New residential construction may be grinding to a halt in Punta del Este, but it’s reaching record levels up the coast in Rocha.
“Punta del Diablo: 90 New Construction Permit Requests” is the headline of Eduardo Gonzalez’ article in today’s El Pais which focuses on the new wave of real estate investors in Uruguay’s coolest beach and other coastal towns in Rocha state like La Paloma.
“New construction permit requests are multiplying in established destinations like La Paloma and Punta del Diablo,” writes Gonzalez adding the majority of the new investment can be classified as residential, tourism or some combination of the two.
“If we add up the square meters and multiply by the value of what this investment means in terms of new job creation, we realize this is very important for the construction industry,” says Rocha’s Director of Land Planning Antonio Grana.
Rocha beach destinations like Punta del Diablo enjoy a higher percentage of North American and European buyers and year-round residents compared to Punta del Este where Argentines historically bought 70% of new construction condominiums, a trend that took a major hit when US dollar currency controls were implemented in Argentina twenty months ago. (Full Story in Spanish)
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