Monday, Sept. 29, 2008
Dear International Living Reader,
This world-class beach resort has been the playground of rich Europeans for years…yet there are plenty of ocean-view homes for sale for less than $100,000. This doesn’t surprise us. Our recently released Annual Retirement Index puts this country in third place when it comes to bargain real estate…and ranks it fourth overall in terms of world’s top retirement havens.
The country is Uruguay and the world-class resort is Punta del Este. But it’s not only Punta where you can find bargain property prices—the rest of the country is affordable, too. Uruguay ranked 16th last year in our Retirement Index, but this year it rocketed to fourth place.
This diverse country, situated along the coast between Argentina and Brazil, scores high marks across the board in all categories (Special Benefits for Retirees, Cost of Living, Culture, Health, Infrastructure, Safety, and Climate)…but it scores its highest points (90) in our Real Estate category.
Property here is great value. In Punta del Este you will find a world-class beach with ocean-view homes for sale for less than $100,000.
Punta del Este is—by far—the number one destination in Uruguay. It’s first with international buyers, first with tourists, and first with investors. And with good reason. Simply put, Punta del Este—while more expensive than elsewhere in the country—is where our Roving Latin America Editor believes you’ll get the highest quality of life for the money. And that equals value. He should know—he has lived here for the past two years.
Its capital, Montevideo, is like an old-world European city with its kept buildings, fine restaurants, and international ambiance. Here are some recent property examples we found in the city:
Located in Ciudad Vieja, an apartment that’s ready to move into is for sale for $95,000. The property is on the sixth floor and overlooks the sea. It has three bedrooms and a bathroom on 1,000 square feet, along with central heating and garage space for one car.
In the center of town, you could buy another sixth-floor apartment with a view of the sea. It’s a roomy 1,200 square feet, with three bedrooms, two new bathrooms, and a terrace. The air-conditioning and central heating make it comfortable year-round. This apartment, which is in impeccable condition, is rented out through March 2009. The asking price is $70,000.
And you can buy fixer-uppers in the city for much less than $60,000.
Uruguay is a good place to live and invest and—thanks to the spillover of the Argentina financial crisis—a place where your dollar still goes a long way.
If you leave the beaches and venture into Uruguay’s interior, you’ll find properties for much less. In Trienta y Tres, a town of 30,000 people, large colonial homes sell for $60,000.
In the city of Salto, situated 300 miles north of Montevideo,we recently found a colonial home for sale with 17 bedrooms and two courtyards for $85,000. Salto is Uruguay’s second largest city and boasts a number of fine restaurants, theater, a large university, an airport, and plenty of shopping.
Uruguay enjoys warm summers and crisp winters, with no extreme temperatures. Because of its mild climate, the country is pleasant throughout the year. And apart from the great climate and bargain real estate, Uruguayans are friendly people, who tend to show unlimited patience—both in person and on the road. This adds to the relaxed feeling of the country.
This small South American country is sure to enchant you with its cordiality, sociability, and courtesy. The atmosphere is warm, relaxed, and hospitable…you’re sure to feel at ease from the moment you arrive.
Managing Editor, International Living
We have some good news for you if you are especially interested in Uruguay;We have just finished updating Uruguay: The Owner’s Manual, and it’s jam-packed with the most excellent real estate bargains across the country as well as information on banking, tax, and everything you need to know to make Uruguay your new home. Go here to see what the new Uruguay: The Owner’s Manual has to offer.
Read related IL Postcards:
- Spanish Investors in Ciudad Vieja
- Uruguay’s “Hidden Assets” Revealed
- Rescue an Old Colonial in the Most Historic Part of Montevideo