BuySellBA
Administrator
The Buenos Aires neighborhood that promises to increase in value due to the construction of a US$120 million mega residential project - La Nacion Propiedades
Source:
El barrio porteño que promete revalorizarse por la construcción de un megaproyecto residencial de US$120 millones
El Grupo IRSA anunció la construcción de 80.0000 m2 que se suman a su proyecto Polo DOT y permiten seguir dándole mayor impulso a la expansión de esta subzona aledaña al centro comercial
www.lanacion.com.ar
July 15, 2024
The IRSA Group announced the construction of 80,0000 m2 that will be added to its Polo DOT project and will allow it to continue giving greater impetus to the expansion of this sub-zone adjacent to the shopping center.
By Nicholas Bal
The Saavedra neighborhood is highly valued for its connectivity and green spaces
Following the announcement of the return to the residential business , after 15 years of absence of one of the largest developers in the country and owner of the most important shopping malls in Buenos Aires , the Buenos Aires neighborhood of Saavedra once again attracted greater interest in the real estate market . It was Eduardo Elsztain himself, president of the IRSA Group, who announced that the company will allocate US$120 million for the construction of 80,000 square meters adjacent to the DOT Baires that will be distributed between office projects, stores and residential buildings.
The project, on the other hand, contemplates adding 10,000 m² of corporate space, shops and 150 housing units to the Zeta building - largely rented by none other than Mercado Libre - which until now has 35,000 m², which would add up to a total of 1,200 apartments .
A postcard of green spaces in the Saavedra neighborhood
And although it is still premature to refer to the characteristics and particularities of the residential properties that will be built, the company told LA NACION that "their interiors will depend on market demand, as well as the price, although it is expected that the value will be medium/high ."
They also anticipated that, given the characteristics of the population that shows interest in this area, there will surely be units that will target "the new generations" who are looking to access their first home, in smaller spaces and combining work, home and shopping in an immediate radius .
Rebound effect
The facade of the Dot shopping center in Saavedra
Located at an extreme but strategic point in the city of Buenos Aires, at the “entrance and exit” of the node that connects the city with the north and south of Greater Buenos Aires, with the Pan-American Highway and General Paz Avenue as axes, the perimeter where part of this IRSA project called Polo DOT will continue to expand ( here it deserves a parenthesis because the opening of Ronda took place within the shopping center, a multipurpose space with more than 4,000 m² covered and 1,500 m² outdoors that includes gastronomic proposals, theater, minigolf with 18 holes, bowling, art and fashion) has unique characteristics .
The many companies located nearby, the external medical offices owned by a well-known health insurance company on the sides of the DOT, plus gyms, supermarkets, games and nightlife, make Saavedra an increasingly attractive place to live.
And although this strip of CABA that has become a mini-neighborhood already “transcends and exceeds the issue of what is around it,” according to Germán Gómez Picasso, founder of Reporte Inmobiliario, the truth is that it also gained greater momentum “from the penetration of technology and home office, which, gradually, are achieving a decentralizing effect on the city,” says the specialist.
Traditionally characterized by a physiognomy of low houses and quiet streets far from the hustle and bustle, the truth is that the gradual transformation of this neighborhood had its kick-off when the change in the Planning Code allowed for building with greater heights; although due to building factors and construction regulations, in general lower buildings are built, with three or four floors.
Formerly known as “Barrio Perón”, the Parque Cornelio Saavedra neighborhood is made up of a layout of concentric circular streets surrounded by trees and buildings of great history.
“There is a trend towards mid- and high-end residential projects, with spacious units and modern amenities ,” says Mateo Garcia, residential director of Toribio Achával. And today, this geography with a neighborhood spirit, but thriving, in a somewhat more relaxed residential environment and abundant green spaces −among which is the park of the same name, of more than 14 hectares− coexists with the aforementioned gastronomic, cultural and entertainment offer.
Thus, with a land value cheaper than in other nearby neighborhoods, many developers began to build modern low-rise residential projects with a demand driven especially by two-room units (45.83%), followed, but far behind, by studio apartments (25%), three-room apartments (23.96%) and those with four or more rooms (5.20%) , according to recent data from Monitor Inmobiliario.
New buildings usually have few floors and mostly with two-room apartments.
However, according to consulted specialists, the territory commanded by the DOT is not a sub-zone that has been specifically favored by the spillover effect of its neighboring neighborhoods, such as the positive impact experienced by its neighbor Núñez for being close to Belgrano , for example; the momentum that this area of Saavedra has taken in recent years, also incited by the scarcity of land and the increase in its values, is due to "its own virtues and because this development was not at any price, but rather taking care of certain faculties of the neighborhood itself ," comments Diego Baschera, broker at C21 El Yar.
Given these growth conditions, it is certain that this area, which was already gaining in value due to increasing demand, will continue to do so through this type of large-scale projects, according to real estate experts.
Key facts for buying a property
Although final prices may vary depending on the project and the amenities offered, “Saavedra has been perceived as a place where you can find spacious units at more affordable prices, compared to other similar properties in Belgrano and Núñez ,” Garcia says. And this price disparity has led many buyers and investors to consider it as an attractive option to acquire properties with excellent quality.
Part of the Donado-Holmberg corridor belongs to the Saavedra layout. Modern 3- or 4-story buildings dominate there, which are in high demand by the young segment.
Likewise, prices have moved in line with the market in recent years, “in line with the behavior of property values in general,” admits engineer Ricardo Orlando, president of Kuan Desarrollos. We had been seeing prices falling since 2018, although some products in particular, such as PHs - which are abundant there - “did not lose that much value. As did the units in small buildings, with only two or three floors, also very characteristic of the neighborhood ,” Baschera details.
Therefore, with a value per square meter that, in June, averaged US$2,378 in this neighborhood, according to data from the Zonaprop portal, acquiring a brand new apartment averages US$2,461/m², US$2,397 for units purchased off the shelf and US$2,243 for used ones.
But if the idea of the acquisition is to make a profitable business, here are some other interesting data: in the midst of a scenario where the average rental price rose by 2.3% in May and accumulated an increase of 31% below inflation in the first four months of 2024, in the first quarter of the year this Buenos Aires neighborhood was among the most economical in the northern area of CABA, according to data from Reporte Inmobiliario. In that sense, with an average monthly value of $ 462,626, renting a used studio apartment in Saavedra has an average of $ 320,000 per month, $ 355,000 for one-bedroom units, and $ 450,000 for two-bedroom units , broken down by type.
www.buysellba.com
