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San Telmo, the Buenos Aires neighborhood where it is most profitable to buy apartments and use them for traditional or temporary rentals - Infobae
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San Telmo, el barrio porteño donde es más rentable comprar departamentos y destinarlos al alquiler tradicional o temporario
En este trazado se pueden adquirir unidades por menos de USD 80.000 que otorgan muy buena rentabilidad. Qué inmuebles son los más aconsejables para llegar al “Tango por ciento”
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On this layout you can purchase units for less than USD 80,000, which provide very good profitability. Which properties are the most advisable to reach the “Tango percent”
By José Luis Cieri
The corner of Peru and Mexico, a very renovated place frequented by the usual residents as well as tourists and tenants who choose San Telmo to reside (Photo Courtesy: Leticia Firpo Propiedades)
The historic neighborhood of San Telmo is experiencing a real estate metamorphosis that has made it a prominent player in the business of purchasing homes for subsequent relocation. There, according to specialized consultancies, the profitability of traditional and temporary rentals exceeds 6% annually.
This phenomenon is enhanced with the repeal of the Rental Law, by the DNU issued by President Javier Milei , which suggests that it may be a favorable moment for the acquisition of apartments in this historic Buenos Aires neighborhood, associated with tango.
“The neighborhood is distinguished by its strategic location: proximity to the river, Puerto Madero and La Boca, common points of interest for tourists, its rich history and the presence of charming corners, some still to be discovered and that, thanks to the rise of social networks, have more and more recognition. San Telmo offers terraces to enjoy snacks, outdoor patios and other distinctive elements,” architect Inés Firpo , from Leticia Firpo properties, highlighted to Infobae.
In addition, it has a unique microclimate. Tango is present in its corners and attracts the attention of both its neighbors and those who go for a walk through its streets.
Humberto Primo and Defensa, there is Plaza Dorrego, a symbolic space of the neighborhood and where the Bethlem passage is. There the artisan and antique dealer fairs are very visited.
Pablo Blay, from ByT Argentina, highlighted its positioning as a neighborhood “highly in demand for tourist rentals, both by foreign visitors and visitors from the interior of the country.” As an area of temporary locations, he specified, it is behind Palermo and Recoleta, where buying a home is much more expensive. Tango shops, antique fairs and gastronomic offerings are magnets of attraction. And it is close to Caminito, one of the most attractive tourist spots in the City.
What homes are ideal
The area made up of San Nicolás, San Telmo and Balvanera is among the three destinations most frequented by tourists, according to data collected by the Tourism Observatory of the Government of the City of Buenos Aires.
Both for buying and renting, homes that have their own terraces or balconies are more successful (Photo Courtesy: ByT Argentina)
Regarding temporary accommodation, Ariel Venneri from MAHE Desarrollos Inmobiliarios said that “San Telmo offers a good offer. It is an area with good profitability for this activity, since the values of the units, which directly influence profitability along with rates, are comparatively more accessible.”
The most suitable properties for rent are those that have been renovated and furnished with character and style, thus attracting tourists from all over the world. Whether it is an old PH or a modern apartment, the key lies in its tasteful furnishing.
In this neighborhood, the main demand for temporary rentals is aimed at units for 2/4 occupants, that is, one- and two-room homes. In traditional rentals, the most sought after are two- and three-room apartments.
Furnished and equipped option in PH Eco Renta (Photo Courtesy: MAHE Desarrollos)
“Today it has become an appropriate place for purchasing apartments to use as temporary rentals. Although to attract more demand it would be ideal for this route to be better illuminated. The part that is most successful is the one that is close to Plaza Dorrego and the most in demand,” said Blay.
Sales prices and rentals
Firpo explained that the sale price in San Telmo is variable due to the marked architectural diversity, which ranges from modern buildings such as a development located on Avenida Garay to the historic Los Ingleses building on Boulevard Caseros 400, as well as the traditional PH in the San Lorenzo and Giuffra passages.Studio apartments for sale start from USD 45,000 to USD 80,000; two-rooms between USD 80,000 to USD 120,000, and three-rooms, from USD 100,000 to USD 180,000, always depending on the location, the state of conservation or recycling and whether it has a terrace or patio.
Chile and Bolívar, another point that was renovated in San Telmo and the homes located in the vicinity attract demand
Venneri highlighted that the recent projects in San Telmo present a varied range of housing. “On average, units that are in the initial phase of construction or in the well, and that have outstanding design and construction quality, have an approximate price of USD 1,400 per square meter.”
While monthly temporary rentals have the following prices:
Studio apartments: USD 250.
Two rooms: USD 400.
Three rooms: USD 600.
For rents in pesos, in Peru at 1200, a two-room is valued at $250,000 per month with quarterly adjustment through the Consumer Price Index. And a three-room apartment on 200 San Juan Avenue costs $350,000 per month and is adjusted quarterly through the Lease Contract Index.
Most searched areas
San Telmo stands out for its key areas, such as Plaza Dorrego, the epicenter of antiques and artisan fairs, and the surroundings of the recently revitalized San Telmo Market, which offers a wide variety of stores.
Peru at 600, with local poly items
A notable phenomenon is the creation of microclimates as new and picturesque places emerge, transforming the dynamics of places like the corner of Chile and Bolívar with a cafeteria that modernized tastes and preferences.
Firpo added: “The streets most sought after by buyers and tenants include the parallel streets Balcarce, Defensa, Bolívar and Perú (especially the part with wide sidewalks), as well as the transversal ones from Caseros Boulevard to Venezuela Street, covering heights from 300 to 600”.
Two-room units are among the most in demand
Regardless of the housing, the value of the temporary rental per day ranges between USD 20/25 per day.
“It is important to highlight that the rate per night has a high seasonality depending on the month of the year, these reference values are for January,” concluded Venneri.
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