Coastal real estate in and around Punta del Este continues to be a magnet for foreign investors, and the value of Uruguay homes and apartments sold tops US$100 million per month, according to El Observador.
In the most recent twelve-month period examined, properties sold in Maldonado exceeded US$1.4 billion, and in the 28-month period from January 2009 to May 2011, US$2.8 billion of coastal Uruguay real estate changed hands, a monthly average of US$100 million.
Punta del Este real estate topped the list of properties sold in the Maldonado region followed by oceanside chacras for sale in rural areas and the City of Maldonado which is more of a working-class neighborhood. In terms of the dollar value of properties sold, La Barra real estate led the list followed by Jose Ignacio, Punta Ballena and Piriapolis.
Permit requests for new construction projects in Maldonado are now forecast to top 7.5 million square feet for 2011, a 1 million square foot increase over the previous estimate in July of 6.45 million. Of that amount, El Observador says 60% or 4.5 million square feet is new residential construction and “the majority of those properties are purchased by foreigners.” We have documented how Argentina’s dominance over the Punta del Este real estate market is slipping, as more investors from the U.S., Canada, Brazil and Europe begin to purchase properties in Uruguay. (Full Story in Spanish)
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