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Buenos Aires' Barrio Norte Sees Record Property Prices Amidst Market Shift
🇦🇷 Argentina /Economy & Trade

Buenos Aires' Barrio Norte Sees Record Property Prices Amidst Market Shift

From La Nación · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Traditional neighborhoods in Buenos Aires are regaining prominence in the real estate market.
  • Barrio Norte in Recoleta has seen its highest new property sale price per square meter since 2022, reaching US$4907/m², a significant annual increase.
  • Factors contributing to this rise include increased construction costs, limited land availability, and a recovery in asset values, alongside renewed buyer interest in property as a safe haven.

Traditional neighborhoods are making a comeback in Buenos Aires' real estate market, with Barrio Norte in Recoleta achieving its highest new property sale price per square meter since 2022. The average price for new and off-plan properties reached US$4907/m², marking a 17.33% increase from the previous year's average of US$4182/m².

The old works.

— El EternautaA phrase from the iconic Argentine comic series 'El Eternauta' is used to introduce the current real estate market trend.

This year-on-year rise is considered atypical for the areas surveyed in the Autonomous City of Buenos Aires, with Reporte Inmobiliario founder Germán Gómez Picasso noting it's the highest increase in 18 years. Compared to 2023, when the price per square meter was around US$3861, the current increase exceeds 27%.

Several factors explain this surge. María Gabriela Besuzzo, manager of Works and Projects at Interwin, points to rising construction costs and a scarcity of available lots for new developments. Graciela Muradas, manager of the Toribio Achával Platform in Palermo, adds that the recovery of asset values in dollars, after years of depressed prices, is also a contributing factor.

The year-on-year increase is atypical for the areas that have been surveyed in CABA, and in this specific zone it is the highest in 18 years.

— Germán Gómez PicassoFounder and CEO of Reporte Inmobiliario, commenting on the unusual price increase in Barrio Norte.

Gabriela Goldszer, CEO of Ocampo Propiedades, also notes the restoration of demand, with buyers increasingly valuing real estate as a hedge against inflation. Developments like Atrium Barrio Norte and Maior Recoleta are being marketed in the area, offering units with prices ranging from US$105,000 to US$329,000 and US$3750/m² respectively.

The increase in construction costs and the scarcity of available lots for developing new projects are two of the most outstanding factors.

— María Gabriela BesuzzoManager of Works and Projects at Interwin, explaining the reasons behind the price surge.

Besuzzo describes the area as one of the most solid and resilient markets in the city, supporting higher values due to stable structural demand and limited land for new projects. This resilience allows values to be maintained even in challenging economic conditions, as seen with the Solar French development offering units from 23 m² to 115 m² starting at US$3165/m².

The recovery of asset values in dollars, after several years of depressed prices, makes them rise.

— Graciela MuradasManager of the Toribio Achával Platform in Palermo, adding another factor to the price increase.
DistantNews Editorial

Originally published by La Nación in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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