BuySellBA
Administrator
Investment magnet: which place in the south of Greater Buenos Aires continues to attract real estate developments? - Infobae
Source:
www.infobae.com
October 06, 2024
By Jose Luis Cieri
The Las Lomitas skyline, with the towers that have landed in the last 15 years, has transformed the area and turned it into one of the most sought-after spots in Greater Buenos Aires.
One of the most prosperous areas of Greater Buenos Aires (GBA) South is Las Lomitas, in the Lomas de Zamora district. In the last 25 years, it has become a highly valued place to live and visit, thanks to a commercial presence that has made it one of the most sought-after spots in the suburbs. The place maintains its dynamism, with more than 30 projects in different stages of progress, which add to the existing offer, both for those who invest in buying and for those looking to rent.
Originally, it included the rectangle delimited by Avenida H. Yrigoyen, Meeks, Gorriti and Sixto Fernández. The expansion extended it several blocks, to the other side of Av. H. Yrigoyen, an area characterized by the great growth in the construction of buildings, mainly residential.
"The area of greatest residential growth is, without a doubt, crossing Yrigoyen, on Sarmiento and Saavedra streets, between Garona and Laprida," Matías Candel , of Marcelo Candel Properties, told Infobae.
Map of the area of greatest expansion in Lomas de Zamora, with key avenues such as Hipólito Yrigoyen and Meeks, which attracted significant investments in housing and commercial premises
An area where single-family homes coexist with modern towers
This phenomenon, similar to what occurred in CABA neighborhoods such as Las Cañitas (part of Palermo) and Puerto Madero, highlights how urbanization and refurbishment pushed the growth and appreciation of the area.
The name “Las Lomitas” was a strategy to differentiate this emerging area from the traditional centre of Lomas, emulating the exclusivity of Las Cañitas and attracting a public of middle-high socioeconomic level. The area, historically influenced by the hierarchical staff of the Southern Railway since the inauguration of the station in 1865 and by the British community, maintained its prestige and economic attractiveness.
Italy and Colombres Avenue, one of the main corners for commercial dynamism in Lomas de Zamora
With the outbreak of yellow fever in the southern part of CABA, several weekend residences in Lomas became permanent homes. British immigrants founded churches, libraries and schools, leaving a visible cultural mark in traditional schools and in the San Andrés Presbyterian Church, where until recently masses were held in English.
Romano also explained how Las Lomitas has evolved into a gastronomic hub, with numerous and varied establishments.
“The original identity of the neighborhood was also altered due to the proliferation of high-density buildings and a transformation in the types of businesses. All of this reflects a process of modernization that, although it affects the historical identity, also indicates a successful revitalization that continues without a clear limit to its expansion,” Romano said.
It is also a gastronomic hub with multiple options.
In 2003, a brand new apartment there cost USD 840 per square meter, a figure that tripled by 2015, exceeding USD 2,100; this increase is related to the expansion of buildings in the Expanded Central Area, which includes the traditional center around Laprida Street and the Las Lomitas area around Colombres Street.
According to Romano, this process also impacted owners and tenants. “Between 2001 and 2010, the percentage of owners in this area decreased from 76% to 68%, reflecting an increase in tenants . This is a clear indicator of the change in the urban and residential structure in the area,” he said.
Grand Barón, one of the developments currently under construction on Mitre Street
Luna Jáuregui , Marketing Manager for the developer Barón, highlighted that the prices of apartments in Las Lomitas vary depending on multiple factors, such as construction quality, age and whether they have amenities. “At the construction company we have apartments in a well that are suitable for financing, which helps those interested in making an investment in brick and mortar,” she said.
The value of apartments in condominiums has shown a sustained increase in recent years, driven by the growing demand in the area and the rising costs of materials. And the area has been consolidated by its extensive infrastructure, which includes shops, restaurants and gyms, as well as excellent connectivity with key avenues such as Hipólito Yrigoyen and Alsina.
Recently completed homes offer kitchens with islands, a concept that is increasingly present among those looking to buy brand new homes.
“It is an area in constant expansion, where the most prestigious real estate developments are located, which makes the difference for those looking to invest,” said Jáuregui.
According to Jáuregui, the increase in restaurants has helped revitalize urban life. “The presence of bars, restaurants and top-quality shops has made Las Lomitas not only attractive for nightlife, but also very busy during the day.”
Central Station, another of the giants of Las Lomitas
The reactivation of mortgage loans and money laundering have been key elements for the growth of the real estate sector there.
“We are excited about these new opportunities. We have seen an increase in queries and transactions related to money laundering and mortgage loans, which is undoubtedly driving the construction market,” added Jáuregui.
The commercial sector of Las Lomitas is dominated by restaurants and clothing stores. Gastronomy has been the driving force behind the development of the area, attracting major brands and consolidating the transformation of the neighborhood into a center of commercial activity.
As it is a sought-after area, they are better protected than in other parts of the suburbs. However, it is expected that the reactivation of the real estate market will come with the money laundering and new mortgage loans. Currently, the values per m2 vary between USD 1,800 and USD 3,500, depending on the age, condition, and type of building.
In this part of the South GBA, rents for one-bedroom apartments cost between $300,000 and $500,000 per month, while 2-bedroom apartments cost between $500,000 and $900,000 per month.
The transformation of Las Lomitas may expand further in the coming years
Candel added: “The commercial and construction boom attracted both residents and major national brands, who decided to settle in an area that offers everything necessary for a comfortable and practical lifestyle.”
The latest buildings to be inaugurated and those that opened 10 years ago have considerably expanded the real estate offering.
“Fortunately, this increased supply was satisfactorily absorbed by the market, both in rentals and sales,” Candel said.
There are currently several buildings under construction.
The reintroduction of new mortgage loans and the Money Laundering Act contributed their part. “There are 30% more enquiries than 6 months ago. It is expected that, if the economy is doing well, this trend will continue and generate the movement that always tends to increase at the end of the year,” concluded Candel.
www.buysellba.com
Source:
Imán de inversiones: qué lugar del sur del Gran Buenos Aires sigue atrayendo desarrollos inmobiliarios
Hace más de un siglo creció impulsado por el ferrocarril. Actualmente, más de 30 edificios con diversos grados de avance son parte de la oferta de un área donde los valores de venta van de USD 1.800 a USD 3.500 el m2
www.infobae.com
October 06, 2024
By Jose Luis Cieri
The Las Lomitas skyline, with the towers that have landed in the last 15 years, has transformed the area and turned it into one of the most sought-after spots in Greater Buenos Aires.
One of the most prosperous areas of Greater Buenos Aires (GBA) South is Las Lomitas, in the Lomas de Zamora district. In the last 25 years, it has become a highly valued place to live and visit, thanks to a commercial presence that has made it one of the most sought-after spots in the suburbs. The place maintains its dynamism, with more than 30 projects in different stages of progress, which add to the existing offer, both for those who invest in buying and for those looking to rent.
Originally, it included the rectangle delimited by Avenida H. Yrigoyen, Meeks, Gorriti and Sixto Fernández. The expansion extended it several blocks, to the other side of Av. H. Yrigoyen, an area characterized by the great growth in the construction of buildings, mainly residential.
"The area of greatest residential growth is, without a doubt, crossing Yrigoyen, on Sarmiento and Saavedra streets, between Garona and Laprida," Matías Candel , of Marcelo Candel Properties, told Infobae.
Map of the area of greatest expansion in Lomas de Zamora, with key avenues such as Hipólito Yrigoyen and Meeks, which attracted significant investments in housing and commercial premises
Heart facing south
The urban planning specialist Bárbara Teresa Romano , in her book Me quedo al sur del conurbano (I stay south of the suburbs ), written with the special collaboration of Rosa Aboy , president of the Professional Council of Architecture and Urbanism (CPAU), and Fernando Álvarez de Celis , executive director of the Tejido Urbano Foundation, examined the case of Las Lomitas. The transformations in the center of Lomas de Zamora began in the 1990s, when a process of verticalization was observed, Romano explained.
An area where single-family homes coexist with modern towers
This phenomenon, similar to what occurred in CABA neighborhoods such as Las Cañitas (part of Palermo) and Puerto Madero, highlights how urbanization and refurbishment pushed the growth and appreciation of the area.
The name “Las Lomitas” was a strategy to differentiate this emerging area from the traditional centre of Lomas, emulating the exclusivity of Las Cañitas and attracting a public of middle-high socioeconomic level. The area, historically influenced by the hierarchical staff of the Southern Railway since the inauguration of the station in 1865 and by the British community, maintained its prestige and economic attractiveness.
Italy and Colombres Avenue, one of the main corners for commercial dynamism in Lomas de Zamora
With the outbreak of yellow fever in the southern part of CABA, several weekend residences in Lomas became permanent homes. British immigrants founded churches, libraries and schools, leaving a visible cultural mark in traditional schools and in the San Andrés Presbyterian Church, where until recently masses were held in English.
Romano also explained how Las Lomitas has evolved into a gastronomic hub, with numerous and varied establishments.
“The original identity of the neighborhood was also altered due to the proliferation of high-density buildings and a transformation in the types of businesses. All of this reflects a process of modernization that, although it affects the historical identity, also indicates a successful revitalization that continues without a clear limit to its expansion,” Romano said.
It is also a gastronomic hub with multiple options.
In 2003, a brand new apartment there cost USD 840 per square meter, a figure that tripled by 2015, exceeding USD 2,100; this increase is related to the expansion of buildings in the Expanded Central Area, which includes the traditional center around Laprida Street and the Las Lomitas area around Colombres Street.
According to Romano, this process also impacted owners and tenants. “Between 2001 and 2010, the percentage of owners in this area decreased from 76% to 68%, reflecting an increase in tenants . This is a clear indicator of the change in the urban and residential structure in the area,” he said.
Under construction
There are buildings of different heights under construction. The area has attracted the attention of the real estate market thanks to its strategic location and the development of infrastructures that offer a comfortable and modern lifestyle.
Grand Barón, one of the developments currently under construction on Mitre Street
Luna Jáuregui , Marketing Manager for the developer Barón, highlighted that the prices of apartments in Las Lomitas vary depending on multiple factors, such as construction quality, age and whether they have amenities. “At the construction company we have apartments in a well that are suitable for financing, which helps those interested in making an investment in brick and mortar,” she said.
The value of apartments in condominiums has shown a sustained increase in recent years, driven by the growing demand in the area and the rising costs of materials. And the area has been consolidated by its extensive infrastructure, which includes shops, restaurants and gyms, as well as excellent connectivity with key avenues such as Hipólito Yrigoyen and Alsina.
Recently completed homes offer kitchens with islands, a concept that is increasingly present among those looking to buy brand new homes.
“It is an area in constant expansion, where the most prestigious real estate developments are located, which makes the difference for those looking to invest,” said Jáuregui.
According to Jáuregui, the increase in restaurants has helped revitalize urban life. “The presence of bars, restaurants and top-quality shops has made Las Lomitas not only attractive for nightlife, but also very busy during the day.”
Central Station, another of the giants of Las Lomitas
The reactivation of mortgage loans and money laundering have been key elements for the growth of the real estate sector there.
“We are excited about these new opportunities. We have seen an increase in queries and transactions related to money laundering and mortgage loans, which is undoubtedly driving the construction market,” added Jáuregui.
Real Estate Vision
Prices for used apartments in Las Lomitas, although they fell as in other areas (in the GBA they fell by 42% since 2018), have recovered in part and in some places since the end of 2023 they have appreciated by up to 10 percent.
The commercial sector of Las Lomitas is dominated by restaurants and clothing stores. Gastronomy has been the driving force behind the development of the area, attracting major brands and consolidating the transformation of the neighborhood into a center of commercial activity.
As it is a sought-after area, they are better protected than in other parts of the suburbs. However, it is expected that the reactivation of the real estate market will come with the money laundering and new mortgage loans. Currently, the values per m2 vary between USD 1,800 and USD 3,500, depending on the age, condition, and type of building.
In this part of the South GBA, rents for one-bedroom apartments cost between $300,000 and $500,000 per month, while 2-bedroom apartments cost between $500,000 and $900,000 per month.
The transformation of Las Lomitas may expand further in the coming years
Candel added: “The commercial and construction boom attracted both residents and major national brands, who decided to settle in an area that offers everything necessary for a comfortable and practical lifestyle.”
The latest buildings to be inaugurated and those that opened 10 years ago have considerably expanded the real estate offering.
“Fortunately, this increased supply was satisfactorily absorbed by the market, both in rentals and sales,” Candel said.
There are currently several buildings under construction.
The reintroduction of new mortgage loans and the Money Laundering Act contributed their part. “There are 30% more enquiries than 6 months ago. It is expected that, if the economy is doing well, this trend will continue and generate the movement that always tends to increase at the end of the year,” concluded Candel.
www.buysellba.com
