Buenos Aires Real Estate

Most neighborhoods are founded twice: First, when they are first built and the city applies names to everything and organizes the neighborhood, and centuries later, when the neighborhood undergoes a rebirth, and the urban dynamics become something not of necessity, but of fashion.

As Palermo Viejo has devoured itself, having saturated all its streets with boutique shops, it is now Chacarita’s turn. This area, having three historic cemeteries within 172 blocks, is lovingly called Palermo dead by the locals.

In reality, this neighborhood is anything but dead; it is alive and kicking. Like other urban areas it gracefully combines noise and peace, and along its wide streets television producers, advertising agencies, celebrities and other professionals have found refuge from the busier, high-profile areas of Palermo and Belgrano.

Accompanying the migration of so many to this burgeoning new area has been a variety of restaurants and cultural spaces, which have grown steadily over the last five years. The area is extremely accessible, and more central than Palermo or Belgrano.

With this healthy growth comes a good relationship between prices and square meters offered, especially along Jorge Newbery and Dorrego streets. Many who used to call the traditionally trendy areas home are having to close due to high rent, and are finding refuge here. Slowly, though, the prices are starting to go up here, as it is becoming more and more fashionable.

Theatres, dance schools, delis and cultural centers are among the establishments in the area, making it a melting pot of all things creative. There were, once upon a time, not too many cafes, but many unique businesses have since moved in to help fill that void, and now have a steady stream of regular customers. And many have found old, dilapidated spaces to clean up and call their own.

In some neighborhoods, the Buenos Aires real estate rental price doesn’t vary too much away from the main streets. Just one block away from Dorrego, on Charlone, a real estate company rented a 35 m2 space for U$D 1500. Since then, a restaurant has moved in and completely rejuvenated the block. The original state of the restaurant’s current space was a mess, but they fixed it up and now it’s like new. The current rent there is 2000, and the space is no larger than 100 m2.

On Rosetti and Frederick Lacroze streets, Pablo Ledesma has his workshop and showroom in the ground floor of a period house. He says that the old and restored furniture is highly sought after by architects and decorators, who see the value in the history of the neighborhood. He originally came to the neighborhood for convenience only, but is now an integral part of it.

Famous landmarks are also sprinkled throughout this area, such as the Simik Museum, which houses 1800 cameras and collectables distributed throughout the tables, where you can enjoy a cup of coffee and some medialunas.

There is even a bar where music videos have taken place, facing the wall of the cemetery on the corner of Newbery and Rodney.

The area is still on its way up, but it is certainly a good time to get in, before it peaks. The second founding of Chacarita has already begun.