South American Real Estate News

Investing in properties in Uruguay? where to buy and what are the prices by area

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The neighbouring country studies the opening from September. There is already a boom in consultations. They believe prices could skyrocket in Montevideo due to a barrage of property purchases by local stakeholders.

Uruguay plans to reopen its borders in September for foreigners vaccinated with the two doses. The news was not only celebrated by the tourism sector, but by the main developed and real estate companies on the other side of the river. The announcement has already generated a boom in inquiries and they expect a flurry of operations in the coming months led by Argentines.

“We already started noticing inquiries. In two days we had more calls than in the last five weeks. We have 40 reservation tickets from Argentines who are going to come to sign the commitments, those clients will surely decide to buy one more property when they arrive in the country, “said T eófilo Banchero, CEO of the developer Banchero Real Estate.

For Uruguayan developers, the Argentine is a key player. Last year, of the total units sold, 15% were purchased by the local public. But as a result of the pandemic and restrictions to enter Uruguay, the number was dwindling.

“It is already noticeable in the consultations. There is a concern, in those who signed a ticket and are already thinking of buying another property to diversify the investment,” the real estate agency remarked.

Today the main attraction is Montevideo. And it is that the Promoted homes are established as a good investment option, with affordable prices, economic expenses and a return on rent that ranges between 5% and 6% in dollars.

In the Uruguayan capital, the tickets are lower, which allows ensuring the investor liquidity in case of needing the money invested. “This plaza has a constant income unlike Punta del Este, which depends more on tourism ,” added Fabián Kopel, director of Kopel Sánchez.

“We are recommending the Uruguayan to invest in real estate now because we expect a real barrage of purchases, which will cause prices to rise, logically due to the increase in demand from foreigners,” Kopel summarized.

According to the specialist, prices remained stable from March 2019 until today. Today it takes an average of $ 70,000 to buy a studio apartment in Montevideo and a base of USD 95,000 for a two-room apartment in downtown areas.

While in Carrasco the prices are higher. A studio apartment costs at least $ 100,000 and a two-room has a base of $ 150,000.

“Although we have many inquiries from investors who seek to bet on the brick in Uruguay for legal certainty, today most of those who call us seek to change their lives and settle in the country,” Kopel highlights.

The tax requirement for those who want to live in Uruguay is to have USD$400,000 to apply for a Tax Holiday for 10 years. “The units do not need to be finished as a purchase requirement and it is not an obligation to integrate all the money. By signing commitments one can get a home,” he indicates.

This point is relevant because “someone who comes can sign a commitment integrating 20% and then to pay on the job. In this way, it is enough to come with USD 100,000 from abroad to start the tax residence and if one buys in a well there are 3 years to pay the balance “, he concludes.

Source: El Cronista

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