Last week’s story regarding Montevideo’s million-dollar listings came as no surprise to locals and InvestBA readers who have been following market trends in Uruguay. On the heels of the article, we decided to offer a residential overview of active listings priced from US$140,000 to 1,200,000 in some of Montevideo’s most popular neighborhoods for foreign buyers. Montevideo offers something unique for most investors including new construction waterfront condominiums from the low-to-mid $100,000′s all the way to 15,000-square foot historic mansions for less than US$100 per square foot. For more information about these properties or general information about investing in Montevideo, send your inquires to home@investba.com.
For Sale: This 1930's Montevideo mansion boasts 15,000SF and 6 acres of gardens for US$1.2 million.
Wealthy Uruguayans and foreign investors seeking the security of hard assets in suddenly resurgent Montevideo are creating a market for million-dollar properties that previously did not exist. Marcela Dobal of El Pais says million-dollar-plus listings are increasingly common in Montevideo’s broker windows and classified ads.
In terms of the buyer profile she writes, “All of the buyers, whether local or international, are tied to the forest, agriculture, dairy, tourism or beef industries. They are all people who are active in the country, who are doing well and have good prospects in the short and medium term.” In general, the foreign buyers are primarily from Argentina, Europe and Brazil, although North Americans are beginning to discover Uruguay’s charms thanks to favorable coverage in The Wall Street Journal and The New York Times.
Carrasco, Punta Carretas, Pocitos, Pocitos Nuevo and Buceo are a few of the Montevideo neighborhoods with the most million-dollar listings. Larger, luxury condominiums in these barrios typically range from 2,500 to 4,500 square feet, while some historic homes boast 10,000-15,000 square feet with pools and sprawling private gardens.
And just as in tourism, Dobal says Brazilians will play a prominent role in the Uruguay real estate market in the years to come, although existing properties in Montevideo don’t exactly cater to their needs. “We have known the profile of the Argentine buyer for some time, but we are just beginning to learn the preferences of Brazilians,” says Terramar’s Juan Carlos Sorhobigarat. “Over the next decade, the Brazilian buyer will be an increasingly important participant in the Uruguay real estate market.” (Full Story in Spanish)
On March 3, 2011, In real estate, uruguay, by InvestBA
The World Trade Center Montevideo boasts the most expensive office space in Uruguay.
The hotel and residential real markets may be the sexiest and most publicized sectors of Uruguay’s real estate industry, but commercial office space has been booming lately as well. According to Observa, hundreds of thousands of new square feet are rising in the capital city of Montevideo with Pocitos Nuevo emerging as one of the preferred locations for new office space.
A new report released by Uruguay XXI estimates the construction of an additional 260,000 square feet of commercial space this year which, added to existing inventory levels, would give the country an estimated 2.28 million square feet of office space by year end 2011 and 3.50 million by 2014. The current wave of commercial construction kicked off in 2007 with the World Trade Center III project followed by several high-profile Montevideo office renovations which started in 2009.
Looking at commercial construction in terms of neighborhoods, sector analysts believe Pocitos will soon overtake Ciudad Vieja as the MVD barrio with the most prime commercial square footage to offer. Between now and 2014, 580,000 square feet will rise in Pocitos bringing available office space up to 1.04 million square feet, about 40,000 more square feet than Ciudad Vieja. Other barrios with strong commercial prospects include Aguada, Rambla Sur, Carrasco and Punta Carretas.
Finally, in terms of existing office space, the World Trade Center complex boasts the highest rent at US$2.23/square foot followed by Torre Marigot (US$1.86/SF), Torre Juncal (US$1.86/SF), Plaza Mayor (US$1.67) and Aguada Park (US$1.67). (Full Story in Spanish)
For more information about investment opportunities in Uruguay, download the new issue of InvestBA Privada.
Retail Terapia: Duty Free Uruguay is one of Carrasco International's best features. (Source: Moodie Report)
The list of amenities that make Montevideo’s Carrasco International our favorite airport in the Americas is long: the soaring glass architecture, the speed and efficiency of Customs, the waiting lines of Mercedes-Benz taxis, the custom-crafted leather seats in the boarding area. But one MVD amenity really stands out for business travelers needing last-minute gifts for the kids and fashionistas in desperate need of Retail Terapia.
Duty Free Uruguay (DFU) is the retail core of the main terminal, and all departing and arriving passengers must pass through the well-stocked aisles of premium wines, perfumes, watches, clothes and electronics ranging from iPods to Wii’s to 32″ LCDs.
DFU General Manager Diego Arrosa tells The Moodie Report sales rose a whopping 48% YOY thanks to an improved layout, better staging of merchandise and improved coordination with the carriers. “Duty Free Uruguay represents a total of 493 brands at the airport and 19,700 SKUs,” writes Peter Dowling, “and has brought in brands such as Hugo Boss and (since 16 June) Victoria’s Secret, Hermes and The Body Shop that are not present in the domestic market.”
DFU’s website also gets major style points with 80% of the retail store’s merchandise showcased online, integrated chat support and an innovative service called Traeme that lets you order electronic goods that aren’t in stock. Arrosa partially credits the rise in DFU sales to the recent influx of Brazilian tourists who apparently buy everything in Uruguay as well.
For more information about living and investing in Montevideo, visit our archives and download the October issue of InvestBA Privada.
Any Questions?: Much like his country, striker Diego Forlan is quickly silencing Uruguay's skeptics.
One of the greatest story lines in this year’s World Cup has been Uruguay. When the tournament started June 11, many futbol experts believed they would lose in the First Round to the likes of mighty France and Mexico. All eyes and wagers were on perennial powerhouse neighbors Brazil and Argentina.
When Uruguay advanced to the Round of 16, we contrasted the Maradona-stoked cockiness of Argentina with the humble, workmanlike approach of Uruguay. Now both neighbors are home and Uruguay is two wins away from hoisting its third World Cup.
Marie Elena Martinez, a travel writer for the Miami Herald proves Uruguay’s skeptics are alive and well off the field as well. “A lover of big cities, I arrived in Montevideo, Uruguay with low expectations,” she writes, “I wasn’t sure Uruguay could offer anything different than South American spots more popular with tourists — Chile, Argentina and Brazil.”
Arriving at Montevideo’s ultra-modern Carrasco International Airport is often a foreign visitor’s first taste that expectations will soon be exceeded. Over the course of her visit, Martinez discovers the beaches of Pocitos, the Mercado del Puerto, the Plaza Fabini and the 14-mile winding waterfront, La Rambla. By journey’s end, her confession is a familiar refrain among one-time doubters in the Switzerland of South America: “I was exhausted, but no longer skeptical. Yes, absolutely: Uruguay.”
For more information about investment opportunities in Uruguay, visit our archives or download the new issue of InvestBA Privada.
