U.S. investors are assembling large parcels in beautiful areas of Uruguay like Jose Ignacio (above) & Garzon.
Today’s headlines in Uruguay tell a familiar story: large, undeveloped parcels changing hands for record prices. The twist these days is who’s doing the buying.
For fifteen years, Argentine investors held the record for the most expensive parcel acquisition in Uruguay: over $9 million for a 10-acre beachfront parcel in Punta del Este in 1990, the current site of Hilton’s Conrad Resort & Casino. Now an American can lay claim to the title of Uruguay’s priciest land deal and, speaking of Punta casinos, it seems he doubled down.
The U.S. investor in question just bought a prime, 37-acre parcel in the beachside oasis of Jose Ignacio for $15 million, or approximately $400,000 per acre. That deal comes on the heels of the $12 million paid for a similar sized, adjacent parcel in Jose Ignacio.
Now do the math and put it in historical perspective. Almost 75 prime coastal acres for $27 million or $360,000 per acre or roughly 70% less than the Argentines paid for the Conrad parcel 15 years ago. The deals are even sweeter when you realize the smart money in Uruguay is moving north of Punta del Este up the Uruguayan coast and further inland where population densities are lower and exclusivity reigns.
After some glowing reviews and photo essays by the Wall Street Journal and New York Times, U.S. investors are now buying in La Paloma, Punta del Diablo and Garzon. The Journal sums up the rural chic attraction of Uruguay’s interior perfectly: “El Garzon has a dirt road, stray dogs and a $48 ravioli.”
For more information about investment opportunities in Uruguay including several estancias, download the new issue of InvestBA Privada and watch video tours of InvestBA listings:
Canelones Estancia – US$1,500,000
Punta del Este Citrus Estancia – US$2,500,000
La Paloma Waterfront – US$3,500,000
