Investors, government officials and developers of projects like Moca see the potential in Barracas.
You can take the boy out of the barrio, but can you take the barrio out of the barrio? That’s the question posed by Jude Webber in a Financial Times analysis of one of Buenos Aires’ rising stars, Barracas.
In addition to being three of the most expensive neighborhoods in the city, Webber says, Belgrano, Palermo and Recoleta have lost much of their neighborhood feel or barrio-ness, as working-class families gave way to new commercial and residential construction over the past decade. During the same period, grittier and more industrial Barracas, saw factory closures and falling property values.
Those lower prices, along with urban renewal efforts by the City of Buenos Aires government, are now attracting more portenos and foreign investors. Considering it was home to some of BA’s wealthiest families in the 19th century, there is classic architecture on par with Montevideo’s Ciudad Vieja.
The abundance of closed factories is also drawing the interest of residential developers. Projects like The Moca, a massive urban redevelopment of an old factory, highlight the potential that exists in Barracas. As one analyst tells Webber, “Barracas has excellent potential. There are millions of square meters available and the possibility for multimillion reconversions.” One New Yorker who owns a converted B&B sums up the cool Barracas vibe: “This neighborhood is definitely up and coming. But I would not want to see it change totally. I like it a little dirty and arty.” (Full Story)
For more information about Buenos Aires real estate opportunities, download IncomeBA and the new issue of InvestBA Privada.
