The signing took place Saturday, May 19 at the conclusion of the NAR Midyear Legislative Meetings and Trade Expo at which more than 7,500 realtors and their guests were in attendance. NAR has more than 760,000 members and CAPHYAI has 1,350 corporate members, representing 20,000 real estate professionals.
"This historic alliance opens a new realm of cooperation between our organizations," commented NAR president Richard A. Mendenhall. "NAR and CAPHYAI will now share information on issues of mutual interest, such as professional education, market conditions and technological innovation. Representatives from both organizations will participate in each other's meetings.
"We respect the expertise of CAPHYAI and invite its members to share their commitment and knowledge with real estate professionals in this country," he added, "indeed around the globe who are working to establish uniform standards for the industry. The cosmopolitan capital, Buenos Aires, is one of the world's great cities, and Argentina is a key economy in Latin America.
"Many urban and suburban projects are taking place in Buenos Aires," Mendenhall continued, "with developments occurring of a type familiar to us in the US, such as redevelopment of old industrial sites and their conversion to new mixed uses, and also suburban housing developments."
He also noted that "recent progress in securitization of loans and development of the mortgage industry, together with the fixed dollar/peso exchange rate make Argentina an attractive investment for foreigners. Recent minimal limitations on foreign ownership of real estate have changes the entire environment in Argentina real estate."
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