Real Estate in Uruguay
Traveling to Uruguay from Argentina is becoming more and more popular, and not just during the summer months. However, the summer remains the most popular time to go, and many will jet over to see what is available in the coming season.
Punta del Este is a classic destination, and it is always ready to receive the flocks of tourists and families that come every summer. As such, developers and investors work together to find the best deals along the Uruguayan coast. Both sides of things are expecting a good year, recovering from 2008 and 2009, which slowed due to the international crisis. Sophistication, beaches, and great nightlife are integrated into this business, making it a top destination not only for Argentines but for Brazilians and Europeans, as well, all willing to invest in their top-choice summer destination.
Brazilians make up an especially important part of this sector of buyers; they also choose many other destinations on the Uruguayan coast. From Argentina, the investors are not limited to porteños — the also come from Salta, Tucumán, Córdoba and Rosario; everyone is a player in the real estate game these days, and vacation destinations are no exception, especially with the reasonable prices that are available right now.
Everyone is expecting a lot of buying and selling opportunities this summer. There are currently many projects in construction right now, making the offering wide and varied. There are basically two main sectors: one on Parada 8, where the towers generate a greater population density, and that of Parada 20, with shorter, but more luxurious, buildings.
Four blocks of units are being built on Parada 32, ranging from 160 to 172 m2, with private terraces, as well as 22 180-square-meter houses. Each unit has two parking spaces, as well as access to a covered and an open pool, a tennis court, clubhouse, gym, spa, business center, kids club and putting grounds. The apartments have ocean and golf course views, as well as direct access to the beach in some of the most sought-after zones. The first block of apartments, which will launch shortly, was sold out completely from the first ground breaking, which is rather rare in Uruguay. The second block is coming along nicely, and the third block will be started shortly.
Other projects that are underway are not planned to open until Summer 2012, but are still selling well. Some of the more exclusive residences, which are between 300 and 480 m2, will sell for around US$4500 per m2. Others, which have 1, 2, and 3 bedrooms, will sell for a more everyday price of US$1900 per m2, some financed in, say, 70 payments. And other projects run the gamut between these two extremes, with a variety of prices and sizes. The demand is certainly there, and developers are responding appropriately.
The zone of Punta del Este and surrounding destinations continues to expand its offering, but it is still managing to maintain a balance with the demand, allowing for a healthy real estate economy. Developers are not only enthusiastic about this season, but optimistic about the coming years, as well, expecting repeat numbers and success.
As with most real estate projects, the buyers in this zone are made up of two groups: end users, and investors, although a large number of the buyers here seem to be end users, ready to make the most of their favorite vacation spot. While they will get additional benefits out of these properties by using them themselves, they are also receiving the benefit of having invested in a zone that will only increase in value.
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