With less than 60 days remaining before the beginning of High Season, current land and homeowners in Punta del Este will have something else to celebrate as they ring in the New Year: Appreciation.
A new study from Uruguay’s Tierras y Proyectos (TyP) shows three important trends in the average price of land in Punta del Este: it started rising in 2005, it picked up speed in the last two years and it really began to surge over the last six months (April-September). ON24 summed up the report’s findings like this,“The price of real estate in Punta del Este seems to have momentum and has climbed significantly in recent times.
The upward trend is reflected in the new report which analyzes the evolution of land prices in terms of sales price per SF, total land available for construction and total volume of investment in the Uruguayan city.” The report credits the surge in 2010 prices to the large number of investors, mostly Argentines looking for safe harbor, buying land in and around Punta del Este to convert into small and mid-size multi-family projects.
The last TyP Report in March pegged the average price per SF of available land at US$294.62 per square meter. The new survey shows the average price has climbed to $347.02, a 17.8% increase in only six months reflecting the dwindling supply of Maldonado coastal land with a good combination of location, views, natural surroundings and beach proximity. (Full Story in Spanish)
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