Investment opportunity in luxury residential real estate develops in Uruguay
Las Cárcavas, the high-end ranch-style development situated on the Uruguayan coast of Garzón, is getting ready to welcome the new year with new proposals. With the recent construction of exclusive bungalows in their unique, modern and eco-conscious style, the development stands out as an excellent investment opportunity – combining luxury with a natural and relaxed atmosphere.
Quality of life, natural surroundings, a healthy atmosphere, and institutional and financial security – this highly desirable combination, now seemingly impossible in most of the world, not only exists, but is within reach. Uruguay: a stage set with the perfect blend of all these characteristics.
Uruguay has been hailed as “the golden child” of Latin America by international investors. The statistics and a growing interest to invest in its economy confirm this trend. With the objective of attracting around 100,000 foreign investors, Uruguay has relaxed its requirements for those who want to move into or invest in the country, offering increased tax incentives and implementing new measures that facilitate an expedited return of capital.
While developing and improving specific offerings such as tax-free zones, free ports, temporary residence and trading, the Uruguayan government has relaxed the requirements for residency and lowered the value for the property a foreign national must own, from USD 1.7 million to USD 380,000. At the same time, they’ve extended the period for tax exemptions on revenue obtained abroad from five to ten years. And as a bonus track, it is no longer mandatory for foreigners to live at least half the year in the country in order to be able to claim tax residence – now only two months are required.
These measures especially benefit the real state sector – with high end real estate in particular getting a boost, helping this market position itself as one of the most attractive segments in the country and the world. Along that same vein, Las Cárcavas, the real estate development on the Garzón coast of Uruguay just minutes away from the exclusive beach resort of José Ignacio, offers an ideal proposal for investors who seek a refugee of sustained value away from big urban centers. Situated on more than 120 acres, with large lot sites that offer exclusivity and privacy for its future owners, the project is preparing to ring in 2021 with new projects, including the construction of new bungalows.
One Place, Many Options
What are the investment options and how much could they yield?
- For more conservative investors, Las Cárcavas offers its unique, turn-key ready bungalows. Designed by the renowned Brazilian architect Isay Weinfeld, the resort is slated to build sixteen luxury bungalows located on the shore. Each unit occupies an area of 216 square meters, and will be handed over fully finished and equipped, ready to use. The bungalows also come with a “pay per use” system of housekeeping and concierge, provided by Las Cárcavas. In addition to accessing these services and common areas, which offer all the advantages and entertainment available within the development, the residents and their guests will have access to a variety of sports and activities in the surrounding area: golf, polo, biking, surfing, kitesurfing, fishing, kayaking, windsurfing, sailing and horseback riding are just some of the offerings, for those who wish to explore them. This investment can yield an 8% annual return, with an individual financial plan specifically suited for each buyer.
- For the more ambitious investor, Las Cárcavas offers its line of seashore ranch-style properties. Each of these 24 lots reserved for private residences boasts an average size of 9,000 square meters, all unique and exceptional, with their own individual characteristics, but with the same high level of quality that characterizes the whole development. In a project that prioritizes the environment and natural surroundings, all residences will follow a set of pre-established architectural guidelines, thus preserving the essence of the brand and identity of the place. These seashore properties range from USD 580,000 to 3 million, with an estimated return on capital in the same range, and the added advantage of having a property comprised of over 50% green, natural spaces. Included as part of all of its proposals, Las Cárcavas has a team of specialized advisors who accompany each investor personally from the very beginning, assuring they make the best decisions for them throughout the entire buying process.
Inspired by Nature
Besides its financial draws, the development has a unique advantage in something that has now become a trend, especially in current times: its wide-open spaces and natural, avant-garde proposals. Uruguay’s national trademark is “Natural Uruguay” – and has stayed true to this identity by prioritizing the environment and caring for it. Under the motto Inspired by Nature, Las Cárcavas also falls well within this concept. The development offers sophistication among its beaches, lakes and beautiful natural spaces. “Investing in the real estate market in Uruguay is very attractive for foreign investors. Besides the tax benefits, the extensions for deductions and the space the investor gets for the value of the land are unthinkable when compared to places like the UK, France or the United States,” explains Fernanda Prece, commercial director of Las Cárcavas. The development, in fact, covers over a hundred acres and is managed under the umbrella of sustainable infrastructure, which matches the beauty of the landscape with its services and first class amenities. A swimming pool, beach deck, grill, Palenque, and professional, state-of-the-art, natural grass tennis court are among the attractions offered.
Quality of life is an Uruguayan hallmark, but so is its institutional quality and stability. That is why the smallest country in South America, home to 3.5 million people, is at the forefront of the region, surpassing its neighbors with its history of political, democratic and social stability, and also macroeconomic solvency. For all this and more, Uruguay has created a privileged environment to develop investments.
Contact the Gateway to South America team to learn about the best investment opportunities in the region. The company is a benchmark for foreign investors wishing to invest in Argentina, Brazil, Chile, Paraguay, Peru and Uruguay, providing expert advice on property acquisition.