Uruguay’s Hot Tourism Tandem: Montevideo & Punta del Este

First Impressions Are Lasting: Montevideo's ultra-modern airport is a wonderful gateway to Uruguay.

Back-to-back stories this week from MercoPress highlight the tourism attraction and real estate growth in Uruguay’s two leading destinations: Montevideo and Punta del Este.

The statistics are encouraging, as they demonstrate some positive regional trends: more inbound visitors from countries besides Argentina, the long-standing number one for tourism exports to Uruguay, and a greater willingness among Uruguayans to explore other corners of the Southern Cone.

In fact, Uruguayans posted triple-digit gains of citizens visiting Paraguay (+228% ) and Chile (+102%). Of those foreigners visiting Uruguay, the numbers reflect the economic status quo in key international markets: almost 25% more real-empowered Brazilians and 7% fewer visitors from the U.S.

Montevideo’s cultural and urban Renaissance is finally being reflected in the tourism numbers, as more visitors made MVD their primary destination in the first six months of 2010 compared to Punta del Este. But don’t feel bad for PDE. Data released last week by the country’s Tourism Office shows $1.5 billion USD in real estate transactions taking place in the popular beachside destination over the past 18 months alone. The government estimates approximately 18.2 million square feet of new residential construction has been built in the last five years and, given current absorption rates, it’s not surprising the Mujica government is encouraging more foreign investment.

For more information on Uruguay’s quality of life and cost of living, visit our archives and download the new issue of InvestBA Privada.