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Real Estate Deals Along Uruguay’s Tango Coast Exceed $1.2 Billion in 2010

On January 19, 2011, In foreign investment, real estate, uruguay, by InvestBA
Salon Inmobiliario Punta del Este

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.”

For more information about investing in Uruguay, download the new issue of InvestBA Privada.

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Supermodel Valeria Mazza Could Be Your Neighbor in Punta del Este

On December 12, 2010, In foreign investment, real estate, uruguay, by InvestBA
Valeria Mazza Selenza

Good morning, neighbor. She was good at selling Caro Cuore, but what about Condos?

At the height of the summer season in Punta del Este, dozens of developers host events to showcase their projects and pay local celebrities like Susana Gimenez ridiculous sums to show up, pose for a few pictures and feign interest in some $300,000 condo they would never dream of buying.

The “celebrity endorsement of real estate that is beneath the level of said celebrity” is not a phenomenon unique to the Southern Cone, but the Uruguayan version that plays out in January is something to behold.

Now a Spanish developer has taken the endorsement game to a whole new level by partnering with one of Argentina’s most famous fashion models. Valeria Mazza rose to stardom in the 1990′s appearing on the covers of Vogue, Glamour, ELLE and even the Sports Illustrated Swimsuit Edition. Mazza is now featured prominently in the pre-construction marketing materials for the Selenza Village, a 5-star boutique project to be built on the coast of Manantiales between La Barra and Jose Ignacio.

Mazza and her husband apparently fell in love with the Selenza Marbella and decided to bring the concept to Uruguay. Given the Spanish real estate market bloodbath, the developers did not need much convincing to cross the pond. “Europe and Spain are going through very difficult moments economically,” said developer Felix Abinades adding, “There is very little activity, so this is a good time to develop projects in Uruguay, Argentina and Brazil.”

The developers bought the 7-acre parcel for US$6 million and plan to invest $36 million in the project which will feature a Thalassotherapy Center, the amenity that Mazza fell in love with in Marbella. So who knows? Maybe Valeria really could be your neighbor. (Full Story in Spanish)

For more information about investing on the coast of Uruguay, download the new issue of InvestBA Privada.

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New York Times Focus On Jose Ignacio, Punta del Este Real Estate

On November 10, 2010, In foreign investment, real estate, uruguay, by InvestBA
Uruguay Estancia in José Ignacio

This José Ignacio residence is currently listed at US$2.9 million. (Photo: New York Times)

The New York Times’ Great Homes & Destinations made the annual pilgrimage to Uruguay, and this year they wandered back to the beach. While last year’s featured property was a private estate in Garzon, this year Punta del Este takes center stage and the upscale oasis of Jose Ignacio to be specific.

The chosen property is a 4-bedroom residence designed by Argentine architect Guillermo Alonso situated on a 2.5 acre parcel complete with swimming pool and parrilla. Virginia C. McGuire describes the home’s rustic charm rising from the polished concrete floors.

“The great room has 20-foot ceilings and a wall of French doors that lead out to the terrace. The kitchen has an island with a cutting board made of reclaimed pine. The cabinets are also pine, and the 80-year-old porcelain farm sink was found in a nearby antique shop. The counters are of Carrara marble. Maid’s quarters are off the kitchen. The four bedrooms, two on each side of the great room, have exposed stone walls, French doors and en-suite bathrooms.”

McGuire consults with local brokers who confirm Jose Ignacio’s reputation as one of the most expensive markets in Uruguay ($370/SF and up), followed by trendy La Barra ($260/SF) and more affordable Punta del Este ($170/SF). As for who’s doing the buying, Argentines and Brazilians still rule the roost, but locals confirm “an increase in interest from farther afield: Europe, the United States and Australia.” (Full Story)

For more information about Punta del Este real estate, download the new issue of InvestBA Privada or contact us directly. 

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Real Estate Showdown: Buenos Aires vs. Uruguay Beaches

On September 1, 2010, In foreign investment, tourism, uruguay, by InvestBA
Rock Em Sock Em Robots

Stay in BA or follow the Path to Punta? Argentines and foreign buyers alike are asking the question.

More Argentines are crossing the river to invest in Uruguay real estate. While this headline from Mirador Nacional (MN) highlights the obvious, it also digs deeper with a cost per square foot comparison of Uruguay destinations with some of Buenos Aires’ most expensive neighborhoods.

But first, MN points to the oft-cited $1.5 billion in Uruguay closings over the past 18 months number and breaks it down by region: $700 million in Punta del Este, $120 million in Jose Ignacio & Garzon and $40 million in La Barra. And while an estimated 60% of Punta del Este buyers are from Argentina, the remaining 40% is a rich cultural mix from Brazil, Canada, Chile, the E.U. and increasingly the United States.

Financial, legal and political stability are three factors in Uruguay’s favor as are competitive real estate prices. The average new construction cost in Punta del Este is $288/SF which compares favorably with $250/SF in Las Canitas, $278/SF in Palermo Soho, $325/SF in Recoleta and $342/SF in Puerto Madero, according to Reporte Inmobiliario.

Recent sales in Punta del Este include a 2/2 apartment in La Mansa for $341,000, a 3/2 in La Brava for $286,000 and a furnished 2/2 on Roosevelt Avenue for $245,000. Still, the comments section of the article reveals Punta del Este isn’t for everyone. “Why invest in a place that is only active one month each year?,” writes Lucia, and Carolina opines,“It’s too small and stressful in summertime.” For these ladies, emerging destinos uruguayos like Punta Colorada, San Francisco or Playa Verde might be a better fit. (Full article in Spanish)

For more news and information on local real estate markets, search our archives and download the new edition of InvestBA Privada.

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Copa del Condo: Buenos Aires Real Estate vs. Punta del Este

On June 23, 2010, In foreign investment, real estate, uruguay, by InvestBA
Buenos Aires v. Punta del Este

Buenos Aires may have 300x more residents, but thousands of them own homes in Punta del Este.

The first round of the Copa del Mundo is over for local favorites Argentina and Uruguay, and both teams are safely through: Uruguay will face South Korea on Saturday, and Argentina will face Mexico on Sunday. Unfortunately, the only way the two teams would face each other would be in the World Cup final which seems highly unlikely.

So today Reporte Inmobiliario (RI) offers the next best thing: the Copa del Condo with Argentina’s capital city squaring off against Uruguay’s most popular beach resort. The Argentine journal sizes up Punta del Este in terms of total foreign investment, as well as its similarities and differences with Buenos Aires.

The Punta del Estate Real Estate Association says $934 million in transactions took place between March 2009 and February 2010. The majority of the deals were done in Punta del Este ($437M or 48%) followed by Maldonado ($175M or 19%), the Rural Zone ($128M or 13%), and La Barra ($45M or 5%). Over the same 12-month period, over $4.2 billion in deals were done in Buenos Aires or 4.5x as many as PdE, which shows how dynamic Punta’s market is when you consider BA has 300x the population.

Not surprisingly, the summer months (Dec.-Feb.) are the months when most deals are done in Punta del Este. In closing, RI says recent high profile lot acquisitions by U.S. investors will be one of the topics discussed at their July Conference. (Full article in Spanish)

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