New residential construction and average condominium prices in Punta del Este are cooling off after a decade of blistering growth, according to new survey of real estate trends in el mercado esteño.

Reporte Inmobiliario’s 9th Annual Survey of Punta del Este Real Estate Prices shows real estate prices only rose 1.53% in 2013, average prices have settled at US$4,000 per m2 (US$371/SF), and the number of new condos under construction dropped from 81 to 78.

And while some developers have decided to cancel new high-rise projects in Punta del Este, there are now eight developments with sales centers open for the second consecutive year without any pricing information for the public or foundation work taking place on site.

Adding to the confusion are those Punta del Este condominium sales centers which offered pricing information last summer but now say they don’t have a price list, writes El Pais’ Marcelo Gallardo.

The average price for new construction in three of Punta del Este’s most popular locations are now US$4,258/m2 ($395/sf) in La Brava, US$4,129/m2 ($383/sf) in La Mansa, and US$4,076 ($378/sf) on the peninsula, La Punta.

According to the report, the most expensive new construction condominiums in Punta del Este are Carlos Ott’s Le Bleu followed by Puerto Punta in second place, Mouette in third place and Trump Tower in fourth place.

With new construction activity cooling in PDE and more HNW Argentines channeling their funds closer to home in Colonia, Punta del Este will continue to emerge as a more attractive buyer’s market for foreign investors in 2014. (Full Story in Spanish)

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