Living in: Uruguay
Houses along Uruguay Street in Montevideo, Uruguay. (Viviane Ponti/LPI)
Uruguay may be sandwiched between two South American all-stars, Brazil and Argentina, but is blessed with wide Atlantic beaches, towns stuffed with colonial architecture and a temperate climate. The stable political and economic climate plus chic beach resorts make it both an excellent travel destination and a safe investment for second-home buyers from Europe and around South and North America.
What is it known for?
Uruguay is considered a very stable country socially, politically and economically. Along with Bolivia, it avoided going into a recession in the recent global downturn -- one of the few South American countries to do so. It has a democratically elected government and president, and has made many social and educational advances. The country provides, for example, every primary school student with a laptop, and was the first Latin American nation to legalize same-sex civil unions.
Most travellers and tourists focus on the cities and resorts along the Rio de la Plata and Atlantic coastlines, including the capital, Montevideo. The country’s interior, stretching north to the Brazil border, is overwhelmingly rural, while Montevideo is the cultural and commercial centre of the country, home to more than a third of the country’s population. Colonia del Sacramento (often referred to as just Colonia), the oldest town in Uruguay and a well-preserved Unesco World Heritage site, is directly across the estuary from BA, just an hour from the Argentine capital by boat. Farther east along the Atlantic coast near woods of eucalyptus and pine, the glitz and glamour of the summer resort town Punta del Este attracts a Côte d’Azur and South Beach-like crowd, while chic sophisticates who want a quieter piece of beach keep going east to the town of Jose Ignacio.
Where do you want to live?
Montevideo may not have the sultry allure of Buenos Aires, but there are many pleasant cafes you can settle in with a cortado (espresso with milk) and medialuna (croissant) and watch the world go by. Many of the desirable neighbourhoods are on the waterfront. Near the Cuidad Vieja (Old City), Punta Carretas has shopping malls and a golf course; Pocitos has the Playa Pocitos, a curving strip of white sand beach, and the upscale Rambla boardwalk that lies alongside it; and farthest east, expensive Carrasco has beautiful architecture and a number of international schools. “The coastal districts have seen strong growth, particularly in residential condominiums,” said Paul Reynolds, managing director of Reynolds Propiedades estate agents.
The draw in historic Colonia are the 17th- and 18th-century Portuguese and Spanish colonial homes. “Be aware that certain buildings have restrictions and your renovation plans will likely require a review by the historical society,” said Reynolds. “But Colonia has not escaped modernisation of its port, opening of new hotels and real estate development on its waterfront.”
Punta del Este, an hour and a half from Montevideo, has condominiums and high rises lining the beaches that reach out into the water, with the Rio de la Plata on one side and the Atlantic Ocean on the other. “Luxury vacation properties are the norm here, with a number of both detached houses and apartments available,” said Reynolds. “Many condos have fantastic ocean views for a fraction of what they would cost in the US or elsewhere.” In areas by the ocean, demand buyers from Europe, Brazil, Argentina and the US are driving a record number of construction permits for condo buildings and estates on subdivisions.
Half an hour from Punta del Este, the beach town of Jose Ignacio attracts American movie stars, supermodels, European industrialists and others seeking privacy. The town government eschewed high-rise development, but allowed a few boutique properties such as Playa Vik to open. As a result of limited options, the demand for lots and houses increased, but there is still a finite number of properties available. Further up the coast, the province of Rocha still has miles of undeveloped beachfront. “There has been unprecedented development in seaside towns such as Punta del Diablo and La Pedrara, and a number of subdivision projects are underway,” said Reynolds.