Argentina farmland getting pricier

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BUENOS AIRES, Oct. 21 (UPI) -- The price of prime farmland in Argentina has risen about 10 percent this year, records show, bringing it nearly to the level U.S. farmers pay.

The best Argentine farmland can fetch $14,000 per hectare, which is just under 2 1/2 acres.

"Prices are very strong, it's a bull market," Luis Clucellas of Bullrich Campos told Mercopress.

Companies involved in selling farmland say while the market has yet to surpass its 2008 peak, demand remains higher than supply, despite a slight increase in land for sale.

Mariano Maurete of Alzaga Unzue and Co. says land remains a good investment option, "given the anticipated increasing demand for food world-wide in coming years."

"In this context the market is more active than at the beginning of the year," he said.