Montevideo’s identity remains untouched despite its new face.
Uruguay is a country rich in landscapes with a manageable scale. Montevideo reflects this feature, as the city grows in harmony with all the things that constitute its essence: beaches, promenades, and relics from the Ciudad Vieja. The Real Estate market is growing, yet Montevideo’s identity ought to be preserved.
New legislation which benefits investors such as the 18795 Act, is changing the game in the Real Estate market. Less taxes and a capital gain of 35% in US$ for those who invested three years ago make this city an attractive place alternative. The market is dollarized, the profitability in this currency is good and personal and legal security are stable. For investors is easy to buy a second home abroad, for Argentines is close to their primary residence, construction costs are low and there is a high demand which creates a good rate of occupation. In the last 4 years Montevideo outdid Punta del Este in terms of receptive tourism. 2013 is expected to be one of the three best years of this growth cycle that started in 2003. Its perspectives are satisfactory, free from any distortion inflicted by the market and in the long term, the demand is not speculative, but genuine.
TGLT is currently developing a project in Montevideo, the first one outside Argentine. Forum Puerto Buceo features views over Playa Pocitos. A 11,000 square meters parcel and a master plan designed by Carlos Ott Arquitectos in association with Carlos Ponce from León Arquitectos, comprises a construction of 62,000 square meters, 301 units, gardens and pools, gym, sauna, business center and 307 parking spaces. The price is an average of US$ 3,000 per square meter. Also in Pocitos, Go Pocitos and Go2 Pocitos are under construction. Both projects are developed by G&D Developers. The units are studies, one bedroom apartments and penthouses with balconies and amazing views. The firm Covello is commercializing them starting from US$ 108,000.
Another project by G&D, Marcelo Brok and Elisa Fajl os 18 Montevideo, located downtown. Estudio Cinco is designing its two Towers. The Project features 46 apartments, parking spaces and a shopping mall. Apartments of 65 square meters are being commercialized starting from US$ 108,000 per square meter. Apparently, the interaction between public and private investment is changing the face of the Real Estate market.
The quality of life Montevideo provides is turning this city into one of the most interesting choices in the hemisphere. Its proximity with Punta del Este is a plus point. Hyatt Montevideo is currently under construction in Pocitos. The buyers become stake holders of the complex with the acquisition of one or more units, they also get a horizontal property deed and the rent will be managed by Hyatt. Next to the hotel itself a luxurious apartment building will commercialize units ranging from 270 to 540 square meters.
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