Once the most expensive city in South America, Argentina's financial crash and peso devaluation of December 2001 made it one of the cheapest. When the peso plummetted to nearly a fourth of its value, foreign tourists with dollars and euros happily made the trip south to contribute to Argentina's economic recovery by pumping money into its tourist industry. The neighborhoods of San Telmo and Palermo became expat traveler haunts, where Europeans and North Americans congregated to learn Spanish, search out tango, and gorge themselves on bargain priced steaks and pastas.

A Crowded Market

But the renaissance in Argentine tourism due the competitive advantage provided by the peso devaluation has reached its saturation. The bargain prices that were available up until last year are now giving way to increasing prices as supply reaches demand. That spells increased costs at restaurants, hotels, and tour packages.

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