Long, unspoiled beaches…a new infrastructure project that will open up access to an undeveloped but seriously attractive region…and the chance to watch a real estate investment grow rapidly in value: just some of the reasons you need to be looking at Uruguay’s Rocha region.
Little Uruguay is a small, open economy—and one of the best places to consider buying real estate in the world right now.
Charming little Uruguay—often referred to as “The Switzerland of Latin America”—is safe and stable. It’s a country that’s welcoming of foreigners, their investments, and their businesses and its banking and agri sectors are strong.
The farm industry easily weathers peaks and troughs in commodity prices while continuing on a steady growth trend.
And the banking industry is so robust that it barely registered a ripple during the recent financial crisis that rocked most of the rest of the world.
The economy has grown for 11 straight years. It’s a different story to the one next door in Argentina. There, they have capital controls. The situation is so bleak that the Argentinian government is trying to force people to keep their money in the country.
Uruguay is a complete contrast. In Uruguay, capital controls were also introduced in the recent past—but for the opposite reason. The country is so stable that the government wanted to slow the flood of money seeking a safe home in Uruguay. This is a solid and truly internationalized place.
It’s a nice place to spend time—quiet and charming. It goes about its business without much fanfare. It has great roads and public transport…drinkable tap water…excellent healthcare…and a proud tradition of classical music. The weather never gets too hot or too cold. It’s easy to get residence here. They want you once you can fulfill very basic income criteria.
It’s heavily influenced by its European immigrant past. The capital Montevideo has French and Art Deco style buildings, an opera house, tree-lined streets, and shaded plazas. You can find handmade Italian pasta in the grocery store…and the delicate pastries in the cafes will remind you of Paris.
It’s the type of place that does well in times good and bad—a place where neighbors from Argentina and Brazil come to protect their assets from turbulent times back home or just to vacation with their families.
Buying land makes sense here. Over time values will show steady growth. And, on one stretch of beach, this growth could be supercharged.
You may have heard of Uruguay’s popular beach town, Punta del Este. It’s jet-set chic, a destination where the rich and famous hang out in trendy restaurants, luxury condos, and on their yachts. A high-end condo will set you back several millions of dollars here.
But chances are, you’ve never heard of some of the country’s best beaches and most charming beach towns. You’ll find those just down the coast in her beach province of Rocha.
Rocha runs all the way along the coast to the border with Brazil…and it’s a destination on the up. Talk is of major new infrastructure projects that will open trade and commerce routes with Brazil. This might happen—but even if it doesn’t, development is coming from the Punta del Este side.
Sky-high Punta real estate values are at complete odds with the deep value in Rocha. That’s largely because Rocha with her beaches and nature has been difficult to get to. But the path of progress has been slowly rolling down the coast and now something big will be a major catalyst for growth: A new bridge is set to open.
It’s set for completion late this year. When it does, this beautiful province will be open to all. Will this increase land values? The insiders certainly seem to think so. The bridge is funded by a local developer who owns a bunch of land the bridge will open up. He’s putting his money where his mouth is and has the inside track on what’s happening on the ground.
The bridge will also open up destinations farther along the road in Rocha, including the beach towns of La Paloma and La Pedrera.
I expect values will rise. If you’re considering buying in Latin America, Rocha should be on your list of considerations.
Editor’s Note: Ronan McMahon is a director of Pathfinder, IL‘s preferred real estate advertiser.
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