Colonia Uruguay Condo-Hotel

A recently completed condo-hotel in Colonia with new construction cranes in the background.

We have seen how the smart money is moving to Argentina’s interior. Now it seems Argentines from the largest interior metros are leading the pack in buying real estate in Uruguay destinations like Punta del Este, Montevideo, Colonia and Carmelo.

Mendozans With Money Bet On the Uruguay Coast, is the title of a new article in MDZ Online. “Some 90 real estate developments are underway in Uruguay, taking advantage of her virgin beaches and navigable streams. Of those, the majority (according to Forbes) belong to Argentines. And of those, the majority now come from Santa Fe, Cordoba and Mendoza,” according to MDZ Dinero.

Several groups are buying riverfront land in Uruguay between Colonia and Carmelo in order to build mid-rise residential condos and marinas. The former are sold as either whole ownership or condo-hotel projects while the latter are meant to capitalize on the greatest concentration of boats in Argentina just twenty miles across the river.

In the Forbes article, Carmelo is mentioned as one of the more popular Uruguay destinations for Mendoza developers. Carmelo real estate prices are very affordable with new construction selling for US$120 per square foot on average and anticipated monthly rental income of US$1,500 to 2,000 per month.

The article also ranks Punta del Este high on the Argentine developer’s wish list. Depending on the building, location and amenities, average prices in Punta del Este range from US$275 to US$650 per square foot with monthly rents in high season averaging US$10,000 to 15,000. (Full Story in Spanish)

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