InternationalLiving.com report reveals how to access premium-neighborhood homes in South America’s most exclusive resort at rock-bottom prices
InternationalLiving.com has uncovered a range of properties in Punta del Este—South America’s most fashionable resort area—with price tags starting below $150,000.
Punta del Este, less than two hours from Uruguay’s capital of Montevideo, has long been the most sought-after resort on the continent.
“An apartment sold here a few years back for $7.2 million,” explained report author David Hammond. “That makes Trump’s new tower, where prices stop at $2.5 million, seem a bargain.”
However, an article in the March issue of International Living magazine revealed how a fully furnished apartment close to Punta del Este’s marina, which comes with WiFi, 24-hour porter, maid service and remote-controlled lighting, is on sale for $128,000.
“This property is right across from a new condominium building with large units that recently sold for over $1 million each,” added Hammond.
In the nearby neighborhood of Aidy Grill, where properties regularly fetch more than $400,000, a 323-square-foot remodeled studio apartment close to the beach with parking, community barbecue area and laminate floors, is available for $82,000.
In Playa Mansa, close to a number of sheltered, picturesque beaches as well as a number of shopping and dining areas, a 538-square-foot, two-bedroom apartment is listed for $140,000. It is in a low-rise building and includes a terrace, barbecue area, parking and is within a few blocks of the beach.
Hammond explained that properties in high-value districts are available at such low prices because Latin American buyers do not view location as the most important factor when considering a property.
He added, “Folks from North America determine a property’s value by three factors: location, location, location. But in Punta del Este’s condo market, a property’s location is less important.
“For locals and other Latin American buyers, how new a unit is, the size and style, and building services generally have a greater weight in value than they do in North America.”
Hammond continued, “This can mean a lower entry price in premium neighborhoods than you would expect.”
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