Everyone seems to be talking about Brazil & Argentina right now, but few people know that many Argentines and Brazilians choose coastal Uruguay as their holiday playground.
• The low cost of living, world-class beaches and excellent climate make Uruguay the premier destination in South America.
• The country is diverse - Montevideo is an old world European style city with fine restaurants, colourful markets, sycamore-lined streets and a cultural scene second to none. Here you’ll encounter an honest, European culture that’s representative of what you’ll see throughout the country. Punta del Este has been South America’s premier beach resort for generations, with its well-maintained beaches, exquisite restaurants, hotels, casinos, and events of every description. This is now set to spread up the coast.
• The US Department of State did a study last year that showed Uruguay to be among the least expensive places in the world to live. Who was higher? Places like Peru. Who was lower? Swaziland, Gambia, and Nepal….
• With fantastic retirement benefits, beautiful climate, a rising tourist industry , rising property yields and an economy firmly on the road to recovery following crisis in 2002 – It seems the future is bright for Uruguay and its property market.
Property Market
Prospects for property in Uruguay appear to be very good, particularly in those associated with the tourism industry. The increase in popularity of the country in tourism and as a retirement haven mean property prices are raising steadily. However they are still incredibly cheap,especially given the quality of Uruguay’s lifestyle, landscape and lack of poverty.
Foreign investors will find that they:
• Face few restrictions in the buying process
• Have favourable tax and ownership laws.
• May hold foreign exchange accounts.
• There are no restrictions or controls on payments, transactions, transfers, or repatriation of profits.
• Non-residents may purchase real estate and private property is secure.
The expectation is not of a boom in prices but a gradual strong appreciation.
70% of all Uruguayans own their own property. This not only shows confidence in the real estate market but also the rising wealth of the local population.
Future Prospects
Uruguay is stable and it is also undervalued and is in an excellent position to maintain sustainable growth.
• Already a proven holiday destination.
• Low poverty coupled with low costs & high standards of living will increase its desirability.
• Export markets to increase to the growing markets of Brazil and Argentina.
• Rising economic stability due to minimal exposure to global economy.
• 2 international Airports give easy access for the tourist numbers to rise steadily in the coming years.
Tourism
Known as the French Riviera of South America. Uruguay and coastal towns surrounding Punta Del Este are the destination of choice for South Americas’ new class of Super Rich and its reputation amongst the wider world is growing fast. They are attracted by the year round mild climate, lack of visible poverty and security that allows them to live a flamboyant lifestyle more openly than in their own countries.
Visitors to the coastal towns swell their population from 65.000 to 400,000 in the summer months. Currently Argentines account for 71% of visitors, Brazilians for 17% with the remaining number arriving from the US and other regions.
Its popularity shows little sign of letting up. Indeed even following a drop of 20% in visitors from Argentina early in 2006, overall numbers still rose. In the year to date visitor numbers to Uruguay’s coastal regions are up a further 20%. This indicates a strong trend for increased numbers in the coming years. Other than its growing profile as a travel hotspot Uruguay is being increasingly touted as a global retirement haven. Uruguay’s low cost of living and low property prices are attracting investors from all over the world.
