New construction real estate activity in the traditional Buenos Aires neighborhood of Palermo Sur is down in terms of the number of projects but up in terms of total square footage, according to a new report from Reporte Inmobiliario.
In Palermo Sur, the 76-block barrio bordered by Palermo Soho to the northwest and Almagro to the south, the total number of residential buildings under construction fell to 44 while the total square meters under construction rose as new buildings launched this year are larger and more ambitious than previous projects.
Of the 44 buildings under construction in Palermo Sur, 3 are 100% finished with units still for sale, 2 are vacant lots with billboards announcing a new project and 39 are buildings currently under construction. 30 of those 39 are buildings that are less than 50% complete, so anticipated delivery date will be sometime in 2015.
As in other corners of Buenos Aires, the report says the number of new residential projects being offered in pesos has fallen sharply from a total of 9 last year to only 3 this year in Palermo Sur reflecting the two-year failed attempt to convince buyers and sellers to broker deals in pesos.
Average new construction real estate prices in Palermo Sur, the 2.6 square mile barrio bordered by Cordoba, Gallo, Scalabrini Ortiz and Soler, are currently hovering around US$2,250 per square meter or US$210 per square foot compared to US$190 per square foot for all of Palermo. (Full Story in Spanish)
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