Buenos Aires Real Estate Spotlight: A Property Boom in Villa Urquiza

Many new construction projects in Villa Urquiza offer modern amenities & greater affordability.

When we reported last week on the 2009 summary statistics for units sold and under construction in the City of Buenos Aires, Palermo was singled out for it’s #1 ranking among neighborhoods in terms of projects under construction last year.

Yet, according to Clarin, a closer look at the numbers throws a little cold water on the Palermopalooza and simultaneously spotlights a rising star among BA barrios: Villa Urquiza. The 18,700 sq. ft. under construction in Palermo last year represented a 42% drop compared to 2008; however, the 13,000 sq. ft. under construction in Villa Urquiza (VU) represented a 10% increase compared to 2008.

Local real estate analysts attribute the VU boom to good location (inside Capital Federal and adjacent to the General Paz Highway), availability of vacant lots, improving infrastructure (the Subway’s B Line will soon add two new stations in Villa Urquiza) and greater affordability.

A quick look at new construction listings reveals ample 2 and 3-room apartment inventory priced below $100,000. Finally, the recent price trajectory in the neighborhood has definitely been up: Prices for new construction in VU have more than doubled from $65/SF in 2003 to $149/SF last year.

For more information about real estate opportunities in Buenos Aires, download the new issue of InvestBA Privada.