Carmelo is emerging as the coastal Uruguay destination of choice for high-net-worth Argentines, and the trend is reflected in a near doubling of land prices since 2008, according to the Uruguay Real Estate Chamber.
“Carmelo, A New Center of Attraction For Argentine Investors” is the front page story in today’s BAE Negocios which points to a wave of new construction including gated communities, condo-hotels, polo lodges and vineyards in this charming corner of Colonia.
“Carmelo has almost become an extension of the northern (and wealthiest) neighborhoods of Buenos Aires,” begins the article which highlights the construction of a half-dozen new gated communities within twelve miles of Carmelo’s Zagarzazu Airport, a short fifteen minute flight from Buenos Aires.
“The most expensive land in Carmelo can be found in the first five kilometer radius from the center of the city,” says Uruguay Real Estate Chamber president Gabriel Conde. “In that area the price of a hectare today can run between US$40,000 and US$80,000. Five years ago, that range was between US$25,000 and US$50,000.”
BAE Negocios says there are two types of Argentines who are investing in Carmelo today: those who are buying vacation properties for Uruguay weekends and those who are moving their families across the river permanently. BAE says the recent opening of the first bilingual private school in Carmelo is evidence that more and more Argentine families are living in Carmelo year-round. (Full Story in Spanish)
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