Lionel Messi (“the little man in the orange shoes”) and the Argentine Seleccion were showered with compliments this morning by The New York Times for their performance last night in New Jersey, but Uruguay also received its fair share of praise this week. Cesar Barrios of La Republica tells Uruguay readers that Colonia was just featured in a Times article describing the real estate boom going on in the port city.
“A special report published yesterday in one of the world’s most important newspapers says Colonia is attracting millionaires from around the region who don’t stop investing,” says Barrios adding, “the Times reporter says you can be forgiven if you arrive in Colonia and think nothing has changed since the Portuguese founded the town in 1680.”
That colonial charm is what’s attracting foreign investors, a trend we covered last year with the conversion of estancias into designer farmhouses. Colonia brokers tell LR21 the rise in real estate prices over the last two years is unprecedented. Homes in the town’s historic district have appreciated 50-80% in the last two years alone. While Argentines still buy the bulk of Colonia properties, Barrios says a growing number of Americans, Canadians and Europeans are discovering the wonders of Uruguay. (Full Story in Spanish)
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