Colonia Real Estate Soars Thanks To Uruguay Workers & Foreign Visitors

Patrick Archer aruba, foreign investment, real estate, uruguay

Rental rates for homes and apartments in Colonia del Sacramento are reaching record heights, according to a new article from Eduardo Barreneche and Pedro Calvijo of El Pais.

The construction of Montes del Plata’s US$2 billion paper mill in the northern Colonia town of Conchillas has prompted an influx of thousands of employees living in Colonia del Sacramento and Carmelo.

“Local realtors say the price of rental properties in Colonia and the city’s Historic District are now listing for 30% higher than similar-size properties in Montevideo. While Montes del Plata built housing for the construction workers, most company executives and middle managers prefer to stay in properties in Colonia and, secondly, Carmelo,” write Barreneche and Calvijo.

The authors say Colonia’s real estate boom has much to do with the recent boom in tourism which has many first-time visitors falling in love with the city’s charms. “Many Europeans, North Americans and Canadians come to Colonia for a day thanks to Buenos Aires-based vacation packages. Others arrive through Uruguay vacation packages that include stops in Montevideo and Punta del Este. Many people come to visit, and end up choosing to live in Colonia for its tranquility and for Uruguay’s legal stability.”

“Add to this phenomenon, the fact that many Argentines have chosen to transform properties in Colonia into their second home or even their primary residence. Many of them with high net worth live in Buenos Aires for two or three days to manage their companies and spend the rest of the week living with their families in Colonia,” according to historian Artigas Marino. (Full Story in Spanish)

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