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Punta del Este Real Estate: New Construction Permits Rise 25% in Maldonado

On December 12, 2011, In foreign investment, real estate, uruguay, by InvestBA
One Punta del Este Weiss Sztryk Weiss

New high-rise projects in Punta del Este account for 40% of new construction in Maldonado.

Developer enthusiasm for new construction projects in and around Punta del Este continued to grow in 2011, according to new numbers released from the Maldonado Office of Urban Planning.

With three weeks remaining in 2011, it appears Maldonado will end the year with requests for 8 million square feet of new homes and condominiums in Punta del Este and surrounding oceanside towns.

El Pais’ Marcelo Gallardo says the 8 million number represents a 25% increase over the 6.4 million in new construction approvals issued by the State of Maldonado in 2010. Exactly four months ago, the Planning Office was forecasting another 6.4 million year for 2011; however, those numbers were revised sharply upward last month when a foreign investor group paid US$21 million for one of the few remaining large oceanfront parcels on Playa Brava.

According to Reporte Inmobiliario, there are 77 new buildings currently under construction in and around Punta del Este, a 71% increase over the 45 buildings under construction this time last year. Single-family homes account for 60% of the 8 million in new construction permit requests, while high-rise condominium projects account for the remaining 40%. The 8 million figure is 11% less than the record 8.9 million approved in 2005. (Full Story in Spanish)

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

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2011 South America Hotel & Tourism Investment Conference Summary

On September 27, 2011, In foreign investment, lifestyle, real estate, tourism, us companies, by InvestBA
SAHIC 2011 at the W Hotel Santiago

The 2011 edition of SAHIC was held at Starwood's W Hotel Santiago in Las Condes.

Last week marked the fourth anniversary of the South America Hotel & Tourism Investment Conference (SAHIC), and this year’s event was held at the W Hotel in Santiago. The two-day event is fast-paced and gives attendees a good overview of hotel investment trends and tourism growth forecasts in South America.

In the opening session on Day One, Arturo Garcia Rosa, the Chairman of HVS South America, showed that South American hotel room inventory grew 10% in 2010 and is on pace for 15% this year. Rosa’s more relevant takeaway on this side of the Andes is the fact that Argentina officially overtook Brazil in 2010 in the number of tourists visiting from abroad.

The highlight session of the afternoon was a panel discussion whose teaser title sort of gave away the punchline: South American Hot Spots: What Markets Will Experience the Biggest Growth? Focus on Peru, Argentina, Uruguay and Colombia. The representative from Improtur emphasized that Argentina is the number one tourist destination in South America, and the country today makes more money from tourism than beef…a similar story in nuestro Uruguay querido.

The safety, affordability and overall quality of life in Argentina and Uruguay are competitive advantages for our two favorite countries going forward, and the reason for their inclusion in a roundtable discussion on “the Biggest Growth.” On Day Two, a breakout session titled Calling Things by Their Name: Hotel, Residences, Apart, Condo emphasized the growing interest in condo-hotels in Argentina and South America in general.

In closing, Brazil’s affordability was a hot topic on Day Two during The Redefinition of Luxury roundtable with executives from Louis Vuitton, Marriott & Ritz-Carlton. “Rising land costs in Brazil are making it difficult to move forward with hotel projects,” said one panelist adding, “In Brazil, it’s more attractive to develop residential projects.” (Full Story in Spanish)

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2010 Real Estate Appreciation in Buenos Aires Neighborhoods

On January 5, 2011, In ba government, real estate, by InvestBA
Buenos Aires Real Estate Price Change by Neighborhood

With two exceptions, BA barrios posting the biggest gains were in the extreme north and south.

A new analysis of real estate price variations for 2009-2010 shows the greatest year-over-year increases in Palermo and Liniers (20 to 25%) followed by 15 to 20% gains in Belgrano, Nunez, Paternal and four southern Capital Federal neighborhoods benefiting from increased business and infrastructure investment from the City of Buenos Aires: Barracas, Constitucion, Nueva Pompeya and Parque Patricios.

Barracas is home to the new Metropolitan Design Center and Parque Patricios is the site of the BA Tech District where an estimated 130 IT companies will be operating by year’s end. The only three BA barrios posting YOY decreases were Colegiales, Recoleta and Retiro.

The data are based on a study of existing apartments in Capital Federal, and according to Clari­n the average increase in price per square foot citywide was 7.74%, although the variations by barrio ranged from annual decreases of 5% to annual increases of almost 25%.

The majority of neighborhoods (30 of 47) like Boedo, Chacarita, La Boca, and San Telmo fell in the 10 to 15% increase category. Clarín also notes the average gap between highest and lowest price per square foot in individual barrios widened to 53% with Almagro, Caballito, Palermo and Retiro showing the greatest variation between minimum and maximum price per square foot.

Brokers surveyed anticipate demand for new units in 2011 will be strongest from investors and existing homeowners looking to trade up, as mortgages remain out-of-reach for first-time homebuyers in Buenos Aires and Argentina in general. (Full Story in Spanish)

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

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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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