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The areas of Palermo and Recoleta where apartment prices continue to rise - La Nacion Propiedades
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www.lanacion.com.ar
October 21, 2024
The number of new developments reached a 16-year high and sales values rose nearly 15 percent in the past year
By Candela Contreras
Within the microzone is the exclusive Recoleta Island, one of the most sought-after submarkets for ABC1 demand Ricardo Pristupluk - La Nacion
The real estate market is showing strong signs of recovery in sales values, especially in some places with the characteristics to create microclimates . Such is the case of the area surrounding Parque las Heras in the heart of Palermo , which proved to be one of the places characterized by record growth in the values of new projects , for the fourth consecutive year. According to a survey conducted by Reporte Inmobiliario, which covers part of the Recoleta and Palermo neighborhoods , not only was there a large number of new developments, but it reached its highest point in the last 16 years, in terms of square meters under construction, and broke a record for the revaluation of the square meter in the city .
The area, bordered by Figueroa Alcorta, Pueyrredón, Las Heras Avenues and República de la India Street , has 27 projects under construction , including those in different stages of construction and those that were recently completed: they represent the same number of buildings as last year, although on a larger average (more meters) . There, the average sales value per square meter in dollars increased by 14.45% compared to the previous year: with a price of US$4,948 , while last year it was US$4,308/m².
As for the number of square meters under construction, it increased from 97,341 in 2023 to 123,123 today . This number is the highest since 2008 , when the area reached 135,274 square meters under construction.
“ This increase in square meter values is due to various reasons , such as: sustained demand for premium projects; three years in which there were practically no increases; increases in construction costs in dollars that developers include in the price list; and the possibility of laundering capital and investing it in the real estate market,” explains Germán Gómez Picasso, director of Reporte Inmobiliario. However, despite this increase , it remains below the values of 2019, when sales prices exceeded US$5,600/m² .
The average value in the microzone increased by 14.45% per square meter in dollars compared to 2023
A key fact of the report is that, in the cases of units offered with financing, a down payment of no less than 35-45% in dollars or pesos adjusted by the Chamber of Construction index is requested , depending on each project. “It is one of the best areas of Buenos Aires. Today we should be on average between US$7,000 and US$8,000 per square meter,” says Gómez Picasso.
The prices per square meter in the Bulnes and Cerviño Avenue development start at US$2,880 and go up to US$4,000
On the corner of Santa Fe and Aráoz, OM Botánico was delivered , a building with 172 units ranging from one to five rooms and defending average prices of US$4,200/m² . On the 13th floor, the tower is set back to create floors with three apartments per floor , while from the 20th floor onwards there are penthouse-type semi-floors , where a four-room unit with a terrace is sold for around US$1,530,000.
“We noticed that, since we started our project, the neighborhood has had a evident resurgence : it has become more aspirational, because it brings together many characteristics that are difficult to find in other areas: accessibility, means of transport, proximity to green lungs and a quality of life connected to a huge offer of leisure and entertainment, in a key location to always be close to everything, in a privileged environment ”, says Matías Botello, sales director of NorthBaires, and adds: “Today, in the post-pandemic era, there is evidence of a return to the city's urban centers, in search of modern and well-connected proposals, where consumer values have evolved towards the efficiency of spaces, comfort and proximity to services, shops and shopping centers.”
Real estate brokers agree that the neighborhood has had a resurgence that is evident
Another project is Solar Cavia, in the heart of Palermo Chico, located on three lots that make up more than 40 linear meters of frontage, on the corner of Cavia and Gelly. The project, which will be completed in 2026 , consists of 13 floors that distribute semi-floors with one, two and three bedrooms with and without dependencies , with surfaces ranging from 100 to 320 m² . Of the total number of units, 20 remain available for sale, with tickets ranging from US$248,000 and with square meter values starting at US$3,900 .
100 meters from the Japanese Garden, on Scalabrini Ortiz 3500, Innova Park is in the final stage of construction . The project consists of 14 floors divided into one- and three-bedroom semi-floors ranging from 62 to 120 m², of which there is only one three-bedroom, 120 m² unit available at a total value of US$496,000 .
In the Pasaje Tupiza development, tickets start at US$96,500
Palacio Tupiza is being developed on a 15-square-meter lot in the exclusive Pasaje Tupiza. The 10-story development will feature premium studio - and one-bedroom units , ideal for temporary or traditional rentals, which are expected to be delivered by 2027 and range from 28 to 68 m² . As for prices, total tickets start at US$96,500 and defend a square meter from US$3,100 .
Another case is Nice Plaza, located on the corner of Cerviño and Salguero. The development went on sale six months ago during the Friends & Family event with an average price of US$3,500/m² , and has two, three and four-bedroom units that are currently sold for around US$4,500/m² . “It is a project that has a good level of operations and enquiries,” says the Toribio Achával real estate agency.
With 10 floors between party walls with half floors of 2-bedroom residences ranging from 78 to 147 square meters, a building located in Lafinur between Cerviño and Cabello is in the final stage of construction and is expected to be delivered in the first quarter of 2025. In 2021, when development began, prices were around US$2,900/m² , while today, the six remaining apartments are selling for around US$4,200/m² on average .
The six apartments that remain to be sold in this project are sold for around US$4,200 on average.
www.buysellba.com
Source:
Las zonas de Palermo y Recoleta en donde los precios de los departamentos no paran de crecer
La cantidad de nuevos desarrollos alcanzó su punto más alto en los últimos 16 años y los valores de venta subieron casi 15 por ciento en el último año
www.lanacion.com.ar
October 21, 2024
The number of new developments reached a 16-year high and sales values rose nearly 15 percent in the past year
By Candela Contreras
Within the microzone is the exclusive Recoleta Island, one of the most sought-after submarkets for ABC1 demand Ricardo Pristupluk - La Nacion
The real estate market is showing strong signs of recovery in sales values, especially in some places with the characteristics to create microclimates . Such is the case of the area surrounding Parque las Heras in the heart of Palermo , which proved to be one of the places characterized by record growth in the values of new projects , for the fourth consecutive year. According to a survey conducted by Reporte Inmobiliario, which covers part of the Recoleta and Palermo neighborhoods , not only was there a large number of new developments, but it reached its highest point in the last 16 years, in terms of square meters under construction, and broke a record for the revaluation of the square meter in the city .
The area, bordered by Figueroa Alcorta, Pueyrredón, Las Heras Avenues and República de la India Street , has 27 projects under construction , including those in different stages of construction and those that were recently completed: they represent the same number of buildings as last year, although on a larger average (more meters) . There, the average sales value per square meter in dollars increased by 14.45% compared to the previous year: with a price of US$4,948 , while last year it was US$4,308/m².
As for the number of square meters under construction, it increased from 97,341 in 2023 to 123,123 today . This number is the highest since 2008 , when the area reached 135,274 square meters under construction.
“ This increase in square meter values is due to various reasons , such as: sustained demand for premium projects; three years in which there were practically no increases; increases in construction costs in dollars that developers include in the price list; and the possibility of laundering capital and investing it in the real estate market,” explains Germán Gómez Picasso, director of Reporte Inmobiliario. However, despite this increase , it remains below the values of 2019, when sales prices exceeded US$5,600/m² .
The average value in the microzone increased by 14.45% per square meter in dollars compared to 2023
A key fact of the report is that, in the cases of units offered with financing, a down payment of no less than 35-45% in dollars or pesos adjusted by the Chamber of Construction index is requested , depending on each project. “It is one of the best areas of Buenos Aires. Today we should be on average between US$7,000 and US$8,000 per square meter,” says Gómez Picasso.
Projects in the area
For example, on the corner of Bulnes and Avenida Cerviño, a project is under development that consists of two 12-story buildings , located on a 1,700 m² lot . The project has a total of 111 one-, two-, and three-bedroom units with terraces, with prices per m² starting at US$2,880 and reaching US$4,000 . “The location within Palermo is one of the most sought-after and the prices are comparable with finished or underway projects where premium apartments are sold from US$5,900 per square meter,” says Ignacio Camps, director of Evoluer Real Estate.
The prices per square meter in the Bulnes and Cerviño Avenue development start at US$2,880 and go up to US$4,000
On the corner of Santa Fe and Aráoz, OM Botánico was delivered , a building with 172 units ranging from one to five rooms and defending average prices of US$4,200/m² . On the 13th floor, the tower is set back to create floors with three apartments per floor , while from the 20th floor onwards there are penthouse-type semi-floors , where a four-room unit with a terrace is sold for around US$1,530,000.
“We noticed that, since we started our project, the neighborhood has had a evident resurgence : it has become more aspirational, because it brings together many characteristics that are difficult to find in other areas: accessibility, means of transport, proximity to green lungs and a quality of life connected to a huge offer of leisure and entertainment, in a key location to always be close to everything, in a privileged environment ”, says Matías Botello, sales director of NorthBaires, and adds: “Today, in the post-pandemic era, there is evidence of a return to the city's urban centers, in search of modern and well-connected proposals, where consumer values have evolved towards the efficiency of spaces, comfort and proximity to services, shops and shopping centers.”
Real estate brokers agree that the neighborhood has had a resurgence that is evident
Another project is Solar Cavia, in the heart of Palermo Chico, located on three lots that make up more than 40 linear meters of frontage, on the corner of Cavia and Gelly. The project, which will be completed in 2026 , consists of 13 floors that distribute semi-floors with one, two and three bedrooms with and without dependencies , with surfaces ranging from 100 to 320 m² . Of the total number of units, 20 remain available for sale, with tickets ranging from US$248,000 and with square meter values starting at US$3,900 .
100 meters from the Japanese Garden, on Scalabrini Ortiz 3500, Innova Park is in the final stage of construction . The project consists of 14 floors divided into one- and three-bedroom semi-floors ranging from 62 to 120 m², of which there is only one three-bedroom, 120 m² unit available at a total value of US$496,000 .
In the Pasaje Tupiza development, tickets start at US$96,500
Palacio Tupiza is being developed on a 15-square-meter lot in the exclusive Pasaje Tupiza. The 10-story development will feature premium studio - and one-bedroom units , ideal for temporary or traditional rentals, which are expected to be delivered by 2027 and range from 28 to 68 m² . As for prices, total tickets start at US$96,500 and defend a square meter from US$3,100 .
Another case is Nice Plaza, located on the corner of Cerviño and Salguero. The development went on sale six months ago during the Friends & Family event with an average price of US$3,500/m² , and has two, three and four-bedroom units that are currently sold for around US$4,500/m² . “It is a project that has a good level of operations and enquiries,” says the Toribio Achával real estate agency.
With 10 floors between party walls with half floors of 2-bedroom residences ranging from 78 to 147 square meters, a building located in Lafinur between Cerviño and Cabello is in the final stage of construction and is expected to be delivered in the first quarter of 2025. In 2021, when development began, prices were around US$2,900/m² , while today, the six remaining apartments are selling for around US$4,200/m² on average .
The six apartments that remain to be sold in this project are sold for around US$4,200 on average.
www.buysellba.com
