Over 100 brokers and developers participated in SIPE 2011 at the Conrad in Punta del Este.
Of all the takeaways gleaned at the 2011 Salon Inmobiliario last week in Punta del Este, we were most impressed by the 2010 summary confirming our long-held belief the smart money is moving north of Punta along the Tango Coast of Uruguay from Maldonado and increasingly into Rocha. One of the highlights of the four-day Real Estate Expo held at the Conrad was the presentation made by Tourism Director Horacio Diaz confirming the northern migration of deals, developers and dollars.
In 2010, the value of all real estate sold in Maldonado reached US$1.279 billion, a 53% increase over 2009. Of that US$1.279 billion, just over US$580 million were transactions taking place in Punta del Este, another 53% increase over 2009. The “Rural Zone” north of Punta encompassing oceanfront destinations like Manantiales, La Barra, Garzon and the beaches surrounding Jose Ignacio ranked number two with sales of US$263 million in 2010, a record-setting 158% increase over 2009 for a two-year total of US$365 million.
The other highlight of the event was the pro-Uruguay, pro-development speech by Vice President Danilo Astori. InvestBA has chronicled the positive outreach of the Mujica administration to the developer community, and Astori’s comments were further validation of their shared foreign investment policy goals. “The national project for Uruguay is a project of openness to the world,” Astori said. “It’s a bet on the promotion of the real estate sector, whose numbers we are celebrating today as proof of its formidable growth and expansion.”
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