A severe economic depression struck Argentina in the second half of 1998. The ensuing slide eventually led to Argentina?s massive 2001 financial collapse. Moreover, it became the largest debt default in world history. A business designed to offer temporary apartments in Buenos Aires Argentina to vacation and business travelers would seem decades away. But by 2003, much to the surprise of its citizens, the economy started to recover. On the heels of a rise in commodity prices, the country began its ascent from the ashes. The main product was soybeans. Argentina is the world?s third-largest producer. The GDP grew at 9% a year for five straight years.
There was cheap labor and improving economic conditions. This gave property owners a long-awaited chance to sell. All of this made for a construction boom. For that reason, builders became active. They started replacing many of the prestigious buildings, dating from Argentina?s glorious past, with modern ones. Sadly (depending on your perspective), new construction replaced French and Italian architecture from the 19th century. Revamped zoning codes allowed all of this to happen. Indeed, new permissions lead to taller buildings. Certainly, more sellable meters meant more profit. It was not until 2009 that the city put in place preservation laws. This had the effect of protecting buildings built before 1942.