May 17, 2022 2:49 pm

What are the hot spots of the real estate boom in Punta del Este

Punta del Este is one of the great attractions of the moment when it comes to real estate investments. Driven by the telecommuting and tax benefits offered by the neighboring country, many Argentines were attracted to spend their savings on the other side of the pond. “About of every 100 people who enter Punta del Este outside the Uruguayan market, 70% are Argentines and the rest are usually from other neighboring countries. Argentina has a significant number of border crossings and that links the interior of the country with direct access to Uruguay”, observes Mario Seresevsky, developer of Azure Ocean Reserve, a complex at stop 40 of La Mansa. He reinforces the idea of ​​this migratory trend by saying that “of every 100 people who rent during the year, there are between 40 and 45 people who end up buying at the end of the first year.”

The great demand was accompanied by the growth of the city, which gradually became a place to live throughout the year: “In recent years, Punta del Este stopped being a seaside resort to become a city with its own life, infrastructure, more and more private schools, upgraded and recycled sanatoriums with significant capacities, which is why it became the second capital of Uruguay”, says Andrés Jafif, director of Santos Dumont Real Estate and former mayor of Punta del Este. The city that was an area of ​​fifth houses after 45 years of its inauguration is reverted with “a very impressive amount of works in movement”, according to Andrés Kalwill, director of the Alvear Group that developed the Veramansa project in La Mansa

The banking entities accompany the investment will: “The banks are very intent on giving credit to foreigners, which is a good sign for the market,” according to Alejandra Covello, president of Covello Properties. “In the last semester there has been a increase in values ​​of around 5% in the sale of brand new apartments and can be paid with credits at 4.5% interest rate in dollars. At this moment there are more than two million square meters for sale”, he adds. Along these lines, Jafif adds that “there was an interesting number of developments because the municipal administration of Maldonado and the National Government have given important exemptions to encourage construction in various places in the Department.” For him, “the investor seeks security, quality of life and legal certainty and that is what Uruguay offers today.” To those looking to invest, Kalwill advises that “you will find better opportunities in finished units than in construction”.

“Today there are a large number of developments started or about to start and even impacts the number of offers in both La Brava and La MansaKalwill notes. In terms of prices, Alejandra Covello observes that “In La Brava and La Mansa there are high-end products from US$4,500 to US$10,000 per square meter, while used apartments in buildings over 30 years old can be had for half of what the most luxurious ones are worth. These can be very attractive values ​​for a second home or for those who are just starting out, and in products to be recycled, a square meter can be worth US$2,500: for example, an apartment of 100 meters can be obtained for US$250,000″.

La Brava is one of the most consolidated areas of Punta del EsteRicardo Figueredo – THE NATION

Specifically speaking of La Mansa, Mario Seresevsky points out that “in the last five years, this area has become the one that began to have the most ventures in all of Punta del Este. This has to do with the conversion of land facing the sea that was previously single-family and after a change in the urban code, the commune allowed them to develop it into multi-family homes.”

For Covello, “the great highlight of La Mansa was high end projects, as the tower was at the time Watercolor at Stop 18″. In this project, the units are resold for US$4,000 per square meter. These types of products are found, for example, in buildings such as Venetian Luxury Residences. Is about a luxury development at Parada 17 with apartments with two to four en-suite bedrooms, the first stage of which is already being delivered. By way of illustration, a 124 m² apartment sells for US$580,000, this being the lowest price offered in the complex, while the largest units of 370 m² distributed in six rooms are sold for US$2,740,208.

Other top-of-the-range projects were carried out on these beaches, such as Fendi Château Residences, an enterprise of the Château Group that plans to be made up of four towers, of which two of 27 floors have already been inaugurated. In the same, the total 150 units cost between US$1.2 million and US$4 million of between 190 and 550 square meters and have already sold 55%.

The Fendi Château towers have 27 floors each
The Fendi Château towers have 27 floors eachRicardo Figueredo

Other important projects are also in the process of being delivered, such as Paramount, located at stop eight of La Mansa. On this line it is also located at stop 15 of La Brava Green hill, the project carried out in partnership with the Italian house Armani that equips and decorates the departments of 380 m² covered average. In this project in which they are all semi-floors with balconies of different sizes, 100% of the units have already been sold, although some are in revent for US$2.8 million average.

The park is another high-end proposal that was present on these beaches, precisely at Stop 9 and ½ of Playa Brava. With its third tower recently inaugurated in which only one unit remains for sale, the company is about to launch the pre-sale of Tower IV. It is expected that it will be similar to Tower III, where the value of the square meter averages US$3,300 and is made up of 96 units of between 194 and 242 m².

The Le Parc project in Punta del Este will soon launch its fourth tower
The Le Parc project in Punta del Este will soon launch its fourth tower

Another attraction for investors is that the area has a large number of projects that offer long-term financing: “Very important developments have been completed on La Mansa and some even finance 20-year term with rates of approximately 7%”, according to Andrés Kalwill.

Among these is Azure Ocean Reserve, a 5000 m² project in Parada 40 that offers immediate possession through a payment plan with a 40% advance payment in dollars and the balance in 60 fixed installments in dollars or cryptocurrencies. In addition, in some cases it offers “own financing of up to 120 months with a bank rate of 7%,” according to Mario Seresevsky. The development offers 54 units with between one and three en-suite bedrooms; some dupexes with a terrace, measuring from 63 m² to 250 m² with prices starting at US$190,000. Another project that offers long-term financing is View, whose payment plan contemplates 100 self-financing installments with the payment of an advance of 30%. While the first tower is already 95% sold, the pre-launch has already started for the View II in which one bedroom units They start at $150,000.

Another high-end option that can be found in this area is Veramansa, a project that has four of the ten buildings contemplated in the masterplan built and that is developed by the Alvear Group. There are approximately eight finished apartments for sale there with two to four bedrooms – the largest with a private pool in the unit – where the square meter part of the US$3200. This space also offers land for sale for construction. “The pandemic made people re-examine the option of buying lots to build houses within the Veramansa property., which has a lot of green and has a direct access tunnel to the beach”, Kalwill details before detailing that there The lots have an average area of 1,000 m² and start at US$150,000. To build a good quality house, the specialist clarifies that the square meter of construction is around US$2000.

In la Mansa is Veramansa, of the Sutton group, a project that also offers land
In la Mansa is Veramansa, of the Sutton group, a project that also offers land

In La Brava also stands out Signature, a project by the developer Upgrade in conjunction with the construction company CRIBA. Located at stop 30 on the first line, there you can buy apartments with an average size of 300 m² with a terrace. It is a very exclusive and low-rise project, with five floors, with tickets over US$1.5 million.

In recent times, Punta del Este has experienced a boom of “new ventures in the gastronomic field: opening of new restaurants and cafes as an investment for long-term continuity”, observes former mayor Andrés Jafif. One of the places where this growth was most evident was in the Roosevelt Avenue, “an area that in the 70s and 80s was the ugly duckling, people went there only for the supermarket and today it became a development pole. In the last five years, several buildings have been built and at the end of 2021 those that were under construction were delivered, ”says Daniel Salaya Romera, director of the homonymous firm.

According to him, there you get “the lowest ticket given the location, price and quality and it is where the Uruguayan public invested a lot”. The average value of a one-bedroom apartment is around US$140,000. “It is an area that was rediscovered for the whole year: as well as the phenomenon of Escobar, Pilar and Maschwitz in a pandemic occurred in Buenos Aires, in Punta del Este they moved from Montevideo to Roosevelt”, he describes, and defines that this “is now the central city axis of Punta del Este”.

The Colette has 46 apartments ranging from 200 to 600 square meters
The Colette has 46 apartments ranging from 200 to 600 square meters

“Another area that is growing is springs. This year a couple of buildings were delivered and there are more under construction”, observes Aldana Blizniuk Salaya, president of Salaya Romera Properties Uruguay. In this area you can find projects such as Sense, at the gates of the Laguna Blanca neighborhood between La Barra and Manantiales, which began construction in November 2021. LTwo-bedroom units start at US$375,000 and three-bedroom units US$530,000.. There, the launch value has values ​​below the average for the pre-launch stage. In front of it is The Colette, a luxury development of 46 apartments ranging from 200 to 600 square meters. In the same, a 3,000-square-foot three-bedroom serviced unit can sell for about $2.3 million.

Also two projects that can be found in this area is Soul of Springs, where a three-bedroom ocean view unit can be had for $490,000, Y Aldeana which has a tower already delivered and the second under construction. This has a typology similar to that of Le Parc, with a ground floor and four floors, each one divided into four apartments that exceed 240 m².

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