Amid a strong economic crisis in Argentina, the real estate market in the City of Buenos Aires shows an increasingly polarized scenario between luxury properties and those designed for the middle segments.
With prices that can reach US$15,000 per square meter, the “premium” sector maintained its value, according to specialists in the field consulted by Bloomberg Línea.
The buildings with the highest asking price in the city are located in neighborhoods such as Palermo, Belgrano, and Puerto Madero, said Juan Carlos Franceschini, director of the Escuela de Emprendedores Inmobiliarios Argentinos (EIA).
“These are finished buildings, in some cases more than ten years old, as in the case of the Le Parc Figueroa, Alcorta Towers, and in others, of more recent delivery, as in the case of the SLS Towers in Puerto Madero,” he described.
In that sense, he said the units for sale in that type of building are apartments with asking prices above U$S10,000 per square meter.
Franceschini clarified that the prices include the value of one or more garages, as the case may be.
He said these are “high-rise buildings”.
He clarified that there is usually “a relevant price differential between the lowest and top floors, especially in those units overlooking the Río de la Plata”.
A MARKET THAT FOUGHT THE CRISIS
“The premium units market defended its values much better in these four years in which prices in the rest of the market accumulated a 40% drop, measured in dollars,” said Germán Gómez Picasso, founder of Reporte Inmobiliario.
He said it is an “increasingly polarized” sector, given that “high-value properties benefited most”.
“The market aimed at middle segments was very punished due to the lack of credit, the Rent Law, the economic crisis, and the constant devaluations of the currency, which impacts the salary levels in dollars”, he analyzed.
WHICH ARE THE MOST EXPENSIVE BUILDINGS IN BUENOS AIRES?
#1 ALVEAR TOWER
Located on Azucena Villaflor Street in the Puerto Madero neighborhood of Buenos Aires, it is priced at US$3,654,000 and has an area of 252 square meters.
The property has a height of 235 meters.
It is the tallest residential building in Argentina and South America, according to Franceschini, who also pointed out that it has a price per square meter of US$4,500.
The amenities offered by the building are reception and concierge, vehicle arrival area, courtesy parking, mail room, access control and wi-fi in common areas, bar, car wash, pet bathroom, and on-call maintenance service.
It also has a party room, spa, swimming pool, microcinema, playground, and music rehearsal room, among other amenities and services.
#2 FORUM ALCORTA BUILDING
Another jewel of the City of Buenos Aires, valued at US$7,000,000, can be found at 2,000 Ramsay Street in the Belgrano neighborhood.
It has triple-height lobbies overlooking green spaces and floor-to-ceiling windows with double hermetic glass.
The exclusive property is priced at US$4,000 per square meter.
It has a large central park, two underground parking spaces, amenities, and security.
The units have more than one floor. In addition, there is a gym, whirlpool, barbecue, swimming pool, games room, and solarium.
#3 LE PARC FIGUEROA TOWERS
The prestigious towers are located on Figueroa Alcorta Avenue and Cavia, Palermo, and are priced at US$5,400,000.
Overlooking the river and the city, the two buildings feature 126 apartments with large gardens and various services and amenities.
It has a multipurpose room, children’s playroom, heated swimming pool, solarium, gym, outdoor whirlpools, bar, spa, and sky terrace.
As for services, it offers a concierge, chauffeur’s room, security system, and access control.
With information from Bloomberg