Palermo Soho - Buenos Aires' Neighborhood Where Property Rose Most

For the current 48 projects being built in Palermo Soho, the price has risen 13 percent in the last year, with a final price per square meter of 2,393 dollars.  According to a recent article in the Clarín, “Palermo Soho es el barrio donde más subieron las propiedades,” the area achieves this high value due to the concentration of quality stores and restaurants.  However, there are residents who want to demand limits on the heights of the new towers.

No inflation or construction hitch can stop it—all the Palermo barrios are growing.  In the nearly 100 blocks that form the barrio of Palermo Soho, there are 48 buildings either recently finished, in progress, or about to start construction, many of them towers.  There is also an increase in smaller buildings, which now cost 2,026 dollars per square meter, up 23.16 percent from last year.  The construction boom shows that this continues to be most desirable barrio in which to build, ever since construction began again in 2004.  This data comes from a study done by Reporte Inmobiliario, which analyzed what has been happening in the area surrounded by Córdoba, Scalabrini Ortíz, Santa Fe, and Godoy Cruz.

Why does Soho just keep growing?  Reporte Inmobilario gives two reasons.  One is that the area has become an open air shopping center, replete with name brand stores and high quality restaurants.  The second reason is that the brand “Palermo Soho” commands respect and differentiates the area from the other parts of Palermo and Buenos Aires.

The firm Town House is currently constructing two towers in the barrio.  Their chief of sales says that the area attracts foreign investors, young people between 25 and 35, and adults buying for their children.  From a strictly economic view point, there is no sign at the moment that construction will slow.  As current projects finish and their residents move in, prices may rise higher still as they bring business to the barrio.

However, the continuation of all this development will depend on how the current residents react.  Last June, resistance began among people in the barrio and they formed the group “Palermo Awakes.”  So far, they have held two marches, always fighting to impose a limit on the height of towers in the area.  They say that these towers threaten their quality of life and will permanently change the environment of the barrio.  Recently, 150 residents met with five city legislators.  They expressed their anger about the continued development of the towers which are “destroying” Palermo.  They are committed to regulating construction and presented a list of buildings that, because of their historic value, should for no reason be demolished in the construction craze.  Their movement is much like that in Caballito, where people are also fighting the growth of towers and the rate of change.

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