Gated communities are growing in popularity in Uruguay and beginning to transform the single-family residential landscape from Colonia and Carmelo to Montevideo and Maldonado.
“Private and Semi-private Neighborhoods In Development and Rising In Value” is the headline of El Observador’s analysis of the trend in a country where gated communities with lifestyle amenities like golf courses, tennis courts and fitness centers are a relatively new concept.
While gated communities are not permitted within the Montevideo city limits, they are booming on the outskirts of town especially in the zone east of Carrasco International Airport. The largest in that area is La Tahona with 200 single-family homes and 800 residents spread across 300 acres (120 hectares) with amenities like an 18-hole golf course, country club and swimming pools.
Lot prices in Uruguay gated communities range from US$40 to $125 per square foot or US$100 to $300 per m2 with the more affordable developments in Montevideo and Colonia and more expensive communities closer to Punta del Este or in Carmelo, the new magnet for high-net-worth Argentines seeking refuge and a second residence across the river from Buenos Aires.
In terms of total costs, a 0.25 acre lot and 2,800-square foot, two-story home in a gated community in Montevideo could cost around US$465,000, while a 0.33 acre lot and 3,000-square foot home would cost closer to US$600,000. Smaller homes on similar size lots can cost closer to US$300,000 depending on the location and proximity to the coast, the airport and major cities. (Full Story in Spanish)
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