In Punta del Este investors spend US$4,791,064 per day purchasing real estate. This means a %109 increase from 2010.
Punta del Este is facing a new age where investments in chalets, mansions and condo buildings are replaced by investments in luxury condo buildings, country homes and agriculture activities such as vineyards and olives.
In 2005 the average price square meter of real estate was US$ 1560 compared to Spain’s US$2338. Six years later the prices changed to US$3989 in Punta del Este and US$3013 in Spain.
Since the 2008 world economic crisis we have seen a growing trend of investments in real estate.
A condo or a house automatically increase their value when the currency loses value. Uruguay’s annual investment in real estate developments reached US$27,335 in 2010, 49% more than 1998. A substantial amount of these properties were acquired by investors.
Investing in real estate in Punta del Este is and has been a very good option. Uruguay’s economy is growing and the investment flow continues to grow at a steady pace.
According to Philip Poole, Global Head of Macro and Investment Strategy of HSBC, investing in real estate is a good option. He himself bought a house in Punta del Este this year.
Source: El País Digital, Destino Punta del Este