Real Estate Boom next to Palermo Soho
Villa Crespo neighborhood is located within Avenues Corrientes, Juan B. Justo, Córdoba and Scalabrini Ortiz. Due to its proximity to Palermo Viejo, where the famous writer Jorge Luis Borges was born, some people tried to rename the area as Palermo Queens, to make it more attractive to the Buenos Aires Real Estate markets in a similar fashion as Palermo Soho or Palermo Hollywood, but its inhabitants started a dispute that ended up with this fantasy and kept the heritage of the area.
It is true this district is experiencing Palermo’s overgrow but since the prices are not as high, Villa Crespo is becoming a clever option for buyers interested in invest their money in Real Estate in Capital Federal. The area’s accessibility is also key, with the Metrobus under construction and all the main public transportation facilities such as the Subte’s B line. Another factor to take into consideration is the Outlets’ area on Aguirre and Gurruchaga streets. Premium brands grouped on these streets and are giving Villa Crespo a boost in terms of Buenos Aires Real Estate. The area is flooded with people especially on weekends as the outlets are open on Sundays. Services to cover new demands are flourishing and the whole area is benefiting from this new shopping district, which is growing exponentially.
This Buenos Aires neighborhood has always been a quiet one, with wide tree-lined streets, and ancient large houses. But due to this boom, old buildings and warehouses are being demolished and new projects are under construction. Even though the Real Estate market is not in its best moment, due to exchange controls and regulations, the area remains active. Its proximity with Palermo is attracting a younger audience and couples and families with kids come to Villa Crespo looking for quietness and wider spaces. It is still Capital Federal but with a wink to the suburbs.
Currently the demand is mainly based on one or two bedrooms apartments, although studios are also popular. The segment of pre-sale is really hot these days. The most seeked streets are Serrano, Acevedo and Vera. For buyers, the proximity to Subte’s B line is desirable. Traditional mansions are another niche, as some buyers wants to buy them and renovated them both for residential or commercial purposes, that is to turn this mansions into boutiques, restaurants and bars or even tourism related business such as bed and breakfasts and hostels. It is undeniable Villa Crespo’s popularity is growing even with all the limitations the market is currently presenting. For some brokers the value of used properties is around US$ 1800 per square meter whilst new properties’ value is around US$ 2200. Others think the range in Argentine pesos varies from 30,000 to 15,000 depending on the exact location.
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