Abandoned Punta Condo Sells At Auction For US$1.98 Million

Patrick Archer aruba, foreign investment, real estate, uruguay

Call it the last of a generation. Or the last of a bunch of abandoned high-rise projects that came out of the ground 35 years ago but never reached completion, because of the 1982 financial crisis. They are “The Skeletons of ’82,” says El Pais’ Marcelo Gallardo. For over three decades they’ve loomed over Punta del Este beaches and boulevards …

Argentines Form Offshore Companies to Buy Uruguay Real Estate Anonymously

Patrick Archer aruba, foreign investment, real estate, uruguay

It’s been another amazing week here in Uruguay. First, the Colonia Golf Expo 2012, then site visits and broker meetings in Montevideo. Now, comfortably back in the friendly confines of Maldonado, it’s incredible to see the progress of so many new luxury developments here in Punta del Este. The pace of construction is so much faster than in Buenos Aires, …

Coastal Uruguay Real Estate Sales Exceed US$100 Million a Month

Patrick Archer foreign investment, real estate, uruguay

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, …

Punta del Este Condo Auction Highlights Pent-Up Demand

Patrick Archer real estate, uruguay

When an investor group bought the abandoned Melia Hotel in Punta del Este earlier this month for US$10 million, the new developers talked about the building’s potential for attracting middle class buyers looking for their own private pedacito del este. At closure, the architect speculated small one and two-room units ranging in size from 430-680 feet would fill a void …

Punta del Este Real Estate: A Safe Harbor in Times of Crisis

Patrick Archer foreign investment, real estate, uruguay

It happened three years ago during the market panic following the collapse of Lehman Brothers, and it’s happening again during the latest debt downgrade-inspired sell-offs. International investors fed up with uncertainty and triple-digit days on the Dow are plowing their cash into Punta del Este real estate. Just as in 2009, El Observador’s Leonardo Luzzi says Punta is once again …