Real Estate in Argentina - NYTimes.com Horacio Paone for The New York Times A three-bedroom triplex in Puerto Madero, a trendy section of Buenos Aires, is for sale for $980,000. This apartment is in a century-old converted grain silo in the heart of Puerto Madero, a gentrifying neighborhood near the old port of Buenos Aires. The main entrance is on the sixth floor; the building has an elevator. There is a half bathroom just off the entryway, and a windowed alcove to the right is used as a home office. The living room has a double-height ceiling, oak flooring, and a gas-burning fireplace framed with white marble. The adjacent dining room has a crystal chandelier and matching wall sconces. It is separated from the kitchen by a marble-topped island with a stainless steel sink. The kitchen has open shelves, a pantry and a breakfast nook. A door off the kitchen leads to the staff quarters, which has a bedroom, a full bath and a separate entrance. A striking bright-red metal staircase with wooden steps leads to the second floor, where there are three bedrooms. They all have en-suite baths and floor-to-ceiling windows, with sheer curtains to let in light while preserving privacy. The master bedroom has oak flooring and a small sitting area. The master bath has a white ceramic sink atop a white marble vanity, and the ceramic tile floor is also white. One flight up, a small landing with windows on three sides has a door to a private roof deck, with a hot tub and panoramic city views. The industrial building, known as Los Molinos, was renovated in 2009 by the Argentine developer Alan Faena. It is now a modern mixed-use structure with about 90 condominiums on the upper levels and shops and an art gallery below. The building also has exercise facilities for residents, including a lap pool. The artsy neighborhood has a vibrant nightlife that draws people from all over Buenos Aires. Cafes and restaurants are within easy walking distance. The airport is about an hour's drive, depending on traffic. The real estate market in Buenos Aires is stable but sluggish, said Roberto Guichon, director of the Buenos Aires company Guichon Propiedades. The situation may be improving because the sales volume so far this year has not lagged as far behind as in the past, Mr. Guichon said. One drag on the market has been the fluctuation of the dollar - because Argentine property is often priced in dollars, said Valerio Valle, the administration adviser of Valle Real Estate, an Italian real estate company that sells property in Argentina. He said the global financial crisis had also taken a toll on foreign homeownership in Argentina. Prices in the popular neighborhood of Palermo range from $2,500 to $3,500 per square meter ($232 to 325 per square foot), according to Mr. Guichon. The neighborhoods of Recoleta and Puerto Madero are more expensive, ranging from $3,000 to $6,000 per square meter. "Rare gems can go higher than that in some cases," Mr. Guichon said. The apartment profiled here, in Puerto Madero, is listed at $3,226 per square meter. Foreign buyers are mainly American, but West Europeans are also a significant presence, agents said. Buenos Aires is especially known for attracting people who enjoy museums, art and music, said Adriana Massa, the principal of Argentina Properties Sotheby's International Realty and the listing agent for this apartment. "It has a very important cultural life," she said. Mr. Guichon said he had also seen a considerable number of buyers from Russia and Brazil. Foreigners will find no barriers to residential purchases in cities, but there are some restrictions on rural transactions. Ms. Massa says foreign buyers must obtain a tax identification number, similar to a social security number. Transaction costs include a real estate agent commission of 6 to 8 percent of the purchase price, shared between the buyer and the seller, she said. The 2.5 percent stamp tax is also split between them. The buyer pays for the notary, whose fees range from 1 to 3 percent. Most high-end properties in Argentina are priced in dollars, not pesos, Mr. Guichon said. Official Puerto Madero Web site: puertomadero.com Faena Arts Center: faenaartscenter.org Buenos Aires tourism site: bue.gob.ar Spanish; peso (1 peso=$0.22) Maintenance fees are around $1,500 per month, which covers 24-hour security, building maintenance, concierge service, and access to the building's gym and swimming pool. Property taxes are typically about $3,500 per year for a property like this, according to Ms. Massa. Adriana Massa, Argentina Properties Sotheby's International Realty, 011 54-11-5648-9880; sothebysrealtyargentina.com