The paper analyzes the private listed real estate funds in Argentina as an expression of the process of real estate and housing financialization. Taking into consideration other national REITs regimes analyzed by current research, this paper argues that the limited expansion of these funds ought to be interpreted in light of the subordinate condition of Argentina in the process of financialization, which intensified both macroeconomic volatility and dependence on the hegemonic currency. In this context, the efforts to channel surplus from/to housing, appear to the agents as an arduous process of marker making, in which fiscal incentives and credit orientation are unavoidable conditions. However, as explained, specific elements of housing production and capital market functioning in Argentina show tensions in their articulation, and a rather tailor-made development of real estate funds for national investors that take advantage of these fiscal benefits in conjunctures of “opportunity” for extraordinary gains.