Carrasco: The Most Exclusive Neighborhood In Montevideo

Patrick Archer aruba, average prices, foreign investment, real estate, tourism, uruguay

When the Hotel Carrasco opens in Montevideo later this year, it will mark the triumphant end of a painstaking US$22 million restoration for one of Uruguay’s most beautiful landmarks. And while the entire basement of the hotel will become a state-of-the-art casino, El Pais’ Andres Lopez Reilly says the real betting has taken place in the neighborhood of Carrasco. The …

Montevideo’s Hotel Shortage, Architectural Gems Attract Investors

Patrick Archer foreign investment, hotels & casinos, real estate, tourism, uruguay

It’s no secret that Montevideo’s hotel inventory is woefully inadequate and outdated for a city that is, as the Wall Street Journal said, Having Its Moment. Montevideo hotel rooms are so old… How old are they? Montevideo hotel rooms are so old, they are more likely to be discovered by archaeologists doing excavation work. Actually, this is not a joke. In …

More Americans & Brazilians Investing In Uruguay

Patrick Archer foreign investment, global rankings, real estate, uruguay

Foreign investment in Uruguay is shifting in two major ways: the destination and the origin. An interesting analysis today in El Observador: “Real estate investment and construction have replaced land purchases and loans to financial institutions as the primary pole of attraction for foreign capital coming into the country over the last decade.” Outside investors also play a more important …

Uruguay: The New Darling of Global Investors

Patrick Archer foreign investment, uruguay, us companies

First The Switzerland of South America. Then A Good Place to Visit Your Money. Now Uruguay has a new national tagline thanks to Reuters: The New Darling of Global Investors. That is the theme of a well-researched piece by Hilary Burke and Malenda Castaldi. The duo point to the recent S&P upgrade as the latest in a series of events …

Punta del Este Real Estate: A Safe Harbor in Times of Crisis

Patrick Archer foreign investment, real estate, uruguay

It happened three years ago during the market panic following the collapse of Lehman Brothers, and it’s happening again during the latest debt downgrade-inspired sell-offs. International investors fed up with uncertainty and triple-digit days on the Dow are plowing their cash into Punta del Este real estate. Just as in 2009, El Observador’s Leonardo Luzzi says Punta is once again …