It’s the Montevideo neighborhood with the highest concentration of turn-of-the-century historic properties, and (fortunately for admirers of such properties) it’s also one of the most affordable barrios in the Uruguay capital city.
The Ciudad Vieja or Old Town is a roughly one-hundred block area at the westernmost tip of Montevideo. The barrio is bordered on the north by the Port of Montevideo, so international tourists flood the area daily arriving via ferry from Buenos Aires or aboard cruise ships which now dock eight months of the calendar year.
In terms of business, the Ciudad Vieja is home to the Montevideo Stock Exchange, hundreds of companies supporting customs and shipping activities, and the Uruguay headquarters for major private banks like BBVA and Banco Itau. Culturally, the CV boasts the Teatro Solis, the Mercado del Puerto and dozens of museums, antique stores and private galleries.
The last major wave of investment in the CV was roughly 6 to 8 years ago when many Spanish and Argentine investors bought historic properties. Now, given the economic crisis in Spain and the currency controls in Argentina, many of those investors are looking to sell at deep discounts to original asking prices.
A tour of CV properties this week revealed entire historic buildings for sale for less than $75 per square foot and modern furnished offices for sale for under $150 per square foot. Despite the influx of workers five days a week and tourists 365 days a year, the CV service infrastructure is severely lacking creating unique opportunities for interested investors and established franchises.
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