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Recoleta: How much does an apartment with a view of the cementery cost - La Nacion Propiedades
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January 17, 2024
Buying an apartment in this area of Recoleta can work in your favor; the reasons
The views of the Recoleta cemetery are an attraction in the area
Apartments that offer unique views in the city of Buenos Aires are a phenomenon that captures the attention of real estate market experts and those who are searching for properties that have peculiar characteristics. In this sense, properties located on the island of Recoleta with a direct view of the cemetery are among them, which, by having this characteristic, can experience a significant increase in their value.
The area of this traditional Buenos Aires neighborhood with properties that are valued highly , is characterized by imposing apartment buildings and embassies, constructions that date back to the 19th century . Many of them with exclusive residences of the petit hotel type and mansions surrounded by greenery. However, with the passage of time and the enactment of the condominium law in the 1940s, many of these luxurious houses were demolished to make way for high-class apartment buildings, which stand today as true icons. of the place.
Duplex in Recoleta with views of the cemetery
Traditionally, properties from which you can see landscapes with green spaces, bodies of water or historical monuments are those that achieve the highest prices . However, it seems that the tranquility and history of the Recoleta Cemetery in particular attracts one type of buyer. “ Recoleta has been recovering the charm and attractiveness that it had in its heyday,” says Gabriela Goldszer, director of Ocampo Propiedades.
A TikTok user shared a video with the view he has from his apartment. In the post by @maxigramok you can see how from his balcony you can see the Recoleta cemetery perfectly . “Looking at the cemetery would seem like a big con for a property anywhere in the world, but in the case of Recoleta, it is a plus,” says Mateo García, residential commercial director at Toribio Achával.
It must be taken into account that there are few corridors in the area with buildings that offer this view. This scarcity perhaps explains why these units defend their sales values. In specific examples, a 380 m² duplex on the 10th floor overlooking the cemetery located on 2900 Bioy Casares Street is offered at US$3,000,000. Another case is that of a high-end two-bedroom in the Deco Recoleta furnished By Armani Casa , on the corner of Presidente Ortiz and Guido. The 62 m² unit on the eighth floor has an asking price of US$395,000, more than US$6000/m² . “A similar unit without a view of the cemetery or the plaza costs around US$335,000,” the director of Ocampo Properties makes the difference.
But there are also more affordable options in older buildings: for example, a 30-square-meter studio apartment in a building located in Azcuénaga at 1900 with a view of the cemetery is offered, in Zonaprop , for US$ 69,000, although these are exceptional cases.
On the corner of Presidente Ortiz and Guido there is an exclusive property with views of the cemetery
Property sales prices in Recoleta
In any case, in the last four years after the pandemic, properties in the area experienced a progressive loss of sales value in dollars. “The decreases in the prices of used units varied between 30% and 45% with respect to historical values ,” details Martín Pinus, director of Martin Pinus Real Estate and Investments, who justifies this phenomenon with several factors: the excess of supply, the increase in the price of the dollar, restrictions on access to foreign currency and the absence of credit.Despite this, the real estate broker affirms that supply prices in the area began to recover : “This is due to the fact that the replacement cost - the investment that a developer must make to build the same project - is is increasing, both labor and materials have experienced a constant increase , and because there is an increase in sales, due to the conviction that the value of the property is undervalued.
Regarding the increase in the costs of building in pesos, the president of the Business Chamber of Urban Developers (CEDU), Damián Tabakman, recognizes that “the construction sector does not escape the giant macroeconomic changes that Argentina is currently experiencing. The implementation of deregulatory policies caused a considerable increase in the prices, in pesos, of construction materials , reaching almost 50% last month.”
When it comes to numbers, the average quoted value in dollars in Recoleta - beyond the proximity to the cemetery - for a brand new apartment is US$2,476/m² and US$2,039/m² for a used one. , which represents a slight increase of 0.22% in December compared to the same month of the previous year according to the latest report by Zonaprop. “ High floors are more desired because they offer advantages related, mainly, to the quality of life and their views. It is estimated that the apartments in the same building increase between 1.5% and 2% as you go up the floor ,” says Fabián Catanese, Associate Producer at Martin Pinus Real Estate.
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