Buenos Aires Real Estate

Although the busy law district of Tribunales seems to be strictly business, it is actually as residential as any other. This neighborhood is constantly in high demand for those seeking housing, and there are many who appreciate the feel of the neighborhood: hustle and bustle during the week, and nearly complete silence on the weekends.

In addition to those looking to live in this area, it is, of course, very popular for offices, especially for those who don’t want to be in the microcenter, but want to be nearby. And the daily activity of law professionals has made this an emblematic area of Buenos Aires.

While the housing market does tend to vary from neighborhood to neighborhood, Tribunales has managed to maintain stable values, for the most part; there has even been a slight increase in one-, two-, and three-bedroom apartments. Prices did see about a 10% drop when compared to 2008, but have remained very stable in the last quarter, with even a slight upturn.

The average price for an apartment in this district is around USD 1300 per square meter, but that varies depending on the size of the unit. The apartments in highest demand tend to be the smaller ones, which generally cost about U$D 1500 per m2. Those with 120 m2 or more average about USD 1200 per m2. You can compare the price of the m2 in this area with others listed in this Buenos Aires real estate guide.
For the future, officials are predicting stability in apartment values in the area, but that, as always, depends on the stability of the dollar and on any law changes the government might make. As for the near future, however, buyers can expect no changes anytime soon, at least through mid-2010.

The zone is nearly exhausted in terms of available lots, so the majority of new ventures in the area are for boutique hotels and properties that are renovated for foreigners. There is still some land for sale, but it tends to be expensive — often around USD 400 per m2. And as the apartment values have stayed not only reasonable, but stable, most prospective buyers are looking at existing apartments instead.

With varied architecture and many different types of buildings, it is an area that never ceases to be in demand, especially considering the reasonable prices.

In terms of rent, a one-room unit can cost around $1000 to $1200, and a two-room place is usually from $1000 to $1500. There is more variation in the sale price, however; some units cost USD 1000 per m2, an others can be around USD 1700.

In any case, this neighborhood is a great middle ground for middle class families and single professionals, who want something nicer than Congreso, but not quite as expensive as Barrio Norte. And the location is great — near the commercial hub of Santa Fe Avenue and the cultural hub of Corrientes street. Some people even see it as an extension of Barrio Norte, especially in this time of expansion throughout the city.

There are also, of course, many apartments that have been furnished and are rented to tourists and foreign professionals. And there are many apartments just waiting for the same destiny: apartments for renovation, which run between $1500 and $1800.

So with access to a multitude of bus lines, the extensive subway D line, quiet weekends (yet no shortage of open establishments for residents to enjoy on the weekends), and reasonable prices, an apartment in Tribunales is really quite a steal.