Uruguay Real Estate Boom Woos Wealthy Investors

Uruguay has long been a favorite “off-the-grid” getaway location for surfers and travelers guided by nothing more than a dog-eared Lonely Planet. Now, the secret seems to be …

Uruguay has long been a favorite “off-the-grid” getaway location for surfers and travelers guided by nothing more than a dog-eared Lonely Planet. Now, the secret seems to be out as even the smallest properties sell in the low six figures. For more on this continue reading the following article from International Living.

Uruguay is on a roll. Both the economy…and the real estate market. New condos in Punta del Este, the country’s premier beach resort, now average $3,000 a square meter (that’s $300,000 for a 1,000-square-foot condo).

But travel a little farther along the coast east from Punta, and your property dollars will go much further. And you’ll have the prospect of strong appreciation.

Long a favorite with surfers and laid-back vacationers, the Rocha coastline stayed off the radar of mainstream tourists, property developers and second-home buyers. But that’s changing. Uruguay’s real estate boom is moving east from Punta, along the coast toward Brazil. Rocha’s little beach towns are in this development path.

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A high-end project from one of Argentina’s top developers is underway right now, with a second planned by the founder of clothing chain Mango. But Rocha’s coastal towns don’t come with the sprinkling of in-season celebrities, sophisticated restaurants, or super-high property prices of Punta del Este…at least, for now.

In Rocha’s biggest beach town, La Paloma, you’ll find banks, a post office, a hardware store, a couple of small supermarkets, and a nice selection of restaurants and cafes. The “big” attractions are a lighthouse built in 1874 and a giant whale skeleton in the town center.

La Pedrera can only muster a handful of tiny restaurants and cafes, and two small boutique hotels. But it boasts a pretty bay that curls around the sapphire ocean.

The town’s single-family homes come in a wide variety of styles, from cozy cottages to sleek glass and concrete cubes.

Properties currently for sale include a house on the beach in La Paloma for $200,000. The home needs some remodeling, but step out your front door, and you’re on the sand.

A 1,080-square-meter (just under a third of an acre) lot, 200 meters from the beach, is on the market for $150,000.

And in a private community close to La Pedrera, a new house, 160 square meters in size, has a list price of $220,000. Set in a one-acre lot, the three-bedroom, two-bath home has views over a small lake and comes fully furnished.

This article was republished with permission from International Living.

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