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Uruguay

Property Uruguay - An Introduction

Surprisingly dainty with a population of just 3.5 million, less than half that of Greater London’s, Uruguay nonetheless manages to pack a great deal into a small area.  Beautiful cities, colonial towns, immaculate beaches and of course, this is cowboy country after all, the national dish of juicy Uruguayan steak.  Once visited by only very few, word has got out, and now Uruguay has some flourishing internationally-renowned beach resorts offering ideal locations for overseas homes.

Punta del Este, 130km to the east of Montevideo, ranks up there with South America’s premier holiday resorts attracting up to one million visitors each year and has been bestowed with numerous nicknames from ‘the Pearl of the Atlantic’ and ‘the Hamptons of Latin America’ to ‘the St Tropez of Uruguay’ and even ‘the Ibiza of Latin America’.  Sitting on a peninsula that reaches out into the ocean, separating the surf of the Atlantic Ocean from the calm waters of Rio de la Plata, Punta del Este is an area of outstanding natural beauty which offers all of the nightlife and all of the tranquillity that you desire.

In January and February Punta del Este’s 20 miles of sandy beach turn into a playground for beautiful people, wealthy South Americans and a sprinkling of celebrities.  Naomi Campbell and Gisele Bündchen are Punta regulars and author Martin Amis owns a bolt-hole there.  The modern marina beckons yacht owners from all over the world who bring their impressive cruisers over for some winter sun and fun.  Rental returns quite literally go through the roof for this ‘season’ with stylish apartments commanding thousands of euros each week.

Whichever experience you require – lounge music on warm beaches til dawn, trying your luck on the baize in the American-style hotel casinos, admiring one of the world’s largest sea lion colonies on Isla de los Lobos, joining the jetset and stocking up on Gucci, roller skating with the children or simply taking in the most incredible sunsets - Punta del Este has it sewn up.  True paradise for holiday home hunters and property investors alike.    

Uruguay - Climate

In general Uruguay has a temperate climate with warm summers (December to March, January being the hottest month reaching the high 30sºC) and mild winters where freezing point is virtually unknown.  The country is bordered by Brazil to the north which affords the benefit of warm tropical air in the summer and by Argentina to the south west which can bring a periodic influence of polar air in the winter.  The low ranges of hills in the interior are protected from the heat extremes of the summer but the breezes off the South Atlantic Ocean keep the popular coastal resorts pleasantly refreshed.  Four stars. 

Uruguay - Accessibility

Uruguay is served by airlines from all over the world but from Europe the best connections are offered by Iberia or national airline Pluna from Madrid to the capital, Montevideo. Montevideo’s Carrasco International Airport serves in excess of 1.5 million passengers each year and this figure is expected to nudge 2.8 million by 2010.  Once within Uruguay the national airline Pluna serves the modern airport of Laguna del Sauce at Punta del Este although it is just an hour or so by car.  An alternative route from the UK would be to fly to either Buenos Aires in Argentina or Rio de Janeiro in Brazil with any number of carriers from BA to Virgin and then connect to Uruguay.  Uruguay standard time is just three hours behind GMT so no jetlag.  Three stars as no direct flights from UK and no low-cost suppliers at present. 

Uruguay - Economy

Uruguay is a middle income nation which has traditionally been better-off than its South American neighbours thanks to an educated workforce (98% adult literacy), advanced social security system and liberal laws.  Uruguay is an open, tolerant country without racial or religious tension and welcomes foreigners without prejudice.  The economy is fuelled by an export-orientated agricultural sector focussing on beef, wool, dairy products and rice whilst the export of IT software and more recently a growing tourist industry are also adding healthy contributions to GDP.  Politically, Uruguay has been a democracy since the mid 1980s, is very stable, and currently has a left-wing President, President Vazquez, who within hours of being sworn in March 2005 announced a 100 million USD welfare package to help the poorest. 

Uruguay - Tourism

Most recent figures show that Uruguay enjoys a significant 2.3 million tourist arrivals each year, almost half descending on Punta del Este.  Argentines account for the majority of arrivals in Uruguay however the Brazilian slice of the market is increasing tremendously in recent years.  Ecotourism is also forging forward with many innovations on how to protect Uruguay’s biodiversity and natural resources at the same time as gaining benefit from them.  Of course as tourism becomes a priority for Uruguay, the golfing community becomes a target and the country boasts some fine courses, private and state-owned, some of which have been established for decades.  Three top notch 18-hole golf courses are within the Punta del Este catchment area – namely La Barra Golf Club, Cantegril Country Club and Club del Lago, all are very popular and offer very early tee times to try and satisfy demand.  Four stars.

Uruguay - Property Market

Although the concept of foreign purchase of investment and holiday homes in Uruguay is still quite new, the process of buying property is kept simple by the Uruguayan Government.  A foreigner has the same rights and incentives as a Uruguayan national – including access to locally-based finance.  There are no restrictions on transferring capital in and out of the country and whilst the majority of real estate agents in Uruguay add a minimum of 3% to the selling price for commission, most GEM Estates’ developments have this included in the list price.  Purchasers should mentally add a maximum of 5%-6% to the listed price to cover notary fees, legal fees etc and so on.  Capital appreciation is double digit right now.  Five stars.