Home to dazzling cityscapes, beautiful natural landscapes, and lively coastal regions, whilst boasting one of the most stable and successful economies in the region, Uruguay is one of the most attractive places to own real estate in South America.
During the twentieth century, the country underwent rapid economic development, and today boasts one of the highest levels of GDP per capita in South America. Its government is notoriously stable and the country is home to a relatively large middle class.
Agriculture is its largest export sector, and the mining industry also plays a significant role in the economy.
A huge 72.7% of the population is employed in the services sector, which includes finance and tourism, and accounts for more than 60% of the country’s total GDP.
Uruguay: a luxury hotspot
As one of the safest and most luxurious destinations in South America, Uruguay attracts a large number of visitors from across the continent and overseas, making it an attractive location for short-term rentals. The main rental season runs from December through to March. However, more and more tourists are discovering this luxury hotspot, and many on the ground are seeing the season extend every year.
Spanish is the most widely spoken language in Uruguay, although in the areas close to Brazil many speak a mixture of Portuguese and Spanish.
The capital is a major draw for visitors and investors alike. Almost half of the population lives within the metropolitan area of Montevideo. Home to almost 1.5 million residents, the city represents an eclectic mix of cultures with influences across art, gastronomy, and entertainment.
In the historic downtown district, you’ll be met with dazzling art deco and neoclassical buildings, whilst next door, skyscrapers rise from the Central Business District into Montevideo’s clear blue sky. In the city’s beachside communities, art and entertainment are flourishing in the form of museums and galleries, theatre spaces, music venues and lively seafront bars.
Travel + Leisure, a New York-based travel magazine with 4.8 million readers, says:
2023 promises to be a breakout year for the country’s lowkey coastal destinations, thanks to an ever-growing art scene that adds a layer of culture to this already inviting stretch along the Southern Atlantic.
Uruguay tourism is particularly hot in the region surrounding Punta del Este, a peninsula bordering the Atlantic coast. Here, iconic skyscrapers are paired with beautiful beaches and sprawling yacht harbours. With its glitzy hotels and restaurants and glamorous nightlife, this seaside city is undoubtedly one of the most luxurious destinations in South America.
Naturally, Punta del Este attracts an affluent crowd with money to spend on quality accommodation and experiences. As a result, it is a prime location for real estate investment and provides a unique entryway into the luxury market for overseas buyers.
Is Uruguay a good place to acquire property?
Overall, Uruguay is proving to be a hotspot for real estate investment. Rising inflation across Europe is encouraging many investors to look at new markets, and as one of the safest and wealthiest countries in South America, the country is receiving a lot of attention.
Ultimately, Uruguay represents one of the most attractive property investment locations on the continent, with a wealth of opportunities to be found across the market. Those interested in acquiring real estate in Uruguay should get in touch to discuss available properties and projects.
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