Buenos Aires Real Estate
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Why Buenos Aires Real Estate
Buenos Aires, with a population of around 15.5 million in the greater urban area, is the second largest city in South America, and capital of Argentina. Like the U.S. District of Colombia, the city of Buenos Aires is autonomous, though Gran Buenos Aires includes several towns from the surrounding Buenos Aires Province.
Located near the Río de la Plata, which borders its northern suburbs, Buenos Aires is a city of immigrants. Throughout its history, they have arrived in waves from from Spain and Italy, whose cultures dominate Argentina, and also from throughout northern and eastern Europe, Scandinavia, the U.K., the Middle East and Asia, as well as from other South American countries.
Known for its sophisticated blend of European and Latin American cultures, the city maintains traditional roots alongside the newest global trends. Thus it offers a world-class lifestyle that’s affordable to expats and investors with dollars or euros to spend, despite the country’s high inflation rate. Many people invest in Buenos Aires real estate and maintina country homes in Patagonia or vineyard estates in Mendoza.
Neighborhoods for Buenos Aires Real Estate
The neighborhoods of Buenos Aires are subdivided into several areas, each with its own characteristics. Below are descriptions of some of the most popular for both international expat and upper-class Argentinians, making them rich ground for property investments as well as living in.
Belgrano: Divided into three areas – Bajo (lower) Belgrano, Belgrano C (central) and Belgrano R, one of the city’s most beautiful and upscale residential areas. Along with historic mansions, houses, and homes (many of which now house embassies) Belgrano’s quiet streets are lined with shops, restaurants, libraries, museums and green spaces.
Recoleta: In a city famous for elegant neighborhoods, La Recoleta is the best-known and most elegant of all. Recoleta offers apartments and condos with elegant architecture, plazas, parks, and elegant avenues reminiscent of Paris. The neighborhood’s high-end restaurants, bars and nightclubs are central to Buenos Aires nightlife, especially on weekends when porteños (as Buenos Aires natives are known) party until dawn.
Puerto Madero: Buenos Aires’ historic riverfront has been revitalized over the past 15 years into a modern urban mix of recycled warehouses and docks, modern architecture and waterfront promenades, and an adjacent nature reserve. The area’s restaurants, hotels, theaters, universities, museums, galleries and night life venues draw locals on the weekends and tourists year-round. High-rise towers housing luxury condos, vacation rentals, and corporate offices round out the mix, making what was once one of the city’s most neglected and dangerous areas now one of its safest.
Palermo: Between Belgrano to the north and Recoleta to the south lies Palermo, the largest city neighborhood, subdivided into several distinct areas. Palermo Chico and Barrio Parque are home to some of the Buenos Aires’ wealthiest residents living in private mansions and luxury condos developments. Palermo Soho is a trendy center for fashion and design, whose boutiques, restaurants, bars and street culture attract young, upper-middle-class Argentinians, expats and tourists. Palermo Hollywood, named for the many TV and radio studios located there, today is fashionable for restaurants, clubs, cafes and boutique hotels. This is great area to invest in new apartment developments as well as renovated apartments which can be rented out or used as vacation rentals.
Northern Suburbs: Beyond the city limits, the northern suburbs (Zona Norte) are are home to upper-class porteños, as well as international expats.
Facts and Figures about Buenos Aires:
- Altitude: 25 meters (82 ft.)
- Province: Buenos Aires
- National capital
- City Population: 2,890,151 (2010 census)
- Metro Area Population: 13,641,973 (2010 census)
- International Airport: Ministro Pistarini International Airport (EZE)
- Currency: Argentine peso (ARS)
- Time Zone: UTC-3 hours (2 hours ahead of EST in North America)
- Average Temperature: Annual average high 72.5F; average low 56.3
- Seasons: Spring, Sept.-Dec.; Summer, Dec.-March; Autumn, March-June; Winter, June-Sept.
History of Buenos Aires
Buenos Aires is named for “Santa Maria de los Buenos Aires,” the Holy Virgin Mary of the Good Winds” credited by the first Spanish sailors for their safe arrival at the Rio de la Plata. The first settlement, in 1536, was attacked by indigenous people and abandoned in 1541. Founded again in 1580, the city remained under Spanish rule until 1816, when Argentina declared its independence.
Culturally as well as politically, Buenos Aires historically has been the nation’s capital, open to liberal thinking and ideas from abroad while many of the provinces espoused more conservative views. Unrestricted immigration starting in the mid-19th century resulted in thousands of Europeans arriving, tripling the city’s population between 1887 and 1915, and transforming it into a wealthy and sophisticated capital city.
[Source: For more information Wikipedia Buenos Aires]
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