Real estate transactions in the Uruguay state of Maldonando top $7 million dollars a day, according to new data released this week.
Marcelo Gallardo of El Pais says a total of US$2.55 billion in real estate deals were closed between April of 2010 and April of 2011. And while projects in Punta del Este account for the bulk of that investment, investors continue to search for unspoiled areas further north and west along the Uruguayan coasts.
Of the US$2.55 billion purchased over the past twelve months, Punta del Este witnessed US$1.162 billion or 45% of the total. The slowest month of the past year in PdE was May 2010 (US$39 million) while the busiest was March 2011 (US$90 million).
The rural areas of Maldonado on the outskirts of Punta del Este saw the second-highest amount of real estate investment. Many developers are building luxury waterfront chacra projects in these areas which accounted for US$428 million in new real estate deals.
Rounding out the top five were the city of Maldonado (US$397 million), La Barra (US$120 million) and InvestBA favorite Jose Ignacio (US$81 million). Gallardo says the numbers clearly demonstrate the insatiable appetite among buyers and developers for this corner of Uruguay. New development, he adds, is now having economic and social benefits for historically depressed regions like the Hipodromo barrio of Maldonado, La Capuera and suddenly-hip Garzon. (Full Story in Spanish)
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