Perhaps you dream of a high-ceiling pied-a-terre in a cosmopolitan city… or a swath of land where grape vines grow and you can walk for miles…

Or maybe you long for a mountain retreat where snow-capped peaks offer heart-stopping views and world-class skiing… or perhaps you always imagined yourself a land baron -- steward of a vast, productive expanse...

It's varied, beautiful, sophisticated… and undervalued, which means it makes a lot of sense right now -- whether you're in the market for a primary residence overseas, a vacation home, or simply a smart investment.

Recovering -- And Still a Smart Deal

As you probably know, there was an economic crisis in Argentina in 2002. And back then, if you'd flown down with greenbacks to spend, you'd have found properties selling for next-to-nothing.

In Buenos Aires, for example, you could have picked up a 1,550-square-foot loft with a rooftop terrace in one of the city's chicest neighborhoods for $63,000 -- about one-fifteenth what you'd have paid for a comparable place in Paris and about half what it would have cost you the year prior.

In fact, there are (at least) four smart ways you can take advantage of your purchasing power in Argentina today and position yourself comfortably for potential appreciation gains as the economic recovery there continues.

1. Stake Your Claim in the Buenos Aires Apartment Boom

Buenos Aires is a vibrant city, which has a sophisticated, genteel Latin flair… but is cosmopolitan like New York or Paris.

In three neighborhoods I like, properties are appreciating anywhere from 10% to 25% a year. 

In upper-crust Recoleta, you can find a luxury rental on offer for just US$124,000. It's a one-bedroom, one-bath apartment completely renovated in 2005 and done right. 

In French-style San Telmo, US$105,000 will buy you a lovely, ample two-bedroom apartment with large and bright windows, high ceilings, oak floors, fabulous moldings, and even a closed-in balcony. 

In historic Barracas, you can own a fabulous loft in a restored building for a mere US$63,000 -- and that includes private parking as well as access to a heated pool, gym, spa, and private green space.

Stumpage prices for timber in Argentina have tripled in the past five years in terms of US dollars. Hardwood grows nearly 65% faster here than in the U.S., and after harvesting, it re-sprouts on its own. Meanwhile, China's demand for wood has grown 400% over the past five years -- it has trouble finding enough pulp to meet its toilet-paper needs alone. China now looks to Argentina for all its paper needs, and there's a fortune to be made…

You can capitalize on this opportunity in the region of Misiones, for instance, at the La Negra Forestry Trust project.

There you can own lakefront property where you could build your dream home, and at the same time, you get forested land with your purchase -- land that is managed for you and, upon harvest, is projected to yield healthy returns.