New construction projects in Villa Urquiza offer modern amenities & great views.

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 Clarín, 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 in VU 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 on real estate opportunities in Villa Urquiza or other neighborhoods of Buenos Aires, please send your inquiry to re@investba.com.

BA subway workers threw debris on the tracks to block service November 10.

BA subway workers threw debris on the tracks to block service November 10. (Source: Clarín)

One of the primary goals of InvestBA is to promote trade and investment opportunities in Buenos Aires, but in order to maintain credibility (and not come across as a Chamber of Commerce site), it’s important to highlight the occasional negatives as well. For that reason, “competitiveness” is one of the site’s main categories and these posts typically highlight the challenges Argentina faces in embracing economic transformation and competing on the global stage. Yesterday’s Brazilian article offered a laundry list of things that make BA great including a first-class subway system. Unfortunately, a Subte worker’s strike last week plunged the city into total chaos. The Miami Herald’s Andres Oppenheimer says the hidden costs of these strikes–440 so far this year–probably outweigh the millions of pesos in lost business. On a deeper level, the government’s willingness to let these strikes continue unabated is tantamount to embracing an “anything-goes” culture where chaos reigns and the political agendas of a few penalize millions of hard-working porteños. According to Oppenhemimer, Buenos Aires Mayor Maruicio Macri criticized the federal government at last month’s Americas Conference in Miami saying such protests and street closures only move Argentina “in the direction of an anarchic society, where there will be fewer investments and more poverty.” He added: “You often have just 10 people blocking traffic, and the police are protecting those 10 people instead of the hundreds of thousands who need to go to work. That’s ridiculous.” Indeed.

 
© 2010 InvestBA, S.A.