Palermo Hollywood Buenos Aires - The Movie Barrio
“Blessed is Palermo!” say many real estate agents, their optimism part of what turned the humble barrio of Palermo into one of the hottest, fast growing barrios in the city. According to an article in the newspaper La Nacion from March 2008, “Palermo Hollywood—Un barrio de película,” Palermo is the largest and most subdivided barrio in the city and Palermo Hollywood is thought by many to be the subdivision currently on the rise. It gets its name, Hollywood, from a time when television stations and producers moved into the area, starting the process of economic rebirth. The explosion of construction in the area can be dated back to the building of the Mirabilia towers, which are still some of Buenos Aires’s tallest buildings. Its most popular streets are Humboldt, Fitz Roy, Nicaragua, and Costa Rica, where prices may rise as high as 3,000 dollars per square meter. Prices in other parts of the barrio oscillate between 1,600 and 2,100 dollars per square meter.
Compared to 2007, prices in Palermo Hollywood have risen 10 percent and real estate agents are hoping for a similar rise this year. With the dollar falling against the peso, local inflation, high prices on commodities, and financial insecurity throughout the world, the good rhythm of development should carry the barrio through and keep it as a valuable commodity. Daniel Obetko, of Grupo Town House, feels that the barrio is well positioned to keep growing. He notes that it is now impossible to find lots that sell for less than 500 dollars per square meter in the barrio.
Grupo Town House was one of the firms that “discovered” this area more than eight years ago. At that time they built three buildings on Calle Ravignani and saw that there was even more demand, especially for towers that have their own services as well as loft apartments. Projects currently under construction, by Grupo Town House and others, are in high demand. Particularly sought after are one, two, and three bedroom apartments.
Architect Gregorio Berberian also firmly believes that the barrio will keep growing. He says that the target buyers are middle and upper class people looking to make a new home. Young people and professionals tend to want to buy individual apartments and large investor groups are looking to buy entire residencies, offices, hotels, and commercial centers. Berderian believes that prices from last year are up 25 to 30 percent and prices on works currently under construction are up 10 to 15 percent. Classic, older houses in the area cost around 200,000 dollars.
Buenos Aires Real estate brokers believe that Palermo Hollywood is only beginning to reach the level of success and growth that current construction and interest promises. If it does keep growing, it will certainly be “Blessed Palermo” for agents and residents alike!
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