As the popularity of Mendoza has increased over the last decade, so too has its prices. For this reason, investors are turning to less expensive, undeveloped regions that have potential. In Chile, investors are looking outside of the popular Maipo Valley and Colchagua, and are testing vines in a southern region called Marcilhue, which appears to have proper soil and good sun. Leyda, a region west of Santiago, has also attracted new growers. In Argentina, two relatively undiscovered areas show promise: Rio Negro and Neuquen in the south for reds, and Salta in the north for whites.

In general, vineyard property in Argentina costs less than property of similar quality in Chile. Argentina has another benefit that Chile cannot match: the Argentine government, expecting to encourage agriculture on undeveloped land, is offering loans at rates below 5 percent. In these areas, unplanted property sells for just a few thousand dollars per acre. Much of the land rests between 1,800 and 5,000 feet above sea level, an ideal elevation for growing grapes. “In Chile, you want to be along the hills of the Andes because you will have the best drainage for the soil,” Marnier-Lapostolle says. “Also, try to be along a southern mountain because your vines will get good sun exposure, but not the really hot afternoon sun that can burn the leaves.”