Where in Uruguay Can You Double Your Money?
Date: 10/23/2007
Along Montevideo’s original town square prices have jumped as foreign buyers move in. Local realtors are now setting up shop and doing business in Ciudad Vieja.
Wednesday, Oct. 24, 2007
Montevideo, Uruguay
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Montevideo’s Ciudad Vieja (old town) offers a wide range of high standard old-world fine dining, pretty sidewalk cafés, bistros, and the original waterfront market, which adds a local flavor to the area.
Property development in Ciudad Vieja is moving along according to plan. After the completion of the pedestrian walkway, the Peatonal Sarandí, the upscale shops and boutiques moved in and property prices began to rise. I’ve noticed some property prices along this stretch doubling in value over the past two years…much to the delight of early buyers.
There are plenty of areas still awaiting renovation in the old town, some of which seem to be squarely on the path of the restoration trend, while others are still too questionable for most of us to be comfortable with.
After Ciudad Vieja, another area to watch is the adjacent neighborhood, Centro, where I bought my own apartment last year. In Centro, prices are markedly less than in Ciudad Vieja, sometimes around half as much. Here, I recently looked at a classic 2,000-square-foot apartment for less than $80,000, with tall ceilings, carved wooden doors, and very little to be done to make it a real showplace.
And elsewhere in Montevideo, some of the more upscale venues such as Pocitos, Buceo, and Carrasco are gaining popularity with expats. Each of these areas each has its individual charm and a set of trendy cafés, restaurants, and beautiful beaches right in the city.
In Punta del Este, construction is booming as investors and second-home buyers grab most of the new inventory in the pre-construction phase. There are some great deals in this world-famous resort, but also some overpriced properties finding their way to gullible buyers. Just down the road in Piriápolis, Uruguay’s first North American-style community is about to go on sale, bringing a lifestyle alternative that wasn’t available before.
Latin America Roving Editor
Editor’s Note: There’s no shortage of expert advice with respect to the best place to live, invest, or buy a second home in Uruguay. But there’s no substitute for direct, firsthand information. Seeing the country with your own eyes and talking to the people who have gone before you. If you would like to talk with such people, please join me at the Live and Prosper in Uruguay seminar, Nov. 28-30 where the team of experts will inform you about real estate, residency, relocation, starting a business, offshore banking, or buying a second home in Uruguay.
Related articles:
- Hot Property Market to Watch
- Cheapest Country in the World
- Uruguay Is Not Only a Great Place to Live, It’s Also a Great Place to Invest and Do Business
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