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The neighborhoods that will lead housing construction in 2024 - Infobae
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Cuáles son los barrios de CABA que liderarán en 2024 la construcción de viviendas
Diversos proyectos con una inversión que supera los USD 1.000 millones se posicionan como protagonistas. Las principales preocupaciones de los desarrollistas
www.infobae.com
January 7, 2024
Various projects with an investment that exceeds USD 1,000 million are positioned as protagonists. The main concerns of developers
By José Luis Cieri
It is estimated that before the end of the year, some 15,000 homes that are currently still under construction in CABA will be delivered.
With an investment that exceeds USD 1,000 million, various neighborhoods of the Autonomous City of Buenos Aires stand out as centers of interest, undergoing conversions and leading the expansion in housing construction. This trend seeks to attract those users who prioritize a renewed lifestyle.
Of more than 50,000 units currently under construction on various Buenos Aires routes, it is estimated that more than 15,000 will be delivered before the end of 2024. They are mainly aimed at end users.
Among the neighborhoods that will maintain their boom is Núñez and its surroundings, such as Belgrano , Saavedra and Colegiales , for example.
Damián Tabakman , president of the Business Chamber of Urban Developers (CEDU), told Infobae that “the northern corridor of CABA will continue to be the one with the most activity in housing construction during 2024.”
More than 20 real estate projects are being carried out in the vicinity of Del Libertador and Cabildo avenues, with investments that exceed USD 250 million and at varying degrees of progress.
One of those that is taking its first steps is Udaondo, a project located at the head of the Innovation Park (a public and private proposal carried out by the Buenos Aires government in the former Tiro Federal ) in front of the River Plate club.
There, the developer Landmark Developments completed the first phase of installing a geothermal-based air conditioning system in its project of two residential towers and a five-star hotel. This pioneering technology in sustainable construction contributes to reducing the carbon footprint and energy savings, achieving a 60% reduction in the monthly cost of air conditioning.
The Innovation Park in Núñez attracts investments and new proposals
“The Innovation Park will be one of the places that will be consolidated during the year and before the end of 2024 there will be brand new homes in some of the buildings underway,” said Tabakman.
The neighborhoods of Villa Devoto , Villa Urquiza and Palermo will also be part of the areas that will lead the construction unless the eventual modification of urban regulations affects them (this season the city's Urban Planning Code must be modified and there may be new developments in the short term).
Santiago Levrio, institutional director of Alianza Urbana, told this medium that the neighborhoods mentioned for real estate development have key advantages. “The availability of land, thanks to the presence of numerous unique homes on their own lots, facilitates more affordable prices and flexible negotiations. In addition, they have an efficient urban infrastructure and offer an environmental quality appreciated by buyers.”
Levrio also highlights the balanced relationship between land values and sales values in these districts.”
In the new homes, they seek to integrate environments such as kitchens with dining rooms and living rooms.
Caballito also continues to be the epicenter of building expansion in CABA. The gastronomic proliferation on Avenida Pedro Goyena and its extension to the north transformed the neighborhood. The educational diversity and the preservation of green spaces, such as Centenario Park, add attractions to this layout.
“We break the trend of the saturated market of studio apartments and two-room apartments by offering a complete variety of apartment types, from studio apartments to four-room apartments. We highlight the inclusion of terraced balconies with grills to promote outdoor spaces. We observe a growing preference for innovative amenities, such as an event room, sauna, gym and an underground wine cellar, to enhance quality of life,” explained Kevin Savelski , CEO of the 8.66 Group.
Real estate developments attract end users. Although now with the repeal of the Rental Law, experts maintain that inquiries from investors seeking to allocate savings to buy and then offer their apartments for residential rental have grown
Homes that are taking their last steps in the heavy work, and that are preparing to continue to complete them and then make the finishes
Savelski said that “initially, the units find buyers in the investing public during the well stage, taking advantage of more attractive prices. These properties are then placed on the market to be purchased by those who plan to inhabit them.”
The values vary between the South and North of Caballito. In wells, average prices range between USD 1,900 and 3,100 (South), and between USD 1,900 and 2,600 per m2 (North). Brand new properties range from USD 2,300 to USD 3,900 per m2 (South), and from USD 2,300 to USD 3,400 per m2 (North).
In addition, Villa Devoto , Villa del Parque and in the southern part of the city, Paseo del Bajo (which connects areas of San Telmo, Monserrat and Barracas) are consolidated.
With an investment that exceeds USD 100 million, the area separated by General Paz Avenue is being converted, emerging as a center of urban trends seeking to attract users who privilege a new lifestyle. The Nueva Lynch-Villa Devoto area, after completing the merger, is emerging as one of the most promising areas that link the north and west of CABA and Greater Buenos Aires.
Between Villa Devoto and Villa Lynch on the provincial side there is an intense movement of projects that are advancing
Damián Manusovich , from the developer MMCV and the Aera architecture studio in Cruce Lynch, told Infobae that they focus on building the concept of 15-minute cities, decentralizing urban centers to improve mobility and security: “We seek not only to offer housing family, but also versatile spaces for home, work and recreation, with a commitment to green areas, views and commercial and gastronomic projects, fundamental elements today.”
These proposals stand out for offering recreation areas, panoramic views and green spaces, aspects that became relevant. They include multiple bedrooms, especially in options with three rooms or more, kitchens integrated into the living room or dining room, a layout that separates bedrooms from social areas and preferably two bathrooms.
Likewise, the projects are expected to have garages, bicycle storage areas and coworking spaces, among other amenities.
Currently, well values average USD 3,200 per square meter at Mil Aires, an Ecipsa development in Villa Devoto. Near Plaza Arenales, the epicenter of the neighborhood, homes scheduled for delivery this year range around USD 2,500 per square meter.
Villa del Parque currently has more than 50 real estate developments in the works
Villa del Parque also has great expansion, there are more than 50 developments, several of which will be completed in 2024. Avenues such as Nazca or Gaona capture this progress. Brand new homes have an average price of USD 2,200 per m2.
Cost increase
Specialists highlight that, due to the current economic context, there is a significant increase in costs in dollars, with an upward trend in apartment prices, which distances the possibilities of access for employees.Damián Tabakman expanded: “The imminent departure from historically low construction costs is exacerbated by the notable increase in material prices and the projected rise in labor wages. Although the dollar maintains apparent stability, the consequent rise in costs in foreign currency raises questions about the viability of financial investments in pesos, which offer returns below inflation.
Rising material costs emerge as a concern in the sector
Until mid-2023, the value per m2 fluctuated approximately USD 700 on average, but currently it is around 950 per m2. In this scenario, square meters emerge as an attractive hedge for investors, anticipating price increases that could exceed 50% in the short term, marking a new reality in the real estate market.
“The lack of viable options to invest in other assets and the depreciation of the purchasing power of the dollar are key factors that will keep property investment an attractive option in the coming months,” Tabakman said.
The most sought after and general values
As for the most in-demand types of housing, so far projects that seek to emulate the feeling of living in a house prevail, combined with buildings that offer high-quality amenities.Santiago Levrio added: “These projects, which fuse the home experience with exclusive amenities, continue to be highlighted for their ability to satisfy consumer preferences.”
Several developments are progressing on Paseo del Bajo
However, a possible transition towards projects oriented towards traditional rentals is seen (the progressive loss of interest in temporary rentals intensifies with the deregulation of contracts, especially after the elimination of the Rental Law , relegating them to the background. ), driven by the increase in income in dollars and the adaptation of regulations for conventional rentals, generating a response to the expectations of investors and renters.
“In terms of well values, the industry will strive to maintain prices below USD 2,000 per m2, although it will face increasing challenges in this attempt. In contrast, for brand new units, a price increase is anticipated due to inflation in dollars, with it being more common to see values over USD 3,000 as the year progresses,” Levrio concluded.
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