Engel & Völkers Real Estate Opens in Punta del Este, Uruguay

Engel & Vôlkers North Mallorca and Menorca, Spain opens their first real estate office in Punta del Este, Uruguay. In this major strategic move, E&V are expressing their confidence in the international real estate market which continues to recover from economic downturn, with an increasing number of people seeking their place in the sun.

Since the early 1960’s, Punta del Este has made its mark on the international “jet set” scene and is widely referred to as the “St Tropez” of South America. It is already well established as a popular destination for real estate investors.

Uruguay’s political stability gives confidence to continued investment in the area, and making it more attractive is the success of the local government legislation that has managed to achieve a sustainable balance between preserving the natural environment and residential development. Construction in Uruguay property is generally of both interesting architectural design and high quality.

Furthermore, investors can generally get more for their money than in Europe, even though prices in Punta del Este real estate are probably among some of the most expensive in the country. The price of a two-bedroom apartment can range between US$70,000 (Euro 47,000) to over US$7 million (Euro 4.7 million). Properties on large estates range from $400,000 to $10 million.

Rentals can be lucrative. In the peak month of January a small villa or apartment has an expected rental income of around $3,000 (Euro 1.995) per week and a well located property with sea views anything from $500 to $5000 per day.

There are no restrictions for foreigners buying property in Uruguay and tax payable on the property is less than 1% of its total purchase value. Engel & Völkers will focus on the top end of the market where prices are currently stable.

Punta del Este has all the elements for an excellent standard of living: a safe and secure environment, beautiful countryside and sandy beaches, lagoons and national parks. Outdoor life is an adventure, with many great activities to be enjoyed amongst them polo, golf, and a variety of water sports.

International celebrities who have already invested in the area include: the Norwegian multi-millionaire Alexander Vik; the Colombian singer Shakira; the Argentinean supermodel, Valeria Mazza; Diego Farlan of Atletico Madrid football club and singer Julio Iglesias. Supermodel, Naomi Campbell, designer Ralph Lauren and former Spanish President Jose Aznar are all regular visitors. Website: www.engelvoelkers.com/puntadeleste