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I♥UY: The PR Gods Are Smiling on Uruguay

On July 27, 2010, In real estate, tourism, uruguay, by InvestBA
I Love Uruguay

So far, 2010 has been a media lovefest for Uruguay. (Pictured: Oceanfront developments in Punta del Este)

If we could dole out awards for the best and worst PR campaigns in the Americas for 2010, the loser by an oily nautical mile would be BP. On the other hand (and hemisphere), the winner would be the Republic of Uruguay. When InvestBA originally launched, we coined the phrase The Tango Coast to encompass opportunities on both sides of the Río de la Plata. For every four stories about Argentina, we would unearth a gem about our Mercosur neighbor; however, pro-Uruguay, pro-investment content has been so fast and frequent this year, we had to finally create our own Uruguay channel. 2010 got off to a good start with a Top 20 ranking in the International Living Quality of Life Index, then Spear’s Wealth Management Survey sized up the tax advantages and dubbed Uruguay, A good place to visit your money. The I♥UY parade continued this spring with two new airline deals (Buquebus and Jazz/Pluna) further linking Uruguay with the world, while The New York Times touted the country as an attractive retirement destination for Americans and other foreign buyers. Then the World Cup kicked into high gear where Diego Forlán & Co. put together an odds-defying performance and silenced the skeptics, including a Miami Herald reporter. Now it seems we’ve come full circle with another glowing International Living piece naming Uruguay, “The New Tourism Leader in Latin America.” Bottom line: If the last six months of 2010 are anything like the first six, Uruguay can look forward to more positive press and an influx of foreign buyers.

For more information about Uruguay investment opportunities and premier luxury properties, download the July edition of InvestBA Privada.

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Real Estate Sector Posts Gains in Uruguay

On May 28, 2010, In foreign investment, real estate, uruguay, by InvestBA
Montevideo Aerial

Luxury projects are being built in Montevideo neighborhoods like Punta Carretas, Pocitos and Malvín

Earlier this month InvestBA reported on the recent gains in the Buenos Aires real estate market: closings up 37%, total value of all sales up 57% and median prices up 15%. Now the news from across the river is equally encouraging and offers more evidence of regional strength following a weak 2009 for both countries. Uruguay’s National Statistics Institute released housing data for the first quarter of 2010, and the total number of closings is up 18% compared to 1Q09. The total dollar amount of all 15,015 real estate transactions in the first quarter of 2010 also rose 32% compared to 1Q09; yet, when adjusting from U.S. dollars to Uruguayan pesos the increase was a more modest 9.3%. (As evident on this XE.com chart, the U.S. dollar has fallen 18% against the peso over the past year.) Looking at the most recent month of available data, the most real estate closings took place in Montevideo (34%), Maldonando (13%), Canelones (12%), Cerro Largo (6%) and Colonia (5%). The median price per square meter of all transactions in the first quarter rose 6% over 1Q09, while the Construction Cost Index (construction costs less land value) posted a modest 5% gain over 1Q09. News was also positive for property owners in the Uruguay rental market, as average rental prices rose 6% in the first quarter to US$342. The three most expensive markets for renters were Punta Carretas, Pocitos and Malvín with median rental rates of US$418, $394 and $387, respectively. (Full Report PDF in Spanish)

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Holy Tourism!: The Buquebus Takes Flight

On March 29, 2010, In arts & entertainment, competitiveness, foreign investment, tourism, uruguay, us companies, by InvestBA
Well-known ferry operator Buquebus takes to the friendly short-haul skies this week.

Well-known ferry operator Buquebus takes to the friendly skies between BA & Punta later this week.

With Holy Week underway, many Argentines are preparing for one last family vacation on the beaches of Uruguay. On the receiving end of the tourist influx and revenue from Argentina and Brazil, Uruguay designates this week as Tourism Week. Seizing the moment and simultaneously injecting some needed competition in the short-haul arena, Buquebus is launching direct air service from Buenos Aires to Punta del Este. According to La Nación, the well-known ferry and bus operator plans to offer three flights daily from Aeroparque Jorge Newberry to Punta’s Laguna del Sauce International Airport aboard a fleet of new ATR 72-500s. Buquebus has already purchased two of the planes, two more will be acquired before year-end and the company retains the option to buy a fifth and sixth aircraft in 2011. The fleet acquisitions coincide with the planned addition of new Buquebus routes from Punta del Este to Porto Alegre (Brazil), Ezeiza International Airport and Salto, Uruguay. When asked about tickets, Buquebus CEO Juan Patricio López said they will be competitively priced with occasional promotions “to stimulate travel among Argentines who have a house in Punta del Este and want to fly more frequently.” In other BA airline news, Texas-based American Airlines announced a third seasonal flight from Miami to Buenos Aires. “Argentina offers our customers looking for a South American vacation a rich and unique cultural experience,” said American SVP Peter Dolara. “Known for being an important financial center, Buenos Aires is also a popular destination for our business travelers.” The third Miami-Ezeiza flight will operate from July 2 to August 23. (Buquebus Online, On Twitter)

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Uruguay: “A Good Place to Visit Your Money”

On March 8, 2010, In entrepreneurs, foreign investment, uruguay, by InvestBA
Foreign investment in Uruguay rose over 400% from 2004 to 2008. Much of it came from the U.S.

Foreign investment in Uruguay rose over 400% from 2004 to 2008. Much of it came from the U.S.

That’s how Josh Spero describes Uruguay for readers of Spear’s Wealth Management Survey. In the current Tax & Trust section, Spero offers one of the most sophisticated and accurate depictions of  the “Switzerland of South America” and “Argentina’s kid brother.” The narrative begins with a description of Uruguay and Switzerland’s shared advantages for foreign investors: Banking secrecy laws? Check. Favorable tax regime? Check. But the present-day similarities end there considering that Switzerland is knee-deep in recession while Uruguay emerged relatively unscathed having already beefed up its banking system and capital ratios almost a decade ago. Proof of confidence is evident in the country’s direct foreign investment numbers: From $397 million in 2004 to $2.2 billion in 2008 with Spain, Argentina and the United States accounting for the bulk of the funds flowing in. “Part of what has been driving this foreign investment,” Spero says, “is Uruguay’s seductive taxation rules, both for individuals and corporations.” And after spending time in the capital city of Montevideo, the financial reporter is left with one undeniable takeaway: “There are opportunities for entrepreneurs everywhere you turn in Uruguay.” Spero lists commercial real estate development, telecoms and land for “property, pleasure and space” as three of the most attractive investment opportunities. For more information about Uruguay and investment opportunities along this portion of The Tango Coast, visit our archives or download the latest edition of InvestBA Privada.

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Uruguay Estancias Find New Life As “Designer Farms”

On January 2, 2010, In creative class, lifestyle, real estate, tourism, by InvestBA

Shabby Chic: A renovated estancia near Colonia, Uruguay (Source: Lucy Gilmore, The Guardian)

Shabby Chic: A renovated estancia near Colonia, Uruguay (Source: Lucy Gilmore)

“Summertime…and the living is easy.” That’s what The Guardian’s Lucy Gilmore discovered during her recent trip to Uruguay. Gilmore visited some of the hidden gems of the Tango Coast including the port town of Colonia del Sacramento and some beautiful renovated estancias just a few kilometers inland. The estancias, which date back to the 1880′s, are finding new life as “designer farms” as young Argentine professionals, perhaps seeking a better work/life balance, are opting for Uruguay’s bucolic charms. One of the architects Gillmore stayed with completely renovated his estancia which she describes as “whitewashed and low-lying, with five bedrooms, the style is shabby chic: old shutters, wooden floors, and beds draped with muslin canopies.” I myself am just back from end of the year vacations in Uruguay which ranged from the natural beauty of Colonia to the noise and nightlife of Punta del Este. Like Miss Gilmore, I find myself gravitating more toward the peace and tranquility of the former. The coastline drive from Piriápolis west to Colonia is beautiful (Photo), and the terrain looks more like Central Virginia than South America. I have another Argentine friend, Andrés, who takes his family to their WiFi-enabled estancia in Colonia for the entire month of January. As a web designer, he doesn’t miss a beat, and the close proximity to Buenos Aires makes commuting via Buquebus a cinch. With more stories like this and last year’s NuWire Investor piece, Uruguay will continue to attract more foreign property investors in 2010. (Full Article)

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