The following article is by a friend, Margarita Palatnik. She is a writer/translator who lives near us in Punta Colorada. Her astute observations are always appreciated.
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I’ve noticed that Spanish real-estate investors have been targeting Uruguay for quite some time now, but it’s interesting to see it confirmed from the developers´ themselves (see article pasted below)… And by Spanish I mean both Spaniards and money that was made in real estate development in Spain by nationals of other countries, who are also making their way here, in addition to Miami developers, who in many instances are one and the same (were developing in Miami and in Spain, and now have projects in Punta).
This is important in order to patch us over between Argentine recessions. That is, it means that possibly not all real estate and economic activity will grind to a halt the second Argentina crashes (like last time around) as some of these developers and realtors also bring the buyers/investors with them.
I’ve seen large numbers of investors from American, Spanish, French, Finnish, Dutch and British developers and realtors, all coming here via Spain (and Miami) and driving a flow of development money and/or buyers.
On the other hand, Brazilian developers, who have always been active at various levels of intensity in Punta del Este, seem to be picking up the pace. News came out last week of the purchase of the 120 hectare lot across from Laguna del Sauce airport by a Brazilian consortium, for $6 million. Cyrela, possibly the largest real-estate developer in Brazil, and significantly, owner of the luxury Fasano hotel chain, has also announced plans for a huge development in Punta, with the purchase of a 500 hectare site that will include a Fasano hotel, and which the company estimates has a potential end value of $540 million.
The fact that on three consecutive days we have seen large and glowing articles in British and even Arab media extolling the virtues of investing and or moving to Uruguay is a huge boost for our tourism and real-estate industries, and probably signals a tipping point in terms of numbers of foreigners coming to invest, buy, live, etc.
Uruguay being so small, it takes very little to produce a very large impact, and the many recent articles in the Financial Times and Sunday Times are the kind whose effects may be felt for several years to come.
- Margarita Palatnik
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December 4th, 2008 at 3:21 am
“The fact that on three consecutive days we have seen large and glowing articles in British and even Arab media extolling the virtues of investing and or moving to Uruguay…………..”
“Uruguay being so small, it takes very little to produce a very large impact, and the many recent articles in the Financial Times and Sunday Times are the kind whose effects may be felt for several years to come.”
Can you provide links to the above mentioned articles on Uruguay? Thanks very much.
December 4th, 2008 at 10:12 am
MH-
Can’t help with the links. A Google search, with the subject and the publications referenced should turn them up.
There have been more than a few articles in the last few years.