Earlier this month InvestBA reported on the recent gains in the Buenos Aires real estate market: closings up 37%, total value of all sales up 57% and median prices up 15%. Now the news from across the river is equally encouraging and offers more evidence of regional strength following a weak 2009 for both countries. Uruguay’s National Statistics Institute released housing data for the first quarter of 2010, and the total number of closings is up 18% compared to 1Q09. The total dollar amount of all 15,015 real estate transactions in the first quarter of 2010 also rose 32% compared to 1Q09; yet, when adjusting from U.S. dollars to Uruguayan pesos the increase was a more modest 9.3%. (As evident on this XE.com chart, the U.S. dollar has fallen 18% against the peso over the past year.) Looking at the most recent month of available data, the most real estate closings took place in Montevideo (34%), Maldonando (13%), Canelones (12%), Cerro Largo (6%) and Colonia (5%). The median price per square meter of all transactions in the first quarter rose 6% over 1Q09, while the Construction Cost Index (construction costs less land value) posted a modest 5% gain over 1Q09. News was also positive for property owners in the Uruguay rental market, as average rental prices rose 6% in the first quarter to US$342. The three most expensive markets for renters were Punta Carretas, Pocitos and Malvín with median rental rates of US$418, $394 and $387, respectively. (Full Report PDF in Spanish)

Shabby Chic: A renovated estancia near Colonia, Uruguay (Source: Lucy Gilmore)
“Summertime…and the living is easy.” That’s what The Guardian’s Lucy Gilmore discovered during her recent trip to Uruguay. Gilmore visited some of the hidden gems of the Tango Coast including the port town of Colonia del Sacramento and some beautiful renovated estancias just a few kilometers inland. The estancias, which date back to the 1880’s, are finding new life as “designer farms” as young Argentine professionals, perhaps seeking a better work/life balance, are opting for Uruguay’s bucolic charms. One of the architects Gillmore stayed with completely renovated his estancia which she describes as “whitewashed and low-lying, with five bedrooms, the style is shabby chic: old shutters, wooden floors, and beds draped with muslin canopies.” I myself am just back from end of the year vacations in Uruguay which ranged from the natural beauty of Colonia to the noise and nightlife of Punta del Este. Like Miss Gilmore, I find myself gravitating more toward the peace and tranquility of the former. The coastline drive from Piriápolis west to Colonia is beautiful (Photo), and the terrain looks more like Central Virginia than South America. I have another Argentine friend, Andrés, who takes his family to their WiFi-enabled estancia in Colonia for the entire month of January. As a web designer, he doesn’t miss a beat, and the close proximity to Buenos Aires makes commuting via Buquebus a cinch. With more stories like this and last year’s NuWire Investor piece, Uruguay will continue to attract more foreign property investors in 2010. (Full Article)
Travel writer David Armstrong shares the sights; sounds; and red, meaty flavors of his first trip to Buenos Aires with San Francisco Chronicle readers, and the tales will surely inspire others to discover BA. Like many newcomers to Argentina, Armstrong says he arrived “with a jumble of images in my mind’s eye: lithe, beautiful dancers; huge, sizzling steaks; throbbing nightlife.” In reality, he savors all of that and more. A seasoned world traveler, Armstrong visits areas of BA and draws comparisons with Milan and Berlin. He and his wife settle down at La Otra Orilla, a Palermo Viejo B&B, and eventually fall in love with Palermo, a neighborhood he describes as “one big, delightful urban walkabout (teeming) with trendy cafes and shops, lively bars, toothsome restaurants.” The article also includes a Beginner’s Guide to Tango and Armstong’s Must See List for future travelers to BA including the MALBA, Plaza Dorrego and the Botanical Gardens in Palermo.











