelerated sharply through 2025; July’s monthly CPI slowed to around 2–3% (still high, but a fraction of late-2023’s pace), with independent trackers showing similar drops. The OECD’s 2025 survey calls out the unprecedented fiscal adjustment and the disinflation underway—even as it flags social and political risks.
Buenos Aires Herald, Reuters, ECOSCOPE, IndecOECD

The government has announced that inflation will be gone within the next year. While companies, investors, the IMF, and many third-party organizations like the Atlantic Council remain skeptical of the aggressive timeline, they agree that inflation will continue to drop.
Buenos Aires Herald, Buenos Aires Times, Buenos Aires Herald, IMF Report, 2025, OECD Economic Outlook, June 2025, Reuters, BCRA REM

Credit is thawing and creeping back

The best “hard” sign of normalization for real estate: After a six-year drought, UVA-indexed mortgages are back across public and private banks in 2024–25. Mortgage flows have tripled from a tiny base, and Buenos Aires Province saw ~+500% y/y in new mortgages in February —the highest monthly level since 2018—per the provincial notaries and wire reports. Argentina’s public Banco Nación alone reports 10,000 mortgages granted since the relaunch; nationwide, BCRA data compiled by Chequeado estimates ~27,800 new mortgages from Jan-2024 to May-2025, with the province of Buenos Aires (where Tandil sits) among leaders. 
There’s still volatility in this sector. Banks have been tweaking rates/terms and tightening income requirements; some have paused and resumed offerings as they gauge demand and liquidity. Conditions are still tight, but directionally positive for end-buyers and valuations.
Buenos Aires Times+1, Reuters, Banco de la Nación Argentina, Chequeado, Santiago Magnin (cc available), La Nacion, BuySellBA, infobae, Infoempresas

Rules for capital

Congress passed Ley Bases with the RIGI large-investment regime (tax stability, tariff/export incentives). Mining/energy firms are already moving to use it (or pressing to).
Reuters+1

Capital projects are moving

Upstream energy and mining are leading the cycle:

• The Vaca Muerta gas pipeline came online (stage I) and is slated for expansion; YPF is shifting to floating LNG exports and signed a strategic agreement with Eni (Italy).

• In mining, the new RIGI has become the magnet: BHP and Lundin plan to apply for RIGI at the Vicuña copper district; Reuters tracks additional RIGI-eligible pipelines (Rio Tinto’s $2.5B lithium project approval is one marker). Infrastructure bottlenecks (power, roads) remain a constraint—read that as a future opportunity.
  Reuters

Sustainability test: politics

Approval ratings have been volatile (generally ~40–50% in mid-2025 depending on the pollster), with recent softness amid scandals and austerity. AS/COA maintains a tracker; Reuters frames near-term elections as a litmus test. Our read: reform durability is improving but not yet “priced in.”
AS/COAAOL

Bottom line

For disciplined, on-the-ground investors who can operate through noise, Argentina’s policy turn is real enough to underwrite—as long as you pair it with tight local theses and live risk monitoring.

Projects we’re tracking (real money, real pipes):

• Vaca Muerta: (second largest natural gas reserve in the world and the fourth largest oil reserve) production records; 1H-2025 oil & gas exports +36% to $3.7B; LNG initiatives gathering partners (YPF + majors).
  Reuters

• Pipelines: the private Vaca Muerta Oil Sur (VMOS) export pipeline (~437 km to Punta Colorada) under construction by Techint–SACDE; gas-line expansions and tenders continue.
  techint.com, Energy Intelligence

• Lithium & copper: green-lighted $2.5B Rio Tinto lithium project under the new regime; Cauchari-Olaroz ramping; Los Azules copper in feasibility/financing, aiming for a 2026 start pending permits and RIGI approval.
  Reuters+2Reuters+2investors.lithium-argentina.com

• Argentina’s rail system is undergoing major reform. In June 2024, the government declared a two-year ‘railway emergency’, allowing urgent measures for operational safety and budget adjustment. The strategy included an infrastructure upgrade plan and efforts to recover rolling stock and signal investments from private operators while maintaining contractual conditions regardless of who runs the service.
  In 2025, reforms accelerated: the government began shifting freight toward an “open-access” model, extended existing private freight concessions, and formally initiated the privatization of Belgrano Cargas. The sale will include locomotives and railcars, while tracks and stations remain state-owned but operated by private companies under long-term contracts.
  
  Why it matters: Freight rail is vital to Argentina’s export economy. Improving rail access—especially to ports like Bahía Blanca—can lower logistics costs for farmers and manufacturers. Upgrades to wagons, equipment, and small freight volumes demonstrate that the system responds well when investment is made. Risks remain—policy reversals, execution delays—but even partial implementation can help Argentina stay internationally competitive.
  Agenzia Nova, Bloomberg Law, International Railway Journal, RAILMARKET.com, Buenos Aires Herald, PAGBAM Abogados, Bangla newsrailway.supply, International Railway Journal, journalofsupplychain.com Privatización del Belgrano Cargas: los fundamentos del ministro Sturzenegger

Why this matters for real estate: energy/mining capex and university/tech growth pull business travel and mid-term stays into corridors like Tandil (within Buenos Aires Province, with good road connectivity). The mix of lower inflation + mortgage reboot + cost stabilization begins to normalize hold/renovate/build decisions.

2) Why Tandil First (and not BA/Mar del Plata/Córdoba)?

A hidden-in-plain-sight hub

Argentines know Tandil; international investors mostly don’t. It’s a classic “strong-bones” mid-sized city (150,162 people per 2023 census results) with a diversified base: agriculture and food, a strong software/tech cluster anchored by UNICEN, and year-round domestic tourism in the Tandilia hills. The official municipal portal and the Cluster Tecnológico highlight dozens of firms and ~2,000+ tech jobs; it’s a talent magnet with real quality of life.
bienestar.unicen.edu.arnotitrans.com

Strategic location

South West of Buenos Aires, close to the sea for import/export, regional transportation hub on a major North/South artery with associated rail and air lines. 

Population, Demographics, Income & Jobs

Population Growth

Tandil is booming—both in people and in property. Since 2010, its population has grown over 17.5%, with the city proper reaching 138,549 residents by the 2022 census and local 2023 estimates placing it above 150,000. That’s ~1.5% annual growth—far outpacing Argentina’s national average (~0.9%) and doubling that of the U.S., Canada, and Western Europe. Migration is the key driver, as Tandil continues to attract students, professionals, and families drawn by its university, growing tech sector, and exceptional quality of life. The result? Over 10,000 new homes built in just five years—and since the pandemic, nearly two new families move in per day.
Infobae

Demographics

Median age is ~32.7 years in the city and ~35 years in the Partido, reflecting a predominantly working-age population. Women slightly outnumber men, and about 13.8% are over 65, a share in line with Argentina’s aging trend.

Income

Reported income data is unreliable: Argentines chronically under-report salaries and major asset purchases for tax purposes. Data from various government and third party sources vary wildly. For this reason, official figures (e.g., Tandil’s median net salary of USD 1,205/month) must be treated with caution, however, our personal experience on the ground in Tandil seems to indicate that number is likely closer to $1,500 USD/mo. 

Official figures indicate that nationally, wages rose 145.5% in 2024, outpacing inflation (117.8%), suggesting some real income recovery, though actual household purchasing power is best inferred indirectly.

Anecdotally, incomes appear comparatively strong and growing, but there’s no data to back that and we can’t underwrite directly based on income or property sales data.

Jobs & Economic Activity

Direct job counts are similarly opaque, but secondary indicators point to growth.

• Industrial expansion: The Parque Industrial houses 72+ firms, with several new plants announced in 2025 (food manufacturing, packaging, logistics). However, based on conversations we’ve had with local authorities and local contacts in the business community, there’s a huge opportunity for further expansion, but current regulations and political tension are hampering growth.

• Technology cluster: Tandil’s software and IT ecosystem of 50+ companies continues to expand, absorbing office and coworking space.

• Business Licenses Issued: The municipality processes 1,100–1,300 business license transactions per year (new + renewals), and that range has remained steady for a long period of time.
  Recent reporting highlights growth in consumer-facing categories (dietetics, sports goods, beauty salons, barber shops, liquor shops) since the pandemic.
  While not all are new firms, the steady flow + category diversification indicates continued absorption of retail/office space.

• Utilities: Active electricity (+1.8% YoY) and gas (+2.5% YoY) connections show more premises in use, as does their consumption.

• Finance & taxes: Local bank loans in Tandil, rose 62.4% in real terms and municipal turnover taxes +14.2% YoY, signaling more business activity.

Employment

Tandil’s labor market has shown resilience but also stress. A municipal survey reported 5.7% unemployment in Q4 2023 , below national levels, but by mid-2025 the rate rose to 10%, with youth unemployment at 21.8%. Job creation is evident in the Parque Industrial de Tandil (72+ firms and recent plant expansions) and a growing tech cluster. Utility connections (+1.8% electricity, +2.5% gas users YoY in 2024) also suggest steady business and household growth.

Demographics Summary

Tandil is a fast-growing mid-sized city with a youthful demographic base, expanding industrial and tech sectors, and rising housing demand. While unemployment reflects population inflows outpacing job absorption, the long-term fundamentals of investment, infrastructure, and sector diversification point to a diversifying, opportunity-rich local economy and a genuinely expanding job market despite cyclical stress.

Quality of life & safety, with caveats

• Crime: Tandil’s local government publishes quarterly Protección Ciudadana reports (camera network expansion, prevention programs, “mapa del delito”). That’s transparency we like. A private crowd-sourced index (Numbeo) places Tandil toward the low-crime end nationally.
  Gobierno Abierto | Municipio de Tandil+1lavozdetandil.com.ar

• Quality Of Life:

  1. Top-Tier Well-Being Rankings
     A national platform rated Tandil’s well-being index at 1.56, putting it in the top 3 of small-intermediate cities in Argentina. It was praised for factors like low poverty and overcrowding, low infant mortality, and excellent educational quality.
     eldiariodetandil.com, plandenoticiastandil.com
     

  2. Superior Living Conditions (Census-Based)
     Based on INDEC 2022 data, Tandil stands well above provincial and national averages for access to essential utilities. For example:
     86% of homes have sewer (vs. 60.5% in Buenos Aires Province).
     82% use gas or electricity for cooking (vs. 65.5% provincially). eldiariodetandil.com
     

  3. Safety, Calm, Scenic Appeal
     A local publication (late 2023) described Tandil as exceptionally safe, tranquil, and scenic—noting its low crime rates, modern infrastructure, and friendly community.
     eleco.com.ar
     

  4. Cost Efficiency – Livability Rankings
     According to LivingCost.org (July 2025), Tandil ranks in the top 27% of the world's most affordable cities.
     Livingcost, infobae

Transportation Access Improvements

Roads

Tandil's continued growth is not just about demographics—it’s also about connectivity. Two key transportation upgrades are currently on the radar, both with the potential to dramatically reshape accessibility, tourism, and investment opportunities in the region.

First, the long-awaited bypass or half-ring road for National Route 226 would finally redirect through-traffic away from Tandil’s urban core. Today, RN226 cuts directly through the city, fragmenting it and limiting integration between neighborhoods. If the ring road moves forward, it would unlock development in the city’s northeast section, a currently underutilized area with high potential. Improved traffic flow and better urban cohesion would boost both residential and commercial activity.

Second, the long-overdue expansion of National Route 3 (RN3)—currently a one-lane highway—could be a game-changer. Upgrading RN3 into a proper multi-lane expressway would significantly reduce travel time (from the current 4.5–6 hours to just 3–4 hours) from Buenos Aires, unleashing a wave of tourism, weekend visitors, and potential new residents. For a city already known for its natural beauty and quality of life, easier access from the capital could fuel a surge in short-term rentals, boutique hotels, and lifestyle-driven real estate investment.eleco.com.ar, El Diario de Tandil

At LBV, we’re keeping a close eye on these two major infrastructure projects—the RN226 ring road and the RN3 highway upgrade. While timelines are still unfolding, both have the potential to significantly boost connectivity, tourism, and long-term real estate value in and around Tandil. As always, we’ll keep you posted with updates and insights as things evolve.

Air

Commercial flights between Buenos Aires (Aeroparque) and Tandil restarted in May 2025 via Humming Airways (Mon/Wed/Fri/Sun, ~1 hr). Before that, the Air Force base/airport underwent runway works (2022), enabling future civilian operations; the current service is a small but meaningful step for business travel and high-yield leisure.
eldiariodetandil.com+1LA NACIONArgentina

Rail

Tandil lies on the General Roca Railway, linking north through Las Flores and south-west to Bahía Blanca creating a freight triangle of great potential. Freight services already carry cement, cereals, fertilizers, and manufactured goods. Companies like Loma Negra depend heavily on this line.

Currently the rail network is in a state of disrepair, so much so that passenger rail service was terminated due to safety concerns in 2016, though freight service continues.
There is great interest in upgrading the rail network so that passenger service can be restarted. When that eventually happens it would be a big boost to local tourism and business travel.

Passenger rail reactivation has been studied multiple times; it’s a long runway item with political dependency. (We’re monitoring, not underwriting it.)
There is a provincial strategic plan from The Buenos Aires Ministry of Transport, under Minister Martín Marinucci, which has placed Tandil among ten priority cities for reactivating passenger and freight rail connections to major port hubs—though no firm timelines yet.
eleco

Track Upgrade Tender: A project has entered the tendering phase to rehabilitate the Maipú–Ayacucho–Tandil rail segment, covering vegetation removal, ballast replacement, and embankment restoration. Operations would likely start with a railcar service integrated with the Mar del Plata line—subject to efficiency concerns.
eldiariodetandil

Short term: Freight services continue, with gradual reliability gains as concessions are extended and port works progress. Passenger rail is unlikely soon—the Maipú–Ayacucho–Tandil project is currently stalled in the tendering phase.

Medium term: If open-access reforms proceed, Tandil’s producers could see lower logistics costs and less volatility. This would boost the value of industrial parks and warehouse sites near the railway.

Long term: A stable reform path could make Tandil a stronger logistics hub, better connected to Bahía Blanca’s port. That would support exports and raise demand for industrial and logistics real estate.

Conclusion: Tandil’s location on the Roca freight line gives it clear advantages. Even if passenger services lag, freight reforms and investments targeting Bahía Blanca improve competitiveness for local industries. For investors, this strengthens the case for logistics, industrial real estate, and agro-export opportunities tied to the corridor.
If reforms stall, Tandil risks being stuck with limited freight capacity.
Argentina.gov.ar Press Release

Tourism demand is durable—and professionalizing

The city’s Instituto Mixto de Turismo reports 75–80% average occupancy in winter holidays 2025, with “pleno” (near-full) hotel occupancy over Easter week. Many operators report late-booking behavior but strong peaks; cabins regularly hit 80–85% in high season. This underpins year-round STR potential—if you position above commodity listings.
eldiariodetandil.com+1Sendero Regionallu22.com.ar

Rental supply is tight in our target bands:

• Academic work (Jul-2025) highlights growing rent burden and scarcity in medium cities like Tandil. Local brokerage and press note shortage of family-sized units and a migration of stock to tourism, squeezing long-term rental availability. That tightness is most acute in modern, well-located upper-middle products—the exact segment business travelers, digital nomads, and higher-income locals want.
  ResearchGatelu22.com.ar

• The share of renter households in Tandil grew from 15.5% (2001) to 29.8% (2022) — a structural tenant base that outpaced new, quality supply.
  CONICET Digital

• Price context:
  In 2024, UNICEN research put average apartment values in Tandil at around USD 1,200 per m². Current listings confirm that figure has held as a baseline but with a wider spread:
  
  Typical 1–2 BR units now range between USD 1,100 and 1,600 per m² (e.g., 94 m² at USD 120,000 → ~USD 1,277/m²; 69 m² at USD 75,000 → ~USD 1,087/m²).
  
  Premium new or central units can push far higher, reaching USD 2,900 per m² (e.g., 75 m² at USD 220,000).
  For investors, that translates to ticket sizes of roughly USD 70,000–140,000 for good standard apartments, and USD 180,000–220,000+ for premium stock with modern amenities. Sources: UNICEN (2024), Argenprop and Enfoque de Negocios current listings.
  
  Takeaway: prices are moving upward, but careful selection—prioritizing location, amenities, and building quality—still creates opportunities to buy well below the premium tier while maintaining strong rental appeal.
  Notes: these are asking prices (not closed transactions) and vary by micro-location, building age, amenities (parking, elevator, HVAC), and view. Careful selection still makes a big difference. Argenprop, Enfoque de Negocios, La Nacion, Infobae, La Nación, ConstruMis
  Tandil remains among the most affordable markets, with coastal and capital markets commanding much higher premiums.
  TheLatinvestor, Global Property Guide, gatewaytosouthamerica-newsblog.com

• Business & tech travel: a 50+-company tech cluster + active corporate/university ecosystem → sustained inflow of visiting staff/contractors who need predictable standards. clustertecnologicotandil.org.ar

• Tourism cadence: repeat high-season occupancy (Easter/winter) strains quality supply; municipal communications point to consistently strong holiday occupancy. lu22.com.areleco.com.ar

• Market structure: Studies show prices in Tandil are closely tied to local wages and vary widely in quality. Homes in the city center cost more, while there are fewer high-end options in outlying areas. This points to an opportunity to create modern, well-managed rental units to meet unmet demand. CONICET Digital

• Bottom line: the city has demand density (students + tech + tourism) but insufficient, consistent “business-grade” inventory. That’s the niche.

Construction activity

High baseline, mixed signals. Tandil has sustained elevated building in recent years (visible in permits and new mid-rise corridors), even as the national cycle cooled. In 2025 the city passed a temporary one-time regularization regime for unregistered m² which allowed property owners to officially declare any unregistered or unapproved (like extra rooms, extensions, or whole buildings). Useful for cleaning titles and bringing inventory into the formal market.

The provincial sewage plant expansion (north) doubles capacity for 22,000+ new users, supporting urban growth in the next build cycle. eleco.com.ar+1sibom.slyt.gba.gob.ar

So why Tandil vs. bigger markets?

• Yield & moat: Less institutional competition, better entry yields per risk unit, and a thicker “middle-class + domestic tourism” demand stack.

• Talent & services: UNICEN + tech cluster = consistent professional inflows and higher WFH penetration. notitrans.com

• Now with flights: 60 minutes to the capital is a step-change for corporate demand. eldiariodetandil.com

• Industry validation: Faro Verde, a major developer is a big player first mover in the growing expansion of Tandil real estate developments.

3) What we’re buying (and why)

Our target product

Modern 1–3BRs rentals in walkable districts (Centro/semicentro, ideally within the “four avenues”), with:

1. Hotel-grade finishes & ops (smart locks, great beds, weekly housekeeping),

2. Work-ready setups (desk, 200+ Mbps fiber, blackout), and

3. Flexible lease stack (30–180 day corporate stays + high-season STR, with a long-term floor).

Why this setup

It captures three buyers of nights—domestic professionals, tech/academic visitors, and leisure week-enders—without fully depending on international airlift. It also arbitrages a local operator gap: many units are either standard long-term leases or unmanaged STRs; professionally operated “mid-stay” is under-supplied.

Other segments at a glance

• Student rentals: liquid every Q1; pricing volatile; competition rising in studios/1BRs post-law changes. lu22.com.ar

• Family houses (LT): consistently undersupplied relative to demand. lu22.com.ar

• Vacation STRs: abundant listings exist, but quality varies; occupancy is solid in peaks with more selective off-season demand. Indicative platform stats show hundreds of active listings with many flagged as “family-friendly” or “workspace,” confirming depth but also fragmentation. It’s also apparent that there’s a shortage of professionally managed listings, providing opportunity for experienced providers. Airbnb

Here’s our comparison chart plus analysis, showing how Tandil mid-term furnished rentals stack up against international markets—and how that aligns with investor expectations. All return estimates are grounded in the latest data.

Global Yield Comparison & Investor Expectations

1. Global Benchmark: Gross Rental Yields (2025)

2. Argentina Market Baseline

• National average gross rental yield: ~6% (Q2 2025) Global Property Guide

• Tandil (city-level): ~5.7% (center) to ~5.4% (periphery) Numbeo

• Short-term rentals in Tandil (Airbnb):

  • Median revenue: USD 6,579/year → for ~$120k unit ≈ 5.5% gross yield

  • Top 10% earners: ~$1,953/month → ~18.5% gross annual, but with <70% occupancy Airroi

3. Why Tandil Mid-Term Furnished Rentals Can Hit 12–15% Net Yields

My calculations assume:

• A) Professional setup + low vacancy buffer
  Anchored by stable mid-term (academic/corporate) stays, boosting occupancy and allowing premium rate.
  

• B) Income mix (mid-term + STR during peaks)
  Combined yield uplift compared to median local data.
  

• C) USD-linked pricing or indexation
  Protects against peso depreciation.

Example deal estimation (2BR modern apartment):

• Purchase price: USD 120,000

• Gross rent (blended): ~USD 18,000 → 15% gross yield

• Expenses/vacancy (25% of gross): USD 4,500

• NOI: USD 13,500 → ~11.25% net yield

• With improved management/income to USD 20,000 gross → NOI USD 15,000 → ~12.5% net yield

This aligns squarely with the 12–15% net USD range typically required by international investors in frontier/emerging markets—offering double or triple the yield compared to U.S./EU (3–7%) and significantly above emerging markets like Colombia or Georgia (7–10%).

4. How We Reach These Conclusions

• Gross yield baselines: Global property guides, regional market data (U.S., EU, emerging markets) Global Property GuideGlobal Mortgage GroupeuronewsBMA Business SolutionsImin Caribbean

• Argentina/Tandil yields: National and city-level rental data Global Property GuideNumbeo

• Short-term rental dynamics: AirROI 2025 STR stats for Tandil, including ADR, occupancy, and revenue tiers Airroi

• Investor psychology: Convention in capital markets that frontier real estate must deliver at least ~12–15% net returns to offset risks (FX, political) —though no single citation, this is a well-accepted benchmark in real estate equity investor circles.

Summary & Pitch Angle

• Tandil’s current average yields (~5–6%) are unremarkable, but a professionally managed mid-term furnished model can boost gross yields to 14–18%, enabling net returns of 12–15% USD.

• That return profile positions Tandil well above mature markets (3–7%) and ahead of most emerging markets (7–10%), offering a compelling investor thesis.

• Key to credibility: Transparent assumptions, disciplined execution, professional standard assets, and FX risk mitigation.

4) Macro tailwinds that directly touch real estate

• Disinflation → longer tenors: 
  Lower inflation plus UVA credit revival extends real holding periods and increases end-buyer pools (supportive for exit liquidity). BNA’s 10,000 mortgages and the ~27.8k nationwide since 2024 are a real pulse. Banco de la Nación ArgentinaChequeado

• Construction costs stabilizing: 
  INDEC’s Construction Cost Index rose 1.3% (Jun-25) and 1.6% (Jul-25) m/m—still rising, but far from 2023’s spikes. That predictability helps capex underwriting. Indec+1

• Energy/mining capex spillovers: 
  If RIGI-backed projects break ground at scale (copper, lithium, LNG), demand for travel, services, and regional housing should lift second-tier cities. We’re not underwriting “trickle-down,” but we’re positioned if it arrives. Reuters+1

5) Risks we’re tracking (and the indicators we’ll watch)

Macro / policy

• Inflation back-up risk: Track INDEC CPI monthly and market expectations (OECD/BCRA surveys). Trigger: three consecutive m/m prints >2.5%. IndecOECD

• Rates/credit risk: Follow UVA mortgage pricing/eligibility across major banks; changes in BCRA rules and bank rate sheets. Triggers: rate hikes or tightening of income multiples. santander.com.ar, Argentina

• FX/liquidity risk: Debt auction rollover stress tends to leak into FX. Watch Treasury roll rates and cover ratios. Buenos Aires Times

• Policy durability (RIGI): Monitor regulatory adjustments and uptake by flagship projects (Lithium/Copper/Energy). Triggers: reversals or delays in approvals. Reuters

Build & operating costs

• Construction cost index (ICC, GBA) as our proxy for capex/rehab budgeting. Trigger: trend break >2.5% m/m 2-month average. Indec

• Labor & materials availability via local contractor quotes; cross-check APYMECO/industry bulletins for spikes. static.cpau.org

Local demand / utilization

• Tourism occupancy (winter/spring breaks, Easter) via municipal/IMT notes and press. Trigger: two consecutive seasons <60% average. eleco.com.arplandenoticiastandil.com

• University intake and tech-cluster payroll (hiring/freezes). Triggers: intake declines; cluster downsizing. eleco.com.arclustertecnologicotandil.org.ar

• Rental market tension (LT supply vs. asking): follow local surveys and academic updates that track rent burden vs. wages. Trigger: rent/Wage index >120% sustained for 3 months in our sub-markets. CONICET Digital

Local transport execution

• Indicator: RN-226 concession pliego details; RP-30/74 works updates; Humming Airways schedule stability. Connectivity is a demand multiplier—losing flights or delaying RN-226 upgrades would shave the upside case. eldiariodetandil.comeleco.com.ar

Safety perception

• Indicator: municipal Protección Ciudadana quarterly reports (incident trends, CCTV coverage). We use this for some micro-location screening and guest comms planning. 
  It should be noted that the credibility and efficiency of Proteccion Cuidadana is unclear and under debate, based on conversations we’ve had with local authorities and business leaders. Gobierno Abierto | Municipio de Tandil

Regulatory

• STR/LTR rules: national deregulation helped LTR supply, but municipal ordinances can change STR rules. We’ll maintain a compliance checklist and buffer our model toward 

6) What makes Tandil rentals work (today)

Demand stack

• Corporate & academic: tech cluster + UNICEN generate predictable weekday demand. notitrans.com

• Leisure peaks with depth: Easter, winter break, long weekends = 75–95% occupancy city-wide per municipal/industry updates. We price for shoulder strength, not just peaks. eldiariodetandil.com+1

• Air bridge to BA: 4x weekly flights unlock short corporate missions; even if service is bumpy early on, the city has demonstrated that the runway and ops can support recurring airline interest. eldiariodetandil.com

Supply reality

• Modern, pro-managed units are scarce. Local reports point to shortage of family units and a tilt toward tourism supply; many “nice” units lack consistent professional ops. That’s our niche. lu22.com.ar

7) Our first 90 days (playbook you can hold us to)

1. Target properties: 1–3 BRs and small multi near Centro/semicentro; fiber-ready buildings; balcony/parking prized.

2. Ops-first capex: turn keyless entry, furniture kits (sleep/desk), acoustic fixes, climate control, optional parking, modern appliances and premium fixtures.

3. Dual-channel leasing: 30–180-day corporate + regulated STR windows; corporate partnerships with local tech/services and UNICEN programs.

4. Expanding our verified vendors list and put professional property management processes in place.

5. Data feedback loop: monthly KPI pack: occupancy by channel, ADR/RevPAR, TRev, NPS, maintenance tickets, energy/water usage.

6. Community alignment: document and comply with municipal STR norms; coordinate with neighbors/administrators to keep good-will high.

8) FAQs we’re getting (and our answers)

“Is the political situation temporary?”
Short answer: no, but policy durability is the hinge. Reforms are now legislated (Ley Bases/RIGI) with a fiscal anchor; inflation is falling; credit is back at the margin. The political path is noisy, but fundamentals are more investable than a year ago. ReutersBuenos Aires Herald

“Why not BA first?”
Liquidity is deeper in BA, but competition is brutal and short-stay regulation is fluid by barrio. Tandil gives us yield, an execution sandbox with less regulatory overhang, and asymmetric upside from connectivity improvements. (We can take BA exposure later with a stronger ops engine.)

9) Sources (load-bearing)

Macro & reforms: 
Reuters on DNU/Ley Bases/RIGI, FT on deregulation, OECD 2025 survey; inflation prints (El País, Buenos Aires Herald/INDEC). Reuters+2Reuters+2ECOSCOPEBuenos Aires Herald

Inflation & costs: 
INDEC July CPI (1.9% m/m, 36.6% y/y) and ICC June–July (1.4–1.6% m/m). Indec+2Indec+2
OECD 2025 Survey (Argentina): disinflation from 211% to 43.5% (May-25) and 2025 trajectory. OECD+1

Credit: 
Banco Nación press; BCRA/press comp via Chequeado. Banco de la Nación ArgentinaChequeado

Mortgages: 
BA Times (mortgages triple), Reuters (mortgage market revival), bank product pages (BNA, Santander). Buenos Aires TimesReutersBanco de la Nación Argentinasantander.com.ar

Energy/mining: 
Reuters on Vaca Muerta pipeline, YPF LNG + Eni, Rio Tinto lithium, BHP/Lundin Vicuña. Reuters+4Reuters+4Reuters+4

Investment & projects: 
Vaca Muerta output & exports; VMOS pipeline; RIGI regime; lithium/copper projects (Rio Tinto, Cauchari-Olaroz, Los Azules). Reuters+4Reuters+4Reuters+4techint.cominvestors.lithium-argentina.com

Politics: 
AS/COA approval tracker; Reuters election framing. AS/COAAOL

Tandil data: 
2023 census count (Wikipedia summarizing INDEC), Cluster Tecnológico Tandil/UNICEN ecosystem, municipal tourism/occupancy and Protección Ciudadana reports, Humming Airways flight resumes with local press, RN-226 and RP-30/74 works coverage, sewage plant expansion. bienestar.unicen.edu.arnotitrans.comeldiariodetandil.com+3eldiariodetandil.com+3eldiariodetandil.com+3Gobierno Abierto | Municipio de Tandileleco.com.ar+1

Tandil housing dynamics: peer-reviewed 2025 study on rental prices/accessibility and population/renter share; municipal/press on seasonal occupancy; brokers on family-house scarcity. CONICET Digital+3CONICET Digital+3CONICET Digital+3eleco.com.arplandenoticiastandil.comlu22.com.ar

Tech & university anchors: 
Clúster Tecnológico Tandil (50+ firms, 2,000+ jobs); UNICEN enrollment context.

Appendix: Key stats & claims (verifiable)

• Inflation trend: disinflation to ~2–3% m/m by July 2025. Reuters

• Mortgages: 10,000 BNA mortgages since May 2024; ~27,800 nationwide 2024–May 2025. Banco de la Nación ArgentinaChequeado

• Flights: BA–Tandil commercial flights resumed May 2025 (Humming Airways). eldiariodetandil.com

• Tourism: 75–80% avg. occupancy in winter 2025; “pleno” over Easter. eldiariodetandil.com+1

• Construction costs: ICC +1.3% (Jun-25), +1.6% (Jul-25) m/m. Indec

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