This time, we interviewed Esteban Edelstein Pernice, Director of Castex Properties, who will tell us about the evolution of the  suburban real estate market of Buenos Aires during the last 20 years.

HalloCasa: “Good afternoon, Mr. Edelstein. First of all, let us thank you very much for this interview.”

Esteban Edelstein Pernice: “Thank you for contacting me and inviting me.”

HalloCasa: “In which city of Argentina do you carry out your professional duties?”

Esteban Edelstein Pernice: “Our product definition and marketing consulting service is offered in Buenos Aires, in cities in the interior of Argentina and in Paraguay. We only sell in Buenos Aires.”

HalloCasa: “What is the main service of your business?”

Esteban Edelstein Pernice: “We have different services. We work with developers who advise us on the definition of products and Marketing of the ventures. We have experience in more than 50 projects and more than 20,000 lands sold, which gives us a very special know-how in our business. We also have a very experienced and professional sales team.”

HalloCasa: “In which real estate segment do you specialize?”


Esteban Edelstein Pernice: “We have been specializing in new communities since 1994. The company was founded more than 45 years ago, but we have specialized in this business for more than 20 years.”

HalloCasa: “Mr. Edelstein, please tell us a little bit about yourself so that our audience can get to know you. Your beginnings in the real estate market, how you came to specialize in the suburban market and what is your opinion about the world of the real estate businesses. What do you like most about the business?”

Esteban Edelstein Pernice: “I started working at age 19 when I was in the second year of my bachelor’s degree in Business Administration (during the first year of the career I did not work because I tried football, I played in the inferior categories of Boca Juniors but, in the end, mine was the real estate).

Having grown up in a family business, I had the possibility to go to college during the morning while working in the business during the afternoons. On weekends I worked on any various ventures.

In Castex we began to dedicate ourselves to the suburban market. This was mainly triggered by the decision of my father, who one day decided to change the focus of the company: he observed what was happening around the world and pictured that highways would also come to Argentina. He said it was like having the crystal ball, and imagined what was about to happen next.

In addition to working at Castex Properties, I worked with Pulte Homes during the company’s opening in Argentina. It has been a fascinating experience, having been able to interact enough with Bill Pulte during his visits to Argentina.

I have also worked, in New York, at AIG Global Real Estate, from where I analyzed and supervised the capital investments of the company with local development partners in different countries of Latin America.

A quick overview about my academic background: I am a graduate in Business Administration: I graduated in Argentina with the last year at UGA (University of Georgia at Athens) and I studied the Master in Management of Real Estate and Construction Companies (MDI) of the Polytechnic of Madrid in Argentina. I also graduated from the Master of Science in Real Estate Development (MSRED) at Columbia University in New York, USA.

I love the real estate world. What I like most about this job is being able to be part of such important transformations; I am excited to see how a land becomes a community where many families live and many people work. In our developments, more than 1.000 people can enter to work per day when it is under construction. I love to see how families grow, as neighbors get to know each other and grow the amount of social activities; until one day something which used to be a project became a brand that many families call their home.

I myself met my wife and mother of my daughters in a venture that sold Castex.

I also love working as a team, and real estate development involves a lot of specializations. From our own (and great) marketing and sales department to a huge number of outside professionals with whom we interact permanently, all the time we are working with people who are creative and eager. Those are fundamental qualities to be successful in the real estate business.”

HalloCasa: “What recommendations would you give to foreigners who want to invest in real estate in suburban and urban areas?”

Esteban Edelstein Pernice: “That they invest in places where the population is growing, and in enterprises where it is easy to resell in case they want to do it. They must buy something they like but they should not stop thinking about the valuation and/or recovery of the investment.”

Argentine suburban real estate market: evolution in constant growth

HalloCasa: “Now, we would like you to tell us about how the suburban real estate market in Argentina has evolved over the past two decades. What was the origin of this evolution?”

Esteban Edelstein Pernice: “The process began when the construction of the new access highways to the city of Buenos Aires was announced. It has also contributed to the growth of this market and the tendency to live in contact with nature and sport, as well as the desire of families to socialize. Last but not least, the economic equation is important because for the same amount of money of one property in the city of Buenos Aires, you can get more square meters in the suburban area including land and a swimming pool.”

HalloCasa: “What is specifically understood by the “suburban” real estate market?”

Esteban Edelstein Pernice: “It is the market that is developed outside the city of Buenos Aires, but with a connection to it. Several suburbs have grown so much that they have become new centers with colleges, universities, industrial parks, offices and shopping centers.”

HalloCasa: “How does this trend affect or benefit foreign investors? How does it benefit local investors?”

Esteban Edelstein Pernice: “We do not have a significant foreign investor demand because it is a very genuine market for locals who buy to live permanently for the most part, or for weekend use.

As those are new communities, prices rise as the enterprises consolidate. For example, a land is worth much more when a new project has been established and a new community has grown where hundreds of families live.”

HalloCasa: “What are those areas that are far from the cities that have evolved the most during the last two decades and promise to be a great investment opportunity today?”

Esteban Edelstein Pernice: “Due to the size and the population of Buenos Aires several areas are growing: the area of Ezeiza is growing a lot, and also areas such as Escobar, Pilar and the West; among others.”

HalloCasa: “What are those characteristics that make those areas more eligible than others?”

Esteban Edelstein Pernice: “Almost always families move as close to where they lived before. They generally stay within the same radius. If they lived in the west of the city, they move to the suburban area which is located with western access roads. Having made that clarification, they prefer suburbs with more services.”

HalloCasa: “What are those aspects that have influenced the development of suburban areas?”

Esteban Edelstein Pernice: “The accesses, the impressive growth of the offer of services, and the word-of-mouth propaganda between clients and their families and friends. Many times families who go to a suburb to eat a barbecue or visit a friend, end up deciding that they want that quality of life, too.”

HalloCasa: “Between good location, land value, total occupancy factor and land occupation factor, what is the most predominant aspect for investors when investing in suburban projects?”

Esteban Edelstein Pernice: “Location, amenities of the enterprise and price are the factors that guide the demand.”

HalloCasa: “What market development projections do you have for the suburban housing market for 2018?”

Esteban Edelstein Pernice: “My opinion is that prices are going up because there is no new offer of projects since it is very difficult to obtain the necessary permits to build them. Another factor in the same direction is the incipient supply of mortgage loans in Argentina.”

HalloCasa: “Mr. Edelstein, we know your time is limited. We would like to thank you for this interesting interview in this niche market. Would it be possible for interested readers to contact you if they have any follow-up questions? Thank you very much for the interview.”

Esteban Edelstein Pernice: “Yes, of course. Investors can contact me via HalloCasa or contact me directly via phone 00 54 11 4788 5100 or email Thank you.”

HalloCasa: “Thank you so much for being with us!”

Esteban Edelstein Pernice: “Thank you very much.”

About HalloCasa:

HalloCasa, the marketplace for international real estate properties, is being founded by a German in Bogotá. HalloCasa´s mission is to build trust for vendors and investors with respect to cross-border real estate transactions.


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