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Living in iconic buildings in Buenos Aires: how much does it cost to rent in the Palacio de los Patos, the Kavanagh and La Colorada - Infobae
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Vivir en edificios icónicos de Buenos Aires: cuánto cuesta alquilar en el Palacio de los Patos, el Kavanagh y La Colorada
Estos “palacios” emblemáticos, como también el Estrugamou y La Colorada, son joyas arquitectónicas de la ciudad. Las unidades, en su mayoría de más de 80 m2 y con construcciones de techos altos, se ofrecen en dólares
www.infobae.com
November 27, 2024
These “palaces” are architectural jewels of Buenos Aires. The units, mostly over 80 m2 and with high-ceilinged buildings, are offered in dollars.
By Jose Luis Cieri
One of the internal courtyards in the Palacio de los Patos, located in the area now called Palermo Zoo, an iconic building dating back to 1929 (Photo Courtesy: Martín Pinus Real Estate)
The iconic buildings of Buenos Aires, such as the Palacio de los Patos, the Kavanagh , the Estrugamou, La Colorada or the Palacio de los Gansos , among others, are more than just real estate properties. They represent landmarks of architecture and urban history, where living does not only imply having a home, but also being part of a cultural legacy.
These characteristics make them unique pieces within the Buenos Aires real estate market, with rental values that reflect their exclusivity only for tenants with good purchasing power.
Martín Pinus , director of Martín Pinus Real Estate, told Infobae that prices can be 30% higher than those of similar properties in the same area, due to the prestige associated with these buildings.
“Living in these buildings is not a normal experience, it is being part of the city’s tradition. We are not just talking about square meters, but about the possibility of living in a place that marked an era. That has a price, and the offer, which is already limited, makes it more exclusive,” explained Pinus.
Rental prices range from USD 1,500 to USD 10,000 per month, depending on the surface area, number of rooms, state of preservation and distinctive elements such as terraces, internal patios or privileged views.
One of the 178 m2 apartments for rent at the Kavanagh, for USD 1,500 per month (Photo Courtesy: Leticia Firpo Properties)
Currently, Kavanagh has around 12 properties with 3 to 5 rooms, with more than 100 m2 of covered and uncovered space. The most sought-after properties cost USD 3,300 per month, and, following the DNU that repealed the Rental Law, contracts can be established for periods of between one month and two years.
At the Palacio de los Patos, located at Ugarteche 3000, there are about five properties for rent, with prices for units of up to 5 rooms reaching USD 3,500 per month.
In the Palacio de los Gansos (on Las Heras Avenue and near Los Patos) there are two properties available, with average surfaces of 115 m2 and prices ranging between USD 2,000 and USD 3,200 per month.
Palacio de los Gansos, on Avenida Las Heras and Ugarteche, for a 120 m2 apartment, USD 3,200 per month is requested
In Estrugamou, with units of up to 6 rooms and more than 150 m2, some homes reach USD 10,000 per month, especially those that have been renovated with modern materials in both bathrooms and kitchens.
According to Iuri Izrastzoff , of Izrastzoff Inmobiliaria, this shortage is partly explained by the tradition of the families who own these properties, many of whom have lived in them for generations. “In most cases, the heirs continue to live there or keep the units as part of their estate, which limits turnover. When a property comes on the market, it is usually quickly snapped up by people who are willing to wait years for the opportunity to rent,” he said.
Lease contracts in these buildings are mostly agreed in dollars. “Owners are looking to protect the value of their income and also cover the costs associated with maintenance, which are usually high,” explained Pinus.
This 141 m2 apartment is worth USD 2,900 per month in the Palacio de los Gansos
The US currency is not an obstacle for the tenants, who belong to a high socioeconomic segment made up of businessmen, diplomats, foreigners and artists.
And despite the high costs associated with maintaining these historic buildings (more than $250,000 per month), demand outstrips supply.
Those looking for properties
Those looking to rent in iconic buildings value specific styles such as French, Art Nouveau or Modernist. These properties stand out for their exclusivity, connection to the classic past of the Belle Époque that coincided with the rise of aristocratic families who made their fortunes between the end of the 19th century and the beginning of the 20th century, and a low-profile community that appreciates its history and uniqueness.Architect Inés Firpo of Leticia Firpo Properties added: “These tenants value both the history and the architecture of these buildings and are willing to pay a high price, even sacrificing modern comforts.”
La Colorada, a London corner in Buenos Aires. On the corner of República Árabe Siria (formerly Malabia) and Cabello, the rent for a property there exceeds USD 2,500 per month
The difference with high-end properties built in recent decades lies in the very essence of iconic buildings. These properties do not offer amenities such as swimming pools or gyms, but they make up for it with features not found in other developments.
Firpo stressed that many of these buildings have unique elements, such as monumental reception areas, large internal courtyards and ornaments brought from Europe, which reflect the opulence of the early 20th century. “They are collector's items. Each building has its own personality and an architectural value that transcends current market trends,” he emphasized.
The Kavanagh, for example, is an Art Deco icon with design details that distinguish it both inside and outside Argentina. The Estrugamou Palace (both located in Retiro), with its French neoclassical style, attracts architecture lovers who find in its spaces a corner of Europe in CABA.
The Kavanagh was the tallest building in Buenos Aires once it was inaugurated, at 120 metres and close to Plaza San Martín, in Retiro.
The Palacio de los Patos, with its internal courtyards and palatial style, is highly valued by those seeking a unique experience. “Living in a modern building is not the same as living in one with history; these places have soul,” said Firpo.
Symbolic
These buildings are a symbol of the Belle Époque of Buenos Aires, with a unique architecture and cultural value that makes them unrepeatable pieces in the real estate market. The luxury of these buildings is reflected in the demand for units in perfect condition, remodeled to adapt to the present, but with original details that preserve their history.
The Estrugamou Palace, a French remnant in Juncal and Esmeralda
Pinus added: “The state of preservation and the characteristics of each unit determine the rental value, which is usually around 5.3% of the property's sale price.”
Located in Palermo, Belgrano, Retiro or Recoleta, these apartments stand out for their luxury materials and unique details. Marble, ultra-resistant wooden floors and openings imported from France or England reflect their opulence. The common spaces, with imposing reception areas and internal patios, complete the experience of living in European-designed properties.
Several buildings retain the details of yesteryear although they have been modernized.
These buildings are highly valued by both Argentines and foreigners who prioritize the quality and prestige they offer.
“These properties are almost inaccessible in many countries, which enhances their appeal to foreigners. These properties, with their uniqueness and architectural heritage, consolidate their place as treasures of the city,” Izrastzoff concluded.
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