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Brand new Palermo SOHO
November 21, 2023Brand new Palermo SOHO
Values recovered slightly after 3 years of consecutive falls. The number of projects continues to be a record within the neighborhood. 19 annual survey.
Palermo Soho, the area of the largest neighborhood in the city that is recognized as such today, was one of the areas that was most transformed and grew with new works in the last two decades. The chorizo houses and small workshops gave way to a dizzying growth in height thanks to the permissiveness of the codes that regulate the construction capacity in the different streets and locations of the city, from which a countless number of clothing, design and gastronomy retailers.
It is worth highlighting that no particular incentive or exemption operated in this growth, being driven only by the opportunity offered by its location and the particular environment of its streets, with urban indicators in some cases very favorable and that were underutilized by the existing constructions that They were anchored on their lands.
Real Estate Report carried out its first survey in 2004, 19 years ago, on the area comprised by Godoy Cruz streets, Av. Santa Fe, Av. Scalabrini Ortiz and Av. Córdoba. It is worth remembering that in 2004 the values of the units that were under construction reached an average of 1,100 dollars per m2.
Also 19 years ago there were only 20 building developments within the area, a figure that grew to 60 during 2009. Last year the amount was a record with 73 buildings under development.
Currently, in the new study carried out by Reporte Inmobiliario within the indicated area, 65 projects were located in total.
Only 1 of the 65 developments are completed with units still on offer. On the other hand, the number of recently started works is striking, no less than 26 with work progress of less than or equal to 5%.
The average quoted value per m2 of the survey reached 3,300 U$S/m2, while the previous year this record was 3,266 U$S/m2, which represents a slight interannual increase of 1.04%. It should be noted that three years ago, the average m2 was quoted above 4,000 dollars (4,003 U$S/m2). The current value is still 17.6% of the intended average in 2019.
Most developments request as a form of payment an advance payment in dollars that starts at 40% or more and then pay the remaining amount of the unit with installments in dollars or pesos that can be updated until the completion of the work. For the garages within The ventures are requested between 30,000 and 40,000 dollars.
New projects that have been launched in the area such as Sens (Image) or Life Palermo draw attention
THE USED IN THE AREA
When exactly the same area is analyzed by applying the “Market Analytics” tool of the Real Estate Report, it can be verified that for the used one a value of 2,537 dollars per m2 is requested if the average of the values of units from 1 to 4 rooms is considered. This value is 5% lower than that recorded in the previous year's survey, since in 2022 the m2 was quoted at 2,668 U$S/m2.In relation to the average value of the units within development ventures, the used one is 23.13% below, while last year this difference was 18.3%, which indicates that the values of the used ones are decreasing. at a higher speed than those offered in construction.
With Market Analytics you can verify that according to the 2010 census, the area has 53,335 inhabitants, 38% of them have university studies and 35% are tenants.
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