Montevideo’s Million-Dollar Listings

For Sale: This 1930's Montevideo mansion boasts 15,000SF and 6 acres of gardens for US$1.2 million.

Wealthy Uruguayans and foreign investors seeking the security of hard assets in suddenly resurgent Montevideo are creating a market for million-dollar properties that previously did not exist. Marcela Dobal of El Pai­s says million-dollar-plus listings are increasingly common in Montevideo’s broker windows and classified ads.

In terms of the buyer profile she writes, “All of the buyers, whether local or international, are tied to the forest, agriculture, dairy, tourism or beef industries. They are all people who are active in the country, who are doing well and have good prospects in the short and medium term.” In general, the foreign buyers are primarily from Argentina, Europe and Brazil, although North Americans are beginning to discover Uruguay’s charms thanks to favorable coverage in The Wall Street Journal and The New York Times.

Carrasco, Punta Carretas, Pocitos, Pocitos Nuevo and Buceo are a few of the Montevideo neighborhoods with the most million-dollar listings. Larger, luxury condominiums in these barrios typically range from 2,500 to 4,500 square feet, while some historic homes boast 10,000-15,000 square feet with pools and sprawling private gardens.

And just as in tourism, Dobal says Brazilians will play a prominent role in the Uruguay real estate market in the years to come, although existing properties in Montevideo don’t exactly cater to their needs. “We have known the profile of the Argentine buyer for some time, but we are just beginning to learn the preferences of Brazilians,” says Terramar’s Juan Carlos Sorhobigarat. “Over the next decade, the Brazilian buyer will be an increasingly important participant in the Uruguay real estate market.” (Full Story in Spanish)