San Telmo – The new “It” Barrio?
San Telmo has long been regarded as the bohemian heart of the city, oozing with caricature and charm not to mention that the barrio is the home of Tango and the world famous antiques market. However the area has always been regarded as a little scruffy and undesirable. Until now.
For many years developers and investors alike have been speculating that San Telmo will become the new Soho due to the fact that many of the bohemian pioneers that made Soho what it is today have now been priced out of the market and are looking for cheaper options for store leases and accommodation. Year after year one can notice the barrio undergoing significant urban gentrification, this coupled with the neighborhoods proximity to Puerto Madero and the CBD not to mention excellent value per M2 is making people think twice about the area.
The main attractions for investors are the beautiful neo-colonial buildings that one can purchase for a fraction of the price compared with Recoleta and that a growing number of visitors are opting to rent accommodation in the barrio giving buyers a steady return on investment.
A luxury PH that was featured in this months Living magazine has just come on to the market. The two-bedroom two-bathroom property was totally redeveloped and finished to an international standard. The current owners have been renting the space to visitors for USD 200 per night and have maintained a very high occupancy rate since. Expected returns on this apartment are between 6 and 8% per annum.
Another luxury apartment close by has also come up for sale, this property was featured in the New York times is recognized as one of the finest neo-colonial redevelopments in the country. The property was carefully redeveloped and features finishes that one could expect to find in any world-class residence.