During the summer season, Uruguay It is one of the destinations that receives great number of tourists. The Ministry of Tourism of Uruguay reported that in December 2023 more than 800,000 visitors entered, which represented an increase of 23% year-on-year since in December 2022 there were 655,051 visitors to the country.
This context increases interest in invest or rent properties and, at the same time, developers and marketers decide to present their new developments in the real estate market.
“Uruguay not only opens its doors to investors, but also offers them a menu of opportunities. The combination of legal security, economic stability and government support positions it as the ideal destination for those seeking solid and profitable investments in the real estate sector,” says Francisco Bosch.
The co-founder of the real estate company Miranda Bosch Real Estate & Art, with a strong presence in Argentina that is positioned with businesses in the neighboring country, adds that the most recommended destinations are “Montevideo, Canelones and Colonia for its potential income, while Punta del Este and the area around José Ignacio present tourist opportunities with annual growth of 15 to 30%.”
The Uruguayan government has implemented incentives to attract foreign investors, including 10 years of free taxes for those who obtain residency in the country. “In addition, there is a project under discussion to extend this exemption period to 20 years, which would further increase the interest of investors in the country,” says Darwin Scrollini, owner of the real estate agency Scrollini Machado.
The founder and CEO of the developer Vitrium Capital, Federico Gagliardo, maintains that “for decades Uruguay has gained ground among Argentine investors, since it stands out for being a solid market, with legal certainty, economic growth, inflation of 7% annually sustained for 20 years.”
The manager says that “the Promoted Housing Law, “which establishes incentives for construction through tax exemptions (such as VAT, personal income tax, wealth tax, among others) collaborates so that we develop several projects.”
Investing in Uruguay guarantees a return for income investments that are around 5% net annually in dollars. While for capitalization investments the profitability rises to 12% annually.
“Many Argentines invest in Uruguay on a regular basis, especially in Punta del Este or Montevideo, market that continues to grow,” says Fabián Kopel, director of the developer Kopel Sánchez.
Meanwhile, Scrollini highlights that “Punta del Este has become a haven of value insurance for international investors.”
The news in Punta del Este is several. With an investment of US$ 40 million, the developer HA Emprendimientos presented Sense Springs, with 80 units from two to four bedrooms.
Developed by Grupo Fonte, the project Missing It has 185 apartments with two to four rooms.
Furthermore, the construction of the tower continues at a sustained pace. Park IV, whose inauguration is scheduled for the end of this year.
In Montevideo, meanwhile, the novelty is Medano El Pinar, a project with a special meaning for being a posthumous work of the architect Rafael Viñoly. The masterplan includes 120 exclusive residential units, from 95 m2 to penthouses of 1,317 m2.
The development of Globe District, which will be a great hub for business, art and technology.
Meanwhile, in Cologne, the development of +Colonia, that on a 500-hectare property and seeks to generate a hub for the knowledge economy industry.
In prices, the range is wide because it depends on the product and the city in which it is located. Still, there are options. from US$100,000 up to three million dollars.