Real Estate in Uruguay

Excellent Real Estate and Property in Uruguay

You will be able to find and purchase real estate in Uruguay that is both enchanting and economical

Whether you're exploring the Uruguay real estate market for a home you can move into full-time…a vacation retreat you can visit a few weeks or months a year…a beachfront lot you hope to resell at a profit…or your own slice of sand where you'll build your dream home…you can find it in Uruguay. And it's perfectly legal to buy.

In 2005, there were more than 650,000 square meters approved for property development in Uruguay. It is estimated that half of these new properties were purchased by either European or American buyers who discovered the wonders of this country over the last few years and wished to take advantage of the low prices, numerous facilities, and the beautiful coastline with stunning beaches.

Due to the stability factors and overall economic situation of the country, the last few years have seen a major real estate boom in Uruguay, mainly concentrated in the cities of Montevideo and Punta del Este.

Uruguay's Real Estate Hot-spots

Real Estate in Montevideo

If big-city living is for you, then Montevideo will be your favorite place to live in Uruguay. The capital of Uruguay is situated on the northern coast of the River Plate. It is a modern and open city displaying its colonial past in a peaceful and tranquil setting. With a clear sense of identity, informed by customs, traditions, and a strong sense of community, this capital ranks as the second safest large city in South America.

This sprawling metropolis boasts a high level of services and infrastructure. It can be considered one of the most secure sites for financial investment in South America. It is ideal as a business as well as a tourist destination.

With a temperate climate all year round, this picturesque and progressive city offers visitors a broad range of alternatives: outstanding landscapes…a natural port of deep water…green spaces.

Montevideo's Neighborhoods

We believe the Old Town is the area of Montevideo with the best potential for capital appreciation. The majority of the buildings here are colonial or French style, with very few modern buildings. The government is working hard to revitalize this area, since it has tended to become a business area, with little nightlife. The periphery of the Old Town had been densely populated in the past, functioning as a form of “red light” district.

Property values have increased in recent years, as some streets have been pedestrianized to accommodate new businesses. The additional influence of creative professionals, who are refurbishing old buildings in which to work and live, has brought renewed vitality to the area. The main areas, close to Plaza Zabala and Plaza Matriz, as well as the pedestrianized streets, such as Sarandi, are already thriving. Prices range between $50 and $80 per square foot, although some may go up to $100 per square foot if the property has been totally refurbished.

The least expensive neighborhoods are Ciudad Vieja and Centro. There are some more upscale residential areas as well, with higher prices and a generally more refined, exclusive feel. These include Punta Gorda, Carrasco, and Pocitos, to name a few. Prices here run two to three times what they do in Centro. They are all attractive, tree-lined and have their own mini “downtown” areas with restaurants and other diversions. Some have excellent water views.

The entry point for apartments is under $15,000 and for houses it's under $30,000, but we would recommend spending at least $40,000 on an apartment and $65,000 on a house to ensure you get a property you will enjoy living in.

The Real Estate Market in Punta del Este

Punta del Este is considered the most upscale sea resort in Latin America. Many North Americans and Europeans are now discovering this exceptional market with its beachfront 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% Argentinean, 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. While the Northern Hemisphere has increased its real estate prices to all-time record levels, it is still possible to find excellent properties here at substantially lower prices.

Punta del Este can be considered, in a sense, Uruguay's equivalent of Beverly Hills, with its beautiful houses, luxury apartments, and lovingly landscaped gardens. A high level of security sets Punta del Este apart from most other South American destinations. Walking the streets here poses no problems, day or night. As Athina Onasis put it, “The only place in the world that I can walk the street without a bodyguard is Punta del Este.”

Real Estate Pricing in Punta del Este

As international interest increases here, there are currently 45 new buildings going up in Punta del Este and the price per square meter has gone from $1,000 to over $2,000. But it is still possible to find some prime properties right in the center of all the action for under $100,000, and you can buy a respectable single-family home just minutes from town for not much more.

You'll find that real estate prices drop quickly as you leave the center of Punta del Este and head either west toward Montevideo or east toward Brazil…but you don't have to go very far, just a mile or so out.

Uruguay has a lifestyle and a region for everyone, depending on what you're looking for in the way of a new life abroad. Whether you want to live downtown in a world capital, in the heart of an old colonial city, or on a sprawling ranch in the heartlands, you can be sure that Uruguay has a place for you.

Learn more about real estate in Uruguay in IL Postcards.

Interested in real estate in a different destination? Then check out these similar pages:

Read related IL Postcards:

02/24/2007 - Uruguay Is a Hot Property Market to Watch
No, this isn't Panama, but rather Uruguay, a little country with a growing real estate market that has my attention right now…

08/10/2006 - The Best Four-story Deals in Town
Entire buildings are being renovated, but the local elements (warmth of the people, small grocery stores) remain…