The amount of land owned by foreign interests in Argentina has more than tripled in the last 10 years alarming the country so much so they are considering legislation placing restrictions on additional purchases.
Since 2000 the amount of land owned by foreigners has surged from 17 million acres to 50 million acres. Foreigners in great part are attracted to the country’s beauty, rich resources and inexpensive price tag with land averaging $8,000 per acre.
The largest foreign landowner in the country is Italy’s Benetton family. They have vast holdings in resource rich Patagonia, where the wool production is for their clothing line. Ted Turner, founder of CNN, billionaire George Soros and Joe Lewis, Hard Rock Café owner, amongst others are substantial landowners in Argentina.
Currently there are few restrictions to owning land in the country and those that are on the books date back to 1944. A bill introduced in March, 2010 by farmers would require landowners to reside in the country and limit the amount of land purchased.