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The World's Worst Currency Is Shattering Home Buyers' Dreams

  • Argentina’s housing market, once a success, is now in a slump
  • Currency crisis has exposed expensive home buying process
Apartment buildings in the Recoleta neighborhood of Buenos Aires.

Apartment buildings in the Recoleta neighborhood of Buenos Aires.

Photographer: Jesse Kraft/EyeEm via Getty Images

Homes in Argentina are priced in U.S. dollars even though buyers can only take out mortgages in pesos, the world’s worst performing currency against the greenback. And that’s only where the pain begins.

Argentina’s once thriving housing market -- an example of its pro-business turnaround under President Mauricio Macri -- has fallen victim to both the peso’s 50 percent plunge this year and soaring interest rates which exposed a convoluted property-buying process. Decades of economic booms and busts gave rise to a housing market priced in dollars, which means financing a purchase in pesos is now out of reach for many.