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Real estate interest in Retiro and Recoleta, two emblematic neighborhoods of Buenos Aires, has resurged: how much do properties cost there? - Infobae
Source:
www.infobae.com
November 20, 2024
Prices in these areas already exceed USD 2,500 per m2 for used properties and reach USD 3,300 for brand new units. Strong growth in demand and values
By Jose Luis Cieri
Callao Avenue and its intersection with Alvear, two key arteries of Recoleta
The Retiro and Recoleta neighborhoods have seen a recovery in property values and an increase in sales demand after several years of stagnation. Over the past 12 months, average prices in these classic areas of the city have exceeded USD 2,500 per square meter in the second-hand market and reached USD 3,300 for brand new units , figures that represent an increase of between 10% and 20% year-on-year.
This rebound has brought back the interest of both local buyers and foreign investors. Mortgage loans and money laundering are driving the real estate market , and have managed to reverse the decline that affected the sector between August 2018 and November 2023 .
Real estate experts say the revival is being driven by several factors, including greater economic stability and the perception that prices in these neighborhoods had reached a low point after a sustained decline in previous years.
The demand profile has also changed: there is now an increase in the search for homes for residential use , particularly from buyers looking for quality of life and proximity to services.
This translates into a renewed interest in larger units , as well as properties in emblematic buildings that combine classic style with modern amenities.
Mateo García , commercial director of the Toribio Achával Residential Sector, told Infobae that Recoleta is experiencing a rebirth in terms of demand. “Prices have reached historic lows and now there is a new interest in this traditional neighborhood. Here we find everything from studio apartments to 400 m2 units, with a diverse offering that attracts those seeking a better quality of life. Recoleta is an aspirational neighborhood.”
Santa Fe and Libertad Avenue, a dynamic commercial area in Retiro. The homes there are once again attracting interest due to their bargain prices.
Regarding current prices, Garcia said that the increase in demand led to a recovery in supply prices.
“Today, average prices in Recoleta and Retiro are between USD 2,500 and 2,600 per m2 for the used market, while for new constructions they range between USD 3,800 and 4,000 per m2,” he said.
Recent developments have focused on smaller units, such as studios and one-bedroom apartments, with priority given to investments that offer high turnover over larger units.
In contrast, apartments of 150 to 400 m2 have a more specific market and are less influenced by economic fluctuations.
Francisco Altgelt , president of Altgelt Negocios Inmobiliarios, pointed out that both Recoleta and Retiro are niche neighborhoods , where buyers tend to be people who historically lived there . “After the pandemic, sales improved by approximately 10 percent . The most sought-after units are those with one and two bedrooms , due to their more affordable price tag ,” he commented.
He also mentioned that, after the quarantine, there was a strong demand for open surfaces , which initially slowed down the sale of units in classic buildings without balconies or terraces.
In both neighborhoods there are spacious homes built with noble materials.
On portals such as Zonaprop and Cabaprop, two-bedroom apartments of more than 50 m2 are available starting at USD 80,000 . Those with surfaces greater than 70 m2 exceed USD 105,000 , while some units on avenues such as Alvear, Quintana or Las Heras , and nearby streets, reach prices that exceed USD 1,000,000 in Recoleta .
In Retiro , two-bedroom apartments start at USD 70,000 , while those with more than 70 m2 start at USD 90,000 ; the most expensive are located near the border with Recoleta , especially in areas such as Avenida Callao, Plaza Vicente López or Posadas , where prices can exceed 800,000 dollars .
In recent years, several projects have also been developed in Recoleta, with prices close to USD 3,000 per m2. Several of them integrate traditional houses instead of demolishing them, and provide a unique charm.
Building under construction in Arenales and Libertad, in Retiro
Susana Valle Fonrouge , director of GPS Properties , highlighted that Recoleta and Palermo are the areas with the most activity, with prices around USD 3,300 per m2 for standard properties and reaching USD 4,000 or 5,000 for projects with better amenities and double frontage . Retiro also has its public.
“Buyers, especially those who resorted to money laundering , are investing in one- and two-bedroom units . In addition, the average ticket price has increased, from USD 200,000 to USD 400,000 or 500,000 in premium properties,” said Valle Fonrouge.
In these areas, the rental trend has shifted towards long-term contracts , as demand for temporary rentals has decreased.
Valle Fonrouge concluded : “There are not as many tourists coming anymore because Argentina is expensive in dollars. Also, since the DNU that repealed the Rental Law, it is more convenient to make agreements for two years instead of short-term, since the houses are usually left unoccupied for several weeks.”
www.buysellba.com
Source:
Resurgió el interés inmobiliario por Retiro y Recoleta, dos emblemáticos barrios porteños: cuánto cuestan allí las propiedades
Los precios en estas zonas ya superan los USD 2.500 por m2 en propiedades usadas y alcanzan USD 3.300 en unidades a estrenar. Fuerte crecimiento de la demanda y de los valores
www.infobae.com
November 20, 2024
Prices in these areas already exceed USD 2,500 per m2 for used properties and reach USD 3,300 for brand new units. Strong growth in demand and values
By Jose Luis Cieri
Callao Avenue and its intersection with Alvear, two key arteries of Recoleta
The Retiro and Recoleta neighborhoods have seen a recovery in property values and an increase in sales demand after several years of stagnation. Over the past 12 months, average prices in these classic areas of the city have exceeded USD 2,500 per square meter in the second-hand market and reached USD 3,300 for brand new units , figures that represent an increase of between 10% and 20% year-on-year.
This rebound has brought back the interest of both local buyers and foreign investors. Mortgage loans and money laundering are driving the real estate market , and have managed to reverse the decline that affected the sector between August 2018 and November 2023 .
Real estate experts say the revival is being driven by several factors, including greater economic stability and the perception that prices in these neighborhoods had reached a low point after a sustained decline in previous years.
The demand profile has also changed: there is now an increase in the search for homes for residential use , particularly from buyers looking for quality of life and proximity to services.
This translates into a renewed interest in larger units , as well as properties in emblematic buildings that combine classic style with modern amenities.
Reasons for recovery
The real estate market in Recoleta and Retiro has once again attracted interest. Prices, which hit historic lows after the pandemic, have begun to recover ground, once again attracting the attention of buyers and investors.Mateo García , commercial director of the Toribio Achával Residential Sector, told Infobae that Recoleta is experiencing a rebirth in terms of demand. “Prices have reached historic lows and now there is a new interest in this traditional neighborhood. Here we find everything from studio apartments to 400 m2 units, with a diverse offering that attracts those seeking a better quality of life. Recoleta is an aspirational neighborhood.”
Santa Fe and Libertad Avenue, a dynamic commercial area in Retiro. The homes there are once again attracting interest due to their bargain prices.
Regarding current prices, Garcia said that the increase in demand led to a recovery in supply prices.
“Today, average prices in Recoleta and Retiro are between USD 2,500 and 2,600 per m2 for the used market, while for new constructions they range between USD 3,800 and 4,000 per m2,” he said.
What are the most sought-after properties?
In the current context of the real estate market recovery, 1 and 2-bedroom units are the most in demand in these two neighborhoods.Recent developments have focused on smaller units, such as studios and one-bedroom apartments, with priority given to investments that offer high turnover over larger units.
In contrast, apartments of 150 to 400 m2 have a more specific market and are less influenced by economic fluctuations.
Francisco Altgelt , president of Altgelt Negocios Inmobiliarios, pointed out that both Recoleta and Retiro are niche neighborhoods , where buyers tend to be people who historically lived there . “After the pandemic, sales improved by approximately 10 percent . The most sought-after units are those with one and two bedrooms , due to their more affordable price tag ,” he commented.
He also mentioned that, after the quarantine, there was a strong demand for open surfaces , which initially slowed down the sale of units in classic buildings without balconies or terraces.
In both neighborhoods there are spacious homes built with noble materials.
On portals such as Zonaprop and Cabaprop, two-bedroom apartments of more than 50 m2 are available starting at USD 80,000 . Those with surfaces greater than 70 m2 exceed USD 105,000 , while some units on avenues such as Alvear, Quintana or Las Heras , and nearby streets, reach prices that exceed USD 1,000,000 in Recoleta .
In Retiro , two-bedroom apartments start at USD 70,000 , while those with more than 70 m2 start at USD 90,000 ; the most expensive are located near the border with Recoleta , especially in areas such as Avenida Callao, Plaza Vicente López or Posadas , where prices can exceed 800,000 dollars .
In recent years, several projects have also been developed in Recoleta, with prices close to USD 3,000 per m2. Several of them integrate traditional houses instead of demolishing them, and provide a unique charm.
Building under construction in Arenales and Libertad, in Retiro
Susana Valle Fonrouge , director of GPS Properties , highlighted that Recoleta and Palermo are the areas with the most activity, with prices around USD 3,300 per m2 for standard properties and reaching USD 4,000 or 5,000 for projects with better amenities and double frontage . Retiro also has its public.
“Buyers, especially those who resorted to money laundering , are investing in one- and two-bedroom units . In addition, the average ticket price has increased, from USD 200,000 to USD 400,000 or 500,000 in premium properties,” said Valle Fonrouge.
In these areas, the rental trend has shifted towards long-term contracts , as demand for temporary rentals has decreased.
Valle Fonrouge concluded : “There are not as many tourists coming anymore because Argentina is expensive in dollars. Also, since the DNU that repealed the Rental Law, it is more convenient to make agreements for two years instead of short-term, since the houses are usually left unoccupied for several weeks.”
www.buysellba.com
