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Recoleta, always current: why properties increased by 20% in the most stately neighborhood of CABA - Infobae
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www.infobae.com
October 09, 2024
The sections of this emblematic Buenos Aires route that have been most promoted and why. Is it a good time to buy before the values continue to appreciate or is it better to wait?
By Jose Luis Cieri
The real estate market in Recoleta is showing signs of an upturn in prices, especially in its more traditional areas. In some sections of the Avenida Alvear, Avenida Quintana and the aristocratic La Isla corridor , closing prices appreciated by up to 20% when measured year-on-year.
Recoleta, a historic and emblematic area of CABA, remains relevant despite competition from other neighborhoods in the northern corridor, such as Belgrano, Palermo and Núñez, which have been renovated more in recent years and attract a young demand. This ability to remain relevant in the market underlines the enduring appeal of its exclusive characteristics, such as its privileged location, stately architecture and cultural offering.
Santiago Magnin , from Deinmobiliarios and a real estate expert, told Infobae that in the mentioned corridor the average closing prices, which range between USD 2,400 and USD 2,700 per square meter, are considered low for the quality and location of the properties. However, in the core area of Recoleta (north of Avenida Santa Fe), the price experienced a significant jump, going from USD 1,750 to USD 2,250 in less than a year. This increase is also reflected in other areas of the city such as the neighborhoods of Saavedra, Villa Urquiza and Coghlan, among others.
“For example, in the new Once (the area between Avenida Córdoba and Avenida Santa Fe, between Uruguay and Avenida Pueyrredón, also within the limits of Recoleta), prices rose from USD 1,450 to USD 1,850 per m2. This market behavior led some experts to wonder if this is the last opportunity to acquire properties in these areas at affordable prices, considering that what is sold today for USD 500,000 was sold for USD 1,000,000 in 2017,” said Magnin.
The increase of up to 20% in Recoleta prices does not seem to be linked to either money laundering or mortgage loans, as the available data indicate that these tools had a limited impact on the market.
Aerial view from an apartment located on Avenida Alvear between Ayacucho and Avenida Callao, in Recoleta
Magnin added: “Rather, the rebound seems to be driven by positive economic expectations, which led buyers with capital to anticipate and acquire properties, especially those that are cheaper, such as apartments on low floors or units that need to be renovated.”
Recoleta remains one of the most established and elegant neighborhoods in Buenos Aires. Its educational and service connectivity, along with its green spaces and perceived security, keep it as a desirable place to live and invest.
The architectural quality of the buildings and the offer of spacious properties with 2, 3 or more bedrooms at competitive prices make Recoleta an attractive option for those looking for large properties, difficult to find in other areas of CABA.
There are more than 4,500 homes for sale in Recoleta, many of them in the premium market (Photo Courtesy: Martín Pinus Real Estate)
Martín Pinus , from Martín Pinus Real Estate, explained: “Recoleta is a traditional icon that has reached maturity, and therefore, its price recovery is slower than in emerging or reconverting areas, such as Palermo or Bajo Belgrano, but fortunately it resisted the crisis and little by little it is beginning to appreciate again.”
"It is a good time for large families to buy homes with more space or for those who have savings or access to credit, looking to invest in traditional or temporary rentals, especially in three-room apartments, which are rarely offered in other neighborhoods of Buenos Aires," said Pinus.
Magnin said: “Until last year, it was possible to close deals in Recoleta at USD 1,000 per m2, but today, the most affordable properties are already being traded at USD 1,400; this phenomenon was boosted after the 2023 primary elections, when prices stopped falling and began to recover.”
Quintana Avenue, another symbol of the neighborhood
In contrast, other areas such as Balvanera and Almagro did not register significant increases, remaining at the 2023 values or with minimal increases of up to 10 percent. “These areas seem to be at the bottom of their prices,” Magnin clarified.
According to Zonaprop, the value of used properties in Recoleta averages USD 2,545 per m2. Several buyers were able to take advantage of these current prices, considering that they are still at historically low levels.
There are two-room apartments for USD 75,000 and three-room apartments from USD 95,000 onwards.
Despite uncertainty about the future of the market, the general perception is that this could be a unique opportunity to buy before values rise significantly again.
Apartments with more than 3 bedrooms have risen again after five years of crisis in Recoleta
“Except for unique and exclusive properties, the average price per m2 is around USD 2,620 for apartments, according to the August report by the University of San Andrés and Mercado Libre, and USD 2,500 for those with 4 or more rooms. These prices can be enhanced by aspects such as location, the category of the building, the renovation of the units, luminosity and views of parks or green spaces,” concluded Pinus.
www.buysellba.com
Source:
Recoleta, siempre vigente: por qué las propiedades aumentaron un 20% en el barrio más señorial de CABA
Los tramos de este trazado emblemático porteño que se potenciaron más y por qué. ¿Es un buen momento para comprar antes de que los valores sigan apreciándose o conviene esperar?
www.infobae.com
October 09, 2024
The sections of this emblematic Buenos Aires route that have been most promoted and why. Is it a good time to buy before the values continue to appreciate or is it better to wait?
By Jose Luis Cieri
The real estate market in Recoleta is showing signs of an upturn in prices, especially in its more traditional areas. In some sections of the Avenida Alvear, Avenida Quintana and the aristocratic La Isla corridor , closing prices appreciated by up to 20% when measured year-on-year.
Recoleta, a historic and emblematic area of CABA, remains relevant despite competition from other neighborhoods in the northern corridor, such as Belgrano, Palermo and Núñez, which have been renovated more in recent years and attract a young demand. This ability to remain relevant in the market underlines the enduring appeal of its exclusive characteristics, such as its privileged location, stately architecture and cultural offering.
Santiago Magnin , from Deinmobiliarios and a real estate expert, told Infobae that in the mentioned corridor the average closing prices, which range between USD 2,400 and USD 2,700 per square meter, are considered low for the quality and location of the properties. However, in the core area of Recoleta (north of Avenida Santa Fe), the price experienced a significant jump, going from USD 1,750 to USD 2,250 in less than a year. This increase is also reflected in other areas of the city such as the neighborhoods of Saavedra, Villa Urquiza and Coghlan, among others.
“For example, in the new Once (the area between Avenida Córdoba and Avenida Santa Fe, between Uruguay and Avenida Pueyrredón, also within the limits of Recoleta), prices rose from USD 1,450 to USD 1,850 per m2. This market behavior led some experts to wonder if this is the last opportunity to acquire properties in these areas at affordable prices, considering that what is sold today for USD 500,000 was sold for USD 1,000,000 in 2017,” said Magnin.
The increase of up to 20% in Recoleta prices does not seem to be linked to either money laundering or mortgage loans, as the available data indicate that these tools had a limited impact on the market.
Aerial view from an apartment located on Avenida Alvear between Ayacucho and Avenida Callao, in Recoleta
Magnin added: “Rather, the rebound seems to be driven by positive economic expectations, which led buyers with capital to anticipate and acquire properties, especially those that are cheaper, such as apartments on low floors or units that need to be renovated.”
Recoleta remains one of the most established and elegant neighborhoods in Buenos Aires. Its educational and service connectivity, along with its green spaces and perceived security, keep it as a desirable place to live and invest.
The architectural quality of the buildings and the offer of spacious properties with 2, 3 or more bedrooms at competitive prices make Recoleta an attractive option for those looking for large properties, difficult to find in other areas of CABA.
There are more than 4,500 homes for sale in Recoleta, many of them in the premium market (Photo Courtesy: Martín Pinus Real Estate)
Martín Pinus , from Martín Pinus Real Estate, explained: “Recoleta is a traditional icon that has reached maturity, and therefore, its price recovery is slower than in emerging or reconverting areas, such as Palermo or Bajo Belgrano, but fortunately it resisted the crisis and little by little it is beginning to appreciate again.”
The time to buy
Recoleta offers prices that are still competitive compared to other neighborhoods in the Northern Corridor, especially for used properties."It is a good time for large families to buy homes with more space or for those who have savings or access to credit, looking to invest in traditional or temporary rentals, especially in three-room apartments, which are rarely offered in other neighborhoods of Buenos Aires," said Pinus.
What is the best seller?
Curiously, the apartments that increased the most in price in Recoleta were not the high-end ones, but the cheapest ones, which raised the market floor.Magnin said: “Until last year, it was possible to close deals in Recoleta at USD 1,000 per m2, but today, the most affordable properties are already being traded at USD 1,400; this phenomenon was boosted after the 2023 primary elections, when prices stopped falling and began to recover.”
Quintana Avenue, another symbol of the neighborhood
In contrast, other areas such as Balvanera and Almagro did not register significant increases, remaining at the 2023 values or with minimal increases of up to 10 percent. “These areas seem to be at the bottom of their prices,” Magnin clarified.
According to Zonaprop, the value of used properties in Recoleta averages USD 2,545 per m2. Several buyers were able to take advantage of these current prices, considering that they are still at historically low levels.
There are two-room apartments for USD 75,000 and three-room apartments from USD 95,000 onwards.
Despite uncertainty about the future of the market, the general perception is that this could be a unique opportunity to buy before values rise significantly again.
Apartments with more than 3 bedrooms have risen again after five years of crisis in Recoleta
“Except for unique and exclusive properties, the average price per m2 is around USD 2,620 for apartments, according to the August report by the University of San Andrés and Mercado Libre, and USD 2,500 for those with 4 or more rooms. These prices can be enhanced by aspects such as location, the category of the building, the renovation of the units, luminosity and views of parks or green spaces,” concluded Pinus.
www.buysellba.com
