What is it like and how much does it cost to live in La Isla, the most exclusive neighborhood of Buenos Aires?

One of the most exclusive areas of Buenos Aires is La Isla. It is located a few blocks inside the Recoleta neighborhood, where some of the most traditional and richest families in the country choose to live. It is also home to diplomats and foreigners, who seek it out for its safety and beauty.

That's the area especially because of their prices. Although the local real estate market has been affected for years -since the peak of 2018, prices have accumulated a decline of 21.7%, returning to the levels of the first quarter of 2016, according to data from Zonaprop-, here the buying and selling processes have their own dynamics and values ​​are more resistant to crises.

"It is a space that is very well valued compared to the rest of Recoleta and that raises the average square footage. That's an average of $4,000, even after the shock of the pandemic and the dollar. And up from there. It's not that properties come up for sale all the time, but when they do, according to the law of supply and demand, the value is ultimately high, but it is justified by the place in which it is located. And in the end there are buyers for that because it is a unique and very special place," explains Manuel Mel, head of sales at Mel Propiedades.

As the name suggests, The island seems to be separated from city noise and traffic. It is close to the main arteries, but you have to access their stables by a large flight of stairs which fulfill the function of a door that divides between the chaos of the bus and the peace of its streets.

It's just about eight blocks that are neighbors of the National Library and Plaza Mitra. Its borders are Las Heras, Pueyrredón and Libertador avenues and Agüero street. And because it is an area where buildings like the British Embassy are located, it has become a very safe area.

"When the features come out there is always a buyer. And we're talking about a potential customer profile that you don't have to sell to buy," adds Mel.

Where exclusivity reigns

Today On La Isla, old and modern coexist, with that European touch where Buenos Aires truly lives up to its fame as the "Paris of South America".: "What makes La Isla a symbol above all is its location. It's an elevated part of the city of Buenos Aires. And everything to do with its architecture, which makes it seem like you're living in Paris. Accessibility, proximity, everything to do with parks and squares also make it a unique place where the quality of life is very good.", says Mateo García, commercial director of the residential sector of Toribio Achával, which also contributes to a part of La Isla's history.

According to the real estate agency, In the 19th century, a huge country house of the Hale Pearson family operated in the area., relatives of Samuel Brown Hale, rancher, vice president of the Countryside Society, born in the United States. After his death, The municipality acquired the property with the aim of arranging a neighborhood park with an observation deck which was given by the Río de la Plata. The French architect Joseph Antoine Bouvard was hired for this task.

The island was formed between 1906 and 1914, when its streets were named by decree: Galileo, Copernicus, Newton. But the buildings were different, and the current British embassy is the only survivor of the original typology.

When it comes to the uniqueness of the area, Iuri Izrastzoff, director of marketing and communications of the real estate company that bears his last name, agrees with him. "It has to do with the enclave it's in, with few access areas. On the one hand, you have streets that go in, like Agote, Gelly and Obes, they're like access doors. Then, some parts are closed staircases. And this difficulty gives it great exclusivity. Also, despite the appearance of more conventional buildings in the 1960s, many historic residences still exist. like the British Embassy and others," he expands.

According to his analysis, It is the third most expensive area in Buenos Aires, behind Puerto Madero and Palermo Chico. "They are the highest values ​​in Recoleta, and they are comparable to those on Avenida Alvear. They move at the same time," he explains, noting that there The price of the floor per square meter is 3000 US dollars, which can go up to 5000 US dollars.

Izrastzoff's company has experience working in that area. In fact, they've now released an apartment that serves as a test case for La Isle real estate, generally large: This one, located at 2200 Gelly y Obes street, has 310 square meters, six rooms and a garage. The star is the view from the balcony, across the British Embassy. It is being offered for $1.6 million and pays $155,000 a month in expenses.

"Whenever there is an offer there is also a demand. It is one of the areas that buyers are looking for the most, so whoever has the ability to pay per square meter," warns García, noting that Historically, La Isla has had prices above US$4,000 or US$4,500 per square meter, although prices have now stabilized between US$3,000 and US$4,000. "This area is not exempt from the crisis and has obviously suffered a significant drop in prices, but by the type of product we understand that they are a little more elasticThey tolerate crises better and recover faster. So, it is a market that is dynamic and has suffered, but not as much as others," he adds.

The buyers who were looking for it were historically large families, because there are apartments with many meters and practically no small properties. Diplomats and foreigners are also often interested in these blocks. "The market there is doing little business. The clients who are there are usually not in a hurry. No one has credit or an emergency, so there aren't that many options. This is a case of a resilient area, where if the general market prices fall, it is likely that the properties will retreat or not fall in price. It is adjusted to the quantities, it is not sold and it is expected", concludes Izrastzoff.