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Excess Inventory, New Construction Tapping the Brakes on Montevideo Rentals

On February 6, 2012, In real estate, uruguay, by InvestBA
Valores Inmuebles Barrios Montevideo

InvestBA recently profiled 15 Montevideo barrios and property appreciation from 2005-2010.

If February is the time to scoop up real estate in Punta del Este at deep discounts to January rents, March may be the month to play the same game in Montevideo and lock in a full-year bargain.

In a series of interviews with local brokers, El Pais’ Andres Oyhenard paints a portrait of a real estate market where rental rates are leveling off and potential renters are apparently feeling no sense of urgency.

In the Uruguayan capital, where rental rates have historically outpaced inflation, the urgency has suddenly flipped to property owners hoping to get renters to sign annual contracts before summer vacations end here in the Southern Cone.

The author cites examples of Montevideo apartments that typically rent for US$750-$1,050 per month being offered at rates 10% below 2011 levels. According to one broker, additional pressure will be felt in March when a wave of new construction apartments hit the market in Montevideo. While 40% of the new units will be owner-occupied, the remaining 60% will jump into Montevideo’s growing pool of rental properties.

Another source says Montevideo renters are no longer willing to just pay any asking price. “The recommendation that we are making to owners is that they adjust their prices down a little bit now, because each month that passes without a tenant will make it more difficult to recoup over 2012 when that apartment was vacant for three or four months.” (Full Story in Spanish)

For more information about Uruguay real estate opportunities, download the new issue of InvestBA Privada.

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February Brings Bargains, Rental Vacancies in Punta del Este, Rocha Beaches

On February 1, 2012, In lifestyle, real estate, tourism, uruguay, by InvestBA
Maldonado Real Estate

Rental bargains abound in Punta del Este and the surrounding beaches in February.

Like New York hotels in December or Augusta single-family homes in early April, condo and home rental rates usually double or triple in Punta del Este and the surrounding beaches during the month of January. Property owners capitalize on the fact that most Argentines and Brazilians take their vacations in January, but all that insanity of overcrowded beaches, hotels and restaurants fades on February 1.

The annual “recambio” (refill) of properties typically begins today; however, local brokers tell El País that rental vacancies are way up and demand from this currency-controlled side of the Rio de la Plata is way down. So good news for greenback-toting foreign tourists. If you ever wanted a beachside bargain, this is your lucky year.

While January is a sure thing, the first two weeks of February are make or break time for Uruguay coastal property owners, and the president of the Maldonado Real Estate Chamber sums up the willingness of owners to negotiate. “There are very few requests for the first two weeks of February,” says Juan Francisco Bistiancic who describes local brokers as “very worried.” Translation: There are so many vacant units, you can toss the listing price out the window and simply make an offer.

According to El País, US$3,000 will get you a three-bedroom home close to the beach or US$1,800 for a two-bedroom condominium in Punta del Este for the entire month of February. OK, so maybe you won’t get to go clubbing with Guetta and Zuckerberg this year, but with the money you’ll save, you can open your own boliche . (Full Story in Spanish)

For more information about Punta del Este property rentals, contact us directly.

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Imán Global: Mark Zuckerberg, David Guetta Greet New Year in Punta del Este

On January 3, 2012, In arts & entertainment, creative class, culture, entrepreneurs, technology, uruguay, by InvestBA
Mark Zuckerberg David Guetta Punta del Este Uruguay

The Prince & The DJ: Global mixmasters Zuckerberg and Guetta both arrive in Punta del Este

Susana Gimenez, Jean Claude Van Damme, Pamela Anderson, the Wayans Brothers…there was a time when summer vacations in Punta del Este only attracted celebrities who were a.) completely irrelevant to anyone outside of Argentina, b.) a few decades past their prime or c.) celebrities entre comillas.

All that changed yesterday with the arrival of two bona fide celebrities who have touched the lives of millions worldwide: Mark Zuckerberg and David Guetta. The Facebook Co-Founder and the world’s number one House DJ both arrived in Uruguay yesterday for Punta del Este vacations and gigs, respectively.

After ringing in the New Year in Florianópolis, Zuckerberg arrived Monday with his girlfriend, Priscilla Chan, seven friends and an entourage including chefs, assistants and bodyguards. According to El Pais’ Viviana Ruggiero, the group is renting the local home of a US executive. Prior to arrival, the home was furnished and cleaned according to their specifications. (Full Story in Spanish)

Global DJ and top producer David Guetta also touched down yesterday in advance of tonight’s sold out show at El Jaguel. The 44-year old Frenchman and two-time Grammy winner is touring to promote his current release, Nothing But The Beat. A crowd of 20,000 are expected to watch him close out the Movistar Free Music series which began with BA performances by Jane’s Addiction, Interpol and Inspiral Carpets. Most importantly, Movistar is donating half of tonight’s proceeds to an orphanage in nearby Maldonado. (Full Story in Spanish)

For more information about summer vacations and preferred destinations in Punta del Este, download the new issue of InvestBA Privada or contact us directly.

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Uruguay Welcomes Visitor Number 3 Million, His Wife, 4 Kids & The Family Dog

On December 23, 2011, In foreign investment, tourism, uruguay, by InvestBA
Uruguay recibió al turista número 3 millones del año

President Mujica welcomes lucky number 3,000,000 and his family at the Port of Montevideo.

Exactly two months ago we shared the news that Uruguay was on pace to top 3 million tourists this year. Well, yesterday was the day, and you know it’s a big deal when the president of the country and the national media are involved.

Part reality TV, part game show, part much-deserved national celebration, the well choreographed ceremony took place yesterday at the Port of Montevideo. As the morning Buquebus from Buenos Aires was arriving, onlookers, invited guests and TV crews began to emerge. The unsuspecting family from Argentina then disembarked and proceeded to the family car which traveled aboard the same Buquebus.

When the North American husband, his Argentine wife, their four daughters and the family Labrador reached their SUV, they were greeted by a smiling President Mujica, the Minister of Tourism Hector Lescano, a backdrop declaring “Welcome to More Than 3,000,000 Tourists,” and a shower of confetti and flash bulbs. “You could not have chosen a better 3 millionth visitor, because we love Uruguay,” the wife told Pepe Mujica.

Minister Lescano put the 3 million milestone in perspective for a country that has seen a phenomenal rise in tourism growth over the past half century. “3 million tourists means a ratio of almost one Uruguay citizen per tourist, and we thought this was worth celebrating.” And the future only gets brighter. According to El Pais, the World Tourism Organization is forecasting an explosion of inbound tourism for Southern Cone countries like Argentina, Brazil and Uruguay in the coming years. (Full Story in Spanish)

For more information about unique travel destinations in Uruguay, download the new issue of InvestBA Privada.

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iPlaya: Uruguay Tourism Campaign Merges Smartphones and Digital Cards

On December 20, 2011, In creative class, lifestyle, technology, tourism, uruguay, by InvestBA
Tarjeta Rocha

The Rocha tourist multimedia card is the first of its kind to be used in South America.

The Uruguay department of Rocha, home to seaside towns like La Paloma and some of Uruguay’s most beautiful beaches, will be the first tourist destination in South America to experiment with a revolutionary new tourism information campaign.

With summer vacations just now heating up in Uruguay, Rocha officials are distributing digital multimedia cards loaded with information about tourist destinations, hotels, restaurants and beaches in La Paloma, La Pedrera, Cabo Polonio, Valizas, Punta del Diablo and Chuy. The information can be viewed and downloaded by simply zapping the card’s QR code with an iPhone or Blackberry. Non-smartphone users can access the same information by entering their card number on any computer.

Rocha purchased 20,000 of these multimedia cards, of which roughly half are already in the pockets, purses and wallets of Uruguay tourists, according to Eduardo Gonzalez of El Pais. According to the manufacturer’s website, the cards many benefits including low cost (less expensive than printing brochures or burning DVDs), legitimacy (all of the content has been authorized by the owner of the intellectual property), and environmental responsibility (reducing the waste and clutter of thousands of printed brochures).

The Uruguay smart card campaign comes on the heels of the Uruguay 360 virtual tours launch and a strong showing by UruguayNatural at the 2011 International Tourism Fair. All of these high-tech, high-touch efforts combined are what sets Uruguay on pace for 3 million visitors and a continuing Case Study for Tourism Growth. (Full Story in Spanish)

For more information about travel destinations and real estate opportunities in coastal Uruguay, download the new issue of InvestBA Privada or contact us directly.

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