_inmobiliaria_ DISCOVER Carmeló Canelones URUGUAY Punta del Diablo

José Ignacio

La Paloma

THE URUGUAY ISSUE With summer in full swing in the Southern Cone, it’s that time of year to pack the bags, slather on the Coppertone, jump on a Pluna Bombardier and indulge in High Season luxury à la Uruguay. We throw winks and piropos across the Río de la Plata yearround, but we’re turning it up a notch with this issue of Privada. Why? Because you can’t spell summer in the Southern Cone without a trip to the beaches of Uruguay. But what about the other nine months of the year? Uruguay’s appeal doesn’t fade with the high temperatures. Foreign investors are beginning to discover what Argentines have mostly kept a secret for decades. It’s one of the most stable markets in Latin America with the most vibrant democracy, boasts robust banking privacy laws, and has a new president encouraging foreign investment in real estate. After we set the table with Uruguay 101, we’ll visit five unique destinations beyond Montevideo and Punta del Este that merit a closer look: Carmelo, Canelones, José Ignacio, La Paloma and Punta del Diablo. UNPARALLELED QUALITY OF LIFE For the second consecutive year, Uruguay was the #1 Latin American country in International Living’s annual Quality of Life Index. On the 1-100 scale, Uruguay received its highest marks in the categories of Risk & Safety (100), Climate (93), Freedom (100) and Health (76). Of the 194 countries surveyed, Uruguay ranked #21 sandwiched right between Finland and Hungary; however, Uruguay’s Cost of Living score (60) was much lower than more expensive and colder European competitors. Later that year, International Living declared Uruguay “The New Tourism Leader in Latin America” where tourism arrivals equal 61% of the population, the highest rate in the region. A GOOD PLACE TO VISIT YOUR MONEY That’s how Spear’s Wealth Management recently described Uruguay, a catchy new moniker to go along with the “Switzerland of South America”and “Argentina’s kid brother.” The narrative began with a description of the shared advantages...



Uruguay and Switzerland. Banking secrecy laws? Check. Favorable tax regime? Check. But the present-day similarities end there considering that Switzerland is knee-deep in recession while Uruguay emerged relatively unscathed having already beefed up its banking system and capital ratios almost a decade ago. Proof of confidence is evident in the country’s direct foreign investment stats: From $397 million in 2004 to $2.2 billion in 2008 with Spain, Argentina and the United States leading the DFI train. “Part of what has been driving this foreign investment is Uruguay’s seductive taxation rules for both individuals and corporations.” Spear’s lists commercial real estate development, telecoms and land for “property, pleasure and space” as three of the most attractive opportunities in Uruguay. MONTEVIDEO & PUNTA DEL ESTE Montevideo, Uruguay’s capital city, is undergoing somewhat of an urban and cultural Renaissance which is finally reflected in the tourism numbers. More tourists visited MVD than PDE in the first six months of last year. Individual investors often fall in love with the turn-of-thecentury French architecture in Montevideo’s historic districts (See sample properties on page 23), while foreign investor groups are recycling many of these national treasures into luxury hotels and casinos. Just 70 miles due east, Punta del Este continues to be a magnet for international investors seeking to unwind in one of Latin America’s most exclusive playgrounds. From March 2009 to August 2010 alone, over US$1.5 billion of real estate deals took place in PdE, according to the Uruguay Tourism Office. The government estimates over 18 million square feet of residential construction has been built in the last five years and there is no fear of a credit-fueled bubble. Just as in Argentina, 90-95% of all real estate purchased in Uruguay are all cash transactions. And now, for those seeking unspoiled corners of Uruguay, let’s take a look at five coastal markets off the beaten sendero...



_inmobiliaria_ Carmeló
Quick. Name the two South American cities with a Four Seasons? If you said “Buenos Aires and Carmeló”, a.) You’re correct and b.) You’re probably one of the fortunate few who have discovered this Uruguayan coastal gem. The natural beauty and serenity of Carmeló stands in sharp contrast to the urban jungle of Buenos Aires just 40 miles away on the opposite side of the Río de la Plata. The town’s proximity to Buenos Aires is one of its main assets, allowing tourists and BA-based boat owners to make the quick trip to Carmeló. While the Four Seasons makes for the perfect weekend stay, those seeking a year-round retreat, vineyard or boat slip in Carmeló will soon have more options. Foreign developer interest in the corner of Colonia state is growing rapidly.

Carmeló Golf
Real Assets is leading this JV with EIDICO, a 670-acre project featuring residential chacras on large lots and luxury amenities including the golf course, large lakes, polo fields, an equestrian center and private beach.

La Concordia
This Carmeló development features both vineyard and lakefront lots priced from US$65,000. Owners will be able to bottle their own Tannat which is being managed by renowned enologist Marcelo Irurtia.

_inmobiliaria_ Canelones
Canelones is the Uruguayan state bordering Montevideo to the north and east. The region is home to some of the country’s best wineries and the beaches are a popular getaway for Montevideo residents and tourists alike. Most of Uruguay’s 270 wineries are located in Canelones, just north of Montevideo. Wine tourism started booming here seven years ago, when leading winemakers converged to create a scenic trail called Los Caminos del Vino. Canelones’ climate is perfectly suited for wine growing with warm summer, cool winters and gentle ocean breezes. Canelones residents can enjoy the tranquility of the countryside, while being in short driving distance to the beaches, Montevideo and the International Airport.

InvestBA is pleased to feature this beautiful estancia in Canelones, just minutes from Montevideo and Carrasco International Airport. The 264acre parcel presents a unique investment opportunity for potential buyers. The natural beauty of the Uruguay countryside is complemented by the 6,400-square foot main residence featuring six bedrooms, six bathrooms, a gourmet kitchen, multiple fireplaces, swimming pool, parrilla, private courtyard and gardens. The property is sub-divided into 6 parcels including a 37-acre eucalyptus forest. Asking Price: US$1,500,000 Details.: InvestBA.com/canelones

_inmobiliaria_ vineyards
Location: Mendoza Property Size: 323 acres USD Price: $2,500,000 USD Price per Acre: $7,740 Yield: 2,200 tons Yield: 6.8 tons per acre Description: Merlot, Malbec, Cabernet, Sauvignon Blanc & Syrah grapes. All facilities and 50 acres of walnut trees.

Location: San Luis, Argentina Property Size: 126,700 acres USD Price: $15,000,000 USD Price per Acre: $118 6.8 tons per acre Description: Merlot, Malbec, Cabernet, Sauvignon Blanc & Syrah grapes. All facilities and 50 acres of walnut trees.

Property: Castillo Normando Location: Montevideo Property Size: 15,000 SF Year Built: 1930 USD Price: $1,100,000 Description: Considered a historic landmark in Montevideo, this residence features imported Italian marble floors and 6 acres of private parks.

Location: Mendoza Property Size: 220 acres USD Price: $4,800,000 USD Price per Acre: $21,800 Description: Over 220-acre private vineyard divided as follows: 110 acres Malbec, 35 acres CabSav, 25 acres Chardonnay, 50 acres unplanted. Facilities include manager’s house, warehouse and assorted tools.

Location: San Juan, Argentina Property Size: 549,000 acres USD Price: $9,000,000 USD Price per Acre: $16.50 Description: Enormous parcel with 70% mineable surface area and Grade I-IV minerals. Plan approved for tapping 4 on-site natural springs w/certified mineral water. Ample snowfall in winter months with two natural ski slopes on the property.

Property: Amézaga Mansion Location: Montevideo Property Size: 13,400 SF USD Price: $800,000 USD Price per SF: $59.70 Description: Three-story historic mansion of Uruguayan ex-President located in Ciudad Vieja with expansive water views. Total restoration project in the City’s most exclusive district.

Location: Mendoza Property Size: 16,000 acres USD Price: $4,000,000 USD Price per Acre: $250 Description: Large Mendoza farm with great tourism/foreign investor potential as private vineyard. Land could be subdivided and 200 acre parcels sold for approx. $2,500/acre.

Location: Laguna da Rocha, UY Property Size: 2,710 acres USD Price: $6,582,000 USD Price per Acre: $2,428 Description: Uruguay estancia with 370 acres of forest and historic 4-bedroom home. Great potential for farming, livestock or tourism given prime lake location adjacent to the U.N. Biosphere Reserve.

Property: Historic Hotel Location: Montevideo Property Size: 21,500 SF USD Price: $790,000 Description: 23-room historic hotel located in Ciudad Vieja with incredible potential as a restored boutique hotel given the location, room size and classic turn-of-the-century architecture.


_inmobiliaria_ José Ignacio
The New York Times’ Great Homes & Destinations recently made their annual pilgrimage to Uruguay and featured a 4-bedroom residence in José Ignacio, the most exclusive and expensive neighborhood in all of Uruguay. José Ignacio proper only encompasses about twenty small blocks, but the location is spectacular, the restaurants and boutiques are fantastic, and it is one of the most coveted playgrounds during the High Season months of January and February. Those seeking the exclusivity of JI with more acreage and resort-style amenities should consider one of the new luxury chacra developments being built nearby like Las Piedras, The Setai, Selenza Village & Villalagos. Watch the José Ignacio Video @InvestBA

Las Piedras Villas & Hotel Fasano
Brazil’s JHSF plans on making a high-end luxury splash with Las Piedras Villa & Hotel Fasano. JHSF is calling Las Piedras the first Beach & Country in Uruguay with 38 villas, 30 seven-acre estancias and an upscale 20-bungalow hotel.

The Setai José Ignacio
Spread over nearly 62 acres in José Ignacio, this enchanting community will comprise 40 private villas, 10 cabana hotel suites at the three-acre The Setai Resort, a spa, gourmet restaurant, bar and extensive ocean frontage.

_inmobiliaria_ La Paloma
Those seeking more seclusion, natural beauty and uncrowded beaches are moving up the coast of Uruguay away from the highrises and congestion of Punta del Este. Today, La Paloma is one of the most sought after destinations. Located in the state of Rocha, La Paloma boasts miles of beaches, dense pine forests and some of the best waves in Uruguay. The town has a laid-back feel not unlike Tamarindo and beachfront accommodations are simple and affordable. More Argentines and Brazilians are choosing the beaches of Rocha state for vacation, and developers are now beginning to meet the growing demand for vacation chacras and gated communities in La Paloma and nearby La Pedrera.
InvestBA is pleased to feature this sprawling beachfront chacra in Uruguay built on the most coveted parcel in La Paloma, and one of the only beachfront parcels on Uruguay’s East Coast that actually faces due west offering spectacular sunset views. Spread out over 2.6 acres, this home is really three separate, elevated chacras connected by over 7,000-square feet of wood deck. The main house features the living room, dining room, bar, billiards, kitchen and guest quarters. The second house features the master bedroom, master bath with jacuzzi and the office with HiSpeed Internet. The third house has 3 bedrooms bedrooms, 2 bathrooms and sleeps 8. Outdoor amenities include 2 BBQ areas, horse stables, an organic garden and direct beach access. Permits allow for construction of additional square footage (home/hotel) on this one-of-a-kind, oversized parcel. Watch the InvestBA Video Tour here.

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_inmobiliaria_ Punta del Diablo
The northernmost beach on our tour of Uruguay destinations off the beaten path is undergoing a real estate Renaissance of sorts. Once a quiet fishing village, Punta del Diablo has the same charm and natural beauty that is drawing tourists and buyers further north up the coastline to Rocha. In the past five years alone, the number of foreigners who chose Rocha for their vacation doubled. 60% of those surveyed said they chose Rocha after seeing it first-hand, while 17% said a friend’s recommendation was the tipping point. Locals say the influx of foreign buyers is still largely a silent phenomenon, but high profile brokers like Nana Lavagna are more inclined to boast, “that little fishing village is now a real estate revolution.”

For Sale: 155-Acre Maldonado Estancia
InvestBA is pleased to offer this amazing property located in Maldonado with a prime location for luxury development. The owners purchased the property over thirty years ago and planted all of the trees creating dozens of rows of citrus trees, palm trees and towering sixty-foot pines which provide a natural wind buffer throughout the 155-acre property. There is a fully-functioning citrus farm on the property which produces a variety of juices annually; however, the property’s greatest potential would be as a luxury residential community with villas, chacras and a boutique hotel with bungalows. Such a development would be a phenomenal success with both Brazilians, whose economy is the Latin American juggernaut, and wealthy Argentines, who view Uruguay real estate as a safe hedge alternative to inflation and political volatility in Argentina. Lots in adjacent luxury gated communities are selling for US$200,000 to US $400,000 depending upon amenities and proximity to Laguna del Sauce. The abundance of towering pines, citrus trees and sloped terrain make a unique canvas for an iconic project that would draw on the citrus plantation as the inspiration for the new development. In addition to its natural amenities, this Maldonado estancia is perfectly situated between Punta del Este, the beach, Laguna del Sauce and Punta del Este International Airport. Asking Price: US$2,500,000 Click Here for Video Tour