buenos aires or rio

So you've given up on a home that's just one or two subway stops from Manhattan?

Depends on your citizenship. Are you Brazilian? Argentine? Mercosul/r member country?

Mortgages are a relatively new financial product in these markets, so you're probably best off speaking directly with a real estate broker in these markets who specializes in international clients (e.g., Savills) or a lender.

I'd check out the recent articles about Christina Fernandez' freeze on assets leaving Argentina before buying an apartment there. It might be an interesting play if you think that assets are depressed because of the Argentine capital flight, but conversely it'll be difficult for you ever to repatriate this investment (if that's a concern).

I'm american. I would keep my us properties. I'd live off the rental stream in an ideal world

The real is currently overvalued, so you probably wouldn't want to buy property there in dollars and the peso could be devalued any day likely making future rental income too low to service debt, which would likely be in dollars if using Citi, HSBC...

I own an apartment in Buenos Aires. I love it and have no problem renting it out when I am not there. When I purchased it in 2002 there were no mortgages available, apartments had to be bought in cash, and they were very inexpensive. That may have changed. It is not easy to open a bank account in Brazil or Argentina if you are not a citizen. If you are buying I would suggest that you work with an honest agent who will make sure that you have an actual deed and get the paperwork processed correctly. (Argentina is very big on paperwork!) Please feel free to contact me if you want the name and contacts of a realtor in Buenos Aires who speaks English and who we worked with to buy our place. Go to www.shortstayinba.com to see our apartment. or contact me at klaramadlin@yahoo.com