Uruguay Real Estate and the British Invasion
Instead of an influx of rock-and-roll bands, an article in the October 24th issue of the UK newspaper, the Daily Mail, describes the British invasion of UK capital and celebrities coming to the beaches of Punta del Este to buy Uruguay real estate.
The headline of the Daily mail’s Overseas Property page reads ‘Time to Buy in Uruguay’. The subtitle is, The smart money is now investing further afield, says Liz Rawlinson.
The article describes Punta del Este’s popularity with celebrities, and then provides a perspective of Uruguay as a place to relocate and invest with quotes by Paradise Uruguay manager, David Hammond.
The article goes on to tell about Uruguay real estate projects funded with UK capital. The first is Villalagos with luxury homes on 5 hectare (12 acre) lots, starting at ₤1.4 million (or 2.5 million US dollars). The developer for the Villalagos project is Michael Hall (whose father-in-law is the actor Sir Michael Caine ).
The article finishes by explaining that the purchase process for Uruguay real estate is friendly toward foreigners. It also sites Uruguay’s recent high rates of appreciation and the fact that most Uruguay real estate is owned free and clear, which contributes to a stable real estate market.
Punta del Este has a broad range of prices with apartments starting under ₤50,000 (or 80,000 US dollars). The high end of both apartments and single family homes has risen sharply in the last two years with a new class of luxury projects aimed at international buyers.