Buenos Aires Real Estate

San Telmo, Rejuvenated Yet Perserved

San Telmo, one of the most historic and unique neighborhoods of Buenos Aires, is undergoing some major recuperation and restoration, as it has received an increase in interest and attention in the last several years. The neighborhood manages to conserve the history and charm from the very first beginnings of Buenos Aires, and both tourists and locals tour the area with a feeling of admiration for the past.

Today, San Telmo is bordered by Piedras, Chile, Defensa, Martín García, Paseo Colón, Brasul, Ingeniero Huergo, and Caseros. It forms a part of the Historic Quarter of the City of Buenos Aires, along with other areas that were first established by Juan de Garay in 1750 when he first divided the city up into blocks.

This neighborhood in the Buenos Aires real estate market seems to be one of the most sought after in terms of tourists and younger adults, especially in recent years. In 2001 the cost per m2 was around USD 600; it is now closer to USD 1500, almost doubling in value in only 8 years. Hence, the prices in this area are considerably higher than other areas in the south of the city. In fact, they are closer to the prices downtown and in the north, which have historically been higher.

The highest prices can be found on Av. Independencia, Av. San Juan, and on Defensa. These streets see the majority of offices and commercial activities, not only because of the price, but also due to the good location. Prices on Paseo Colón or Av. Independencia can climb even higher. In terms of apartments, the majority of offered places can be found on Bolivar and Perú. Buildings on dead end streets also tend to have higher prices, as these are extremely old houses that have been reconstructed.

It is clear that San Telmo has taken advantage of all the attention, as it proudly offers a multitude of great cuisine and unique shops. In fact, there are close to 1200 businesses on the streets, and over 200 within shopping centers or malls. The main commercial artery is Defensa, where you can find over 10% of the commercial activity of San Telmo. Of all the businesses in the area, over 36% of them are dedicated to antiques, even after many have closed down in recent years due to high rent costs.

The area certainly has its charm—it legitimately maintains the classical, the traditional. While each other area of Buenos Aires is unique, some of the other more densely populated neighborhoods can often feel impersonal. However, San Telmo allows people to hold on to their individuality, while remaining close to the city center.

In general, it is the younger generation, without children, that prefers living in San Telmo. For this reason, there are a number of one-bedroom and studio apartments, and families are few and far between. In addition to the charm and laid-back feeling that San Telmo evokes, younger adults also choose this neighborhood for the nightlife.

Tourists, also, come flocking to San Telmo in search of the “real” Buenos Aires. Indeed, San Telmo is a great place to see a bit of Argentina past, and the streets are great for exploring. While the majority of residences in San Telmo are occupied by young adults, it is important to remember that many of the apartments are rented out by visitors.

In the spirit of conservation, many specific areas of San Telmo are becoming official Areas of Historic Protection. There are three levels of protection: The highest protects churches or important buildings like Congress, or other symbolic or historic buildings. The intermediate level is for buildings with an architectural value, design-wise, or that once had a social purpose. The lowest level is for buildings that, individually, don’t make much sense to protect, but perhaps they stand next to a building that does, or that contribute to a historic area, such as those on Pasaje San Lorenzo.

Finally, one must recognize that the buildings of San Telmo, with their design from years past, can often be more versatile than the more modern buildings in other areas of town. The architecture has more to offer than just its exquisite aesthetics.