The Buenos Aires neighborhood of Palermo Soho is witnessing a healthy wave of new residential construction activity, according to Clarin’s Romina Smith. The barrio bounded by Santa Fe, Cordoba, Scalabrini Ortiz and Godoy Cruz has seen a 70% rise in new construction compared to 2010.
“The boom is supported by the tremendous commercial activity in the barrio which is reflected in the prices,” notes Smith adding the price per SF for new construction has climbed above US$230 and reaches the low-to-mid $300’s in some of the new mid-rise buildings in Palermo Soho. While relatively high by BA standards, such prices are less than half of comparable properties in the trendiest bairros of Rio and Sao Paulo.
While Palermo ranked #1 in the BA construction activity heat map analysis in August, Soho is generating much of that heat. According to Reporte Inmobiliario, the 1.69 million SF of new construction in Palermo Soho is a 71% increase over the 989,000 SF detected this time last year. That square footage is spread across 59 new buildings plotted in the map above.
Two interesting trends are worth noting in terms of the new construction pattern: 1.) a cluster of mid-rise activity in the 18 blocks between Charcas and Guatemala and 2.) considerable new development along the barrio’s boundaries including Godoy Cruz to the north and Scalabrini Ortiz to the south.
The first trend got a boost when the City of Buenos Aires opened the new pass to equally trendy and thriving Palermo Hollywood via Soler Street (orange line), while the new Science and Technology Center is helping revitalize the northern corridor (light blue) between Godoy Cruz and Juan B. Justo. (Full Story in Spanish)
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