The fascinating city of Buenos Aires has managed to maintain its appeal for travelers despite Argentina’s roller coaster economic history.

In recent years the country built a reputation as a cheap destination for travelers with easy access to U.S. dollars, which could be readily exchanged for the volatile Argentine peso on the black market, or international bank cards using the more favorable tourist exchange rate.

This sparked a tourism boom as travelers seized the opportunity to enjoy high-end steak and wine at bargain prices. However, more recently Argentina has become more expensive for visitors as the gap between the official exchange rate and tourist exchange rate narrowed.

While industry data shows a sharp decline in the number of trips by residents of neighboring South American countries, the number of U.S. visitors declined just 11.5 percent in November 2024 compared to the same month in 2023. This may illustrate Argentina remains a relatively affordable destination for tourists from countries with higher spending power, such as the United States.

These developments are due at least in part to policies pursued by radical libertarian President Javier Milei, who has been in power since December 2023. Milei embarked on a massive austerity program as part of his plan to overhaul the economy, cutting public spending in a huge number of areas. While this causes some pernicious effects on the more vulnerable members of Argentinian society, Milei’s policies also present opportunities for international investors.

The president seeks to boost oil and shale gas production, particularly at the Vaca Muerta formation in northern Patagonia, and also wants to exploit the country’s vast reserves of metals such as lithium and copper. To this end, he implemented an incentive regime for large investments in the mining sector and succeeded in attracting a $2.5 billion investment from mining giant Rio Tinto, announced in December.

Cooperation with the United States presents opportunities in the field, with Milei agreeing to sign a memorandum of understanding with Washington, D.C., in August 2024 which aims to boost investment. There will likely be further cooperation under new U.S. President Donald Trump, as Milei cultivated a personal relationship with Trump, and the pair met at a gala at Trump’s Mar-a-Lago property shortly after the U.S. election in November.

Working on a new funding arrangement with the International Monetary Fund, which could increase investor confidence, Milei also has spoken of his desire to agree to a free trade deal with Washington, D.C., which would present myriad opportunities for U.S. exporters.

Although Milei’s policies increase the risk of social unrest, which has a history of bringing down governments in Argentina, his support has proved more resilient than many observers predicted. As a result, he will likely have the opportunity to pursue his agenda for the remainder of his term, which is expected to run until 2027. He is also eligible for reelection for a second four- year term.

PHOTO: © JULIAN MESSANO

CHECKING IN WITH JULIAN MESSANO
Managing Director, OneWay Argentina DMC

Describe the current tourism landscape in Buenos Aires.
Tourism in Buenos Aires has shown a remarkable recovery in recent years, especially in 2023. During the first 11 months of that year, the city welcomed 2,558,357 international visitors, just 3 percent below the 2019 levels, which saw 2,627,158 tourists. Projections for 2025 estimate Buenos Aires will attract approximately 3.1 million international tourists, indicating a positive trend toward pre-pandemic levels.

How has the number of U.S. visitors changed in recent years?
In 2023 we saw a significant increase in the number of U.S. tourists visiting Argentina. Between January and May, 664,809 visitors from the United States entered the country, setting a new historical record and surpassing previous years’ figures. However, in the annual total up to October 2024, there were 400,000 trips from the United States, representing a 5 percent decrease compared to 2023.

Do you project this will change in the coming years?
The potential establishment of a free trade agreement between Argentina and the United States is expected to positively impact the reception of U.S. tourists, particularly in leisure.

Additionally, Argentina is undergoing an open skies transition, aiming to offer more competitive prices for visitors. Previously, the country operated under a state-owned airline monopoly, which made domestic flights more expensive. We anticipate this policy change will positively affect the arrival of tourists not only from the United States but also from other countries, as increased competition among airlines can lead to more affordable and diverse travel options.

How do government policy and infrastructure investment affect tourism?
The Argentine government has made significant decisions regarding tourism. The Pre-Viaje program — implemented in 2020 to encourage domestic travel during the COVID-19 pandemic — was funded through monetary issuance, raising concerns about medium-term inflation. The current administration decided to discontinue this program, leaving the industry to operate independently. Currently, investments in tourism infrastructure are being made in collaboration with private investors.

What do you see as key trends in the tourism industry?
The key to competing in today’s market is having an experienced team that can offer added value. Nowadays, many people have internet access and can plan their trips from home. Travel agencies must adapt to this reality and differentiate themselves by offering personalized experiences and utilizing online platforms to organize itineraries.

DIVERSIONS
The Argentine capital is known for the faded grandeur of its architecture, top-quality restaurants and amazing nightlife. It’s a fun place to be, and Argentinians make the most of their leisure time — don’t be surprised to find many people don’t eat dinner until late in the evening, and staying up into the small hours is common for all ages. Make sure to try some of Argentina’s famous and ubiquitous asado barbecue.

While you can find bars on every corner, it’s worth seeking out tango clubs, known as milongas. Depending on the venue, you can watch professional shows, keen amateurs or even join in yourself if you want to learn Argentina’s most famous dance style.

Soccer thrives as another of the city’s passions, with myriad clubs dotted around different neighborhoods. Visit the most emblematic stadium, La Bombonera, a three-sided facility crammed into a working-class neighborhood and home to Club Atlético Boca Juniors.

PHOTO: © ALEKSANDAR TODOROVIC | DREAMSTIME

It’s also worth seeing the Casa Rosada presidential palace, Plaza de Mayo square and famed Recoleta cemetery. If you fancy a break from the hustle and bustle of the city, head north to the Tigre Delta, where you can relax at riverside restaurants or take a boat out onto the water.

LODGING
ALVEAR PALACE HOTEL
The first luxury hotel in Buenos Aires maintains its reputation to this day, welcoming distinguished guests to a historical property in old-school style.
Av. Alvear 1891, Buenos Aires
$$$$$

BE JARDÍN ESCONDIDO BY COPPOLA
If the buzzy Palermo neighborhood appeals, stay at this small and stylish hotel with a pool and verdant terraces.
Gorriti 4746, Buenos Aires
$$$$

FOUR SEASONS HOTEL BUENOS AIRES
This luxurious property sits in the Recoleta neighborhood and boasts an amazing pool area, as well as a popular bar and restaurant.
Posadas 1086 88, Buenos Aires
$$$$$

DINING
ARAMBURU
Located in Recoleta, this two-Michelin-starred restaurant is named after head chef Gonzalo Aramburu, who offers a single tasting menu comprising 18 courses using only the best Argentinian ingredients.
Pasaje del Correo, Vicente López 1661, Buenos Aires
$$$$$

CHORI
For something more casual, this spot offers variations on Argentina’s beloved choripán sausage sandwich. Try a classic ahumado if it’s your first time; otherwise, explore the more innovative options such as pork sausage with kimchi.
Thames 1653, Buenos Aires
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PIZZERÍA GÜERRÍN
A good option for a quick bite, this pizza restaurant offers slices in Argentina’s distinctive style. Expect a thick crust and minimal sauce but plenty of cheese.
Av. Corrientes 1368, Buenos Aires
$$

COMING AND GOING
U.S. citizens must have a passport valid for at least six months after intended entry date, with at least one blank page available for entry stamp. No tourist visa is required for stays up to 90 days.

OFFICIAL LANGUAGE
Spanish

JUST THE FACTS                                                                                                                                  Time zone: GMT -3
Phone code:
Country code: 54
City code: 11
Currency: Argentine peso; U.S. dollar widely accepted
Key Industries: Agriculture, food processing, metalworking, chemical manufacturing, finance services

INFO TO GO
Two airports in Buenos Aires serve commercial passengers. The largest, Buenos Aires Ministro Pistarini International Airport, lies about 20 miles from city center and handles most long-haul international flights. You can reach the airport by public transport in around two hours, but a taxi makes the trip in around half that time. Be aware of increased traffic during rush hour, so factor in a longer journey at peak times.

The smaller Jorge Newbery Airport, also known as Aeroparque, handles domestic flights and shorter international flights to neighboring countries such as Uruguay and Chile. Just more than a mile from the city center, the airport is easy to reach by car, with the journey taking less than half an hour under favorable conditions. Bus lines 8, 33, 34, 37, 45, 160 and 166 also serve the airport.