Amazing Beachfront Property in Uruguay
Uruguay’s beachfront properties can compete with any other beach real estate in the world
Coastal Uruguay offers the same diversity in beachfront property options and coastal living that the rest of Uruguay offers for other lifestyles. On the north coast near Brazil, you’ll find clean, wide, deserted beaches that see few tourists and still sport reasonable real estate values. At the other end of the spectrum, you’ll find the magnificent and world-famous Punta del Este, with its fine restaurants, highrise apartments, and first-rate tourist infrastructure.
Beachfront Real Estate in Punta del Este
Punta del Este is considered the most upscale beach resort in Latin America. Many North Americans and Europeans are now discovering this exceptional market with its beachfront and ocean-view real estate values. In fact, many relatively young Italian, French, and German retirees have been aware of the market for some 10 years now, and have acquired summer homes here.
Historically, the ownership makeup of Punta del Este used to be 80% Argentine, with the remainder shared among wealthy Uruguayans and other Latin Americans. This has shifted in the last few years, as more Europeans and Americans invest in the area. It is also interesting to note that Mexican, Chilean, and Central American tourists are also discovering Punta and investing here. What’s more, wealthy Brazilians have been investing here steadily and now dominate several neighborhoods.
As international interest increases here, as many as 30 new property developments have recently been constructed to keep up with demand. For many years, price per square foot averaged at about $91 per square foot. While that price applies to standard constructions, newer high-end apartment constructions can be in the range of $186 per square foot and up. Houses are sold at a much lower cost per square foot.
Punta del Este is essentially a cluster of different neighborhoods, each with its own unique character. A few areas to explore include Punta Ballena, Solana, Pinares, Paradas, San Rafael, Rincón del Indio, La Barra, Montoya, Manantiales, and José Ignacio.
Our Roving Latin America Editor Lee Harrison recently saw an apartment in the middle of downtown Punta del Este, just a couple of blocks from the beach, for $100,000. According to Lee, “The apartment gets $6,000 per month in January and February. I’d assume another $2,000 each for the months of December and March, with any more than that being the result of some good promotion. This would give you a total income of $16,000 before expenses–or about 16% of the purchase price–due to its prime location and view.”
Lots in the most-desired area range from between $5 and $15 per square foot. One of the most exclusive resorts is Laguna Blanca Country Club, where lots start at $100,000 and homes rent for substantial amounts, particularly during the high season. A 2,500-square-foot home with four bedrooms and a swimming pool will rent for approximately $20,000 for the month of January, $10,000 for the month of February, and about $100 to $150 per day for the rest of the mid-season, including December and March.
More Beachfront Properties in Uruguay
An excellent alternative to Punta del Este is the little-known beachfront city of Piriápolis, about a half-hour away. Actually, it’s only “little known” to us North Americans. In Uruguay, it’s in fact well known as an ideal town for nice beaches, with a tranquility that you won’t find in Punta del Este. It was, in fact, Uruguay’s first seashore resort. Located between Punta del Este and Montevideo, it offers the advantage of lower property prices and closer proximity to Montevideo and its international airport.
Piriápolis reminds us of a 1950s New Jersey seashore town, with its vintage brick buildings and oceanfront walk. And it’s just over an hour from Montevideo’s theaters, restaurants, and big-city conveniences, while being only 30 minutes from Punta del Este’s casinos, beaches, and nightlife. Piriápolis is just the right combination for many here in Uruguay.
For more information on beachfront property in Uruguay, contact Reynolds Propiedades & Relocation. Reynolds has recently opened a new office in Punta del Este and specializes in sales, rentals, and relocation primarily for foreigners from all over the world. Its staff is 100% bilingual (English/Spanish); French is also spoken. Reynolds Propiedades represents International Living in Argentina and Uruguay, so drop in for more information.
Reynolds Propiedades, Zelmar Michellini 746, Maldonado; tel. (598)42-227-776 ; e-mail: firstname.lastname@example.org
*Prices as of 2013
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