The agents of the sector real estate Uruguayan point out that Colonia It is being a more than attractive destination for Argentines, not only to make their investment profitable, but also as a destination for residents who choose to live in the environment of what the spa town offers as a lifestyle.
According to the latest report from the Uruguayan Real Estate Chamber, the demand for land in Cologne has increased in recent years, especially in coastal and tourist areasintended mainly for family housing projects and tourism.
For Roberto Vivaldo, COO of Century 21 South America, Argentines choose it to invest, mainly “because of the political and economic stabilitybecause it has a large number of tourist attractions and because taxes are low since Uruguay has one of the most favorable tax systems for investors in Latin America, with low rates on property, capital gains and income in general “. But Above all, due to its proximity to Buenos Aires, which allows it to be reached in just one hour by ferry, which leads it to be considered more and more as a satellite of Buenos Aires.
According to the CEO of Amarras Uruguay and Amarras offshore in Argentina, Mariel Devalle, “the high real estate movement grows due to the demand of Argentines, as it happens in all of Uruguay. That is why the offer is very varied, both from brand new apartments and lots to build your own house.” The broker says that, “From Amarras we have begun to study the real estate phenomenon in Colonia, which shows an exponential growth in 10 years. There are even construction projects that aim to double its population”.
One of them is the project +Coloniawhich is already in commercial launch stage. It is a hub for the knowledge economy industry to be developed on a 500-hectare plot of land with 7 kilometers of natural coastline. By December of last year, more than 240 units had already been sold, which implies an investment of more than US$32 million by investors independent and companies. +Colonia aspires to have 30,000 inhabitants over the next 20 years, and hopes to receive the first “máscolonos” in 2025.
What can be bought and at what price: land from US$40 per m2
The offer for the purchase of real estate products includes several options. On the one hand, there are lots in the center of the city of Colonia, which can vary from u$s100 a u$s250 per square meter with typical dimensions between 300 and 1,000 square meters. On the other hand, lots that are near the coast or in tourist areas such as La Barra de Santa Lucía may command higher prices, including u$s300 y u$s600 per square meter.
Argentines who choose to invest in Colonia do so through land located on the coast and in tourist areas.
“If we talk about land in rural areas far from the city, like Carmelo, the prices tend to be lower, generally in the range of US$40 to US$100 per square meter,” Vivaldo points out. On the outskirts of Colonia, near the Carmelo airport, prices can vary from $50 to $120 per square meter.
Argentines who choose to invest in Colonia do so through land located on the coast and in tourist areas from Colonia, such as Carmelo, Punta Gorda, Santa Ana and La Barra de Santa Lucía. “These areas have had a growing interest from international investors and high-income tourists, who seek to acquire land for construction projects for luxury homes, condominiums, and tourist resorts,” explains the COO of Century 21 South America.
The report of the Real Estate Chamber of Uruguay indicates that there are a growing demand for land for the construction of family homes together with the increase in the demand for land for the construction of apartment buildings in urban areas.
“There is also a growing demand for land for agricultural and forestry projects in Colonia, especially in the Nueva Helvecia zone and other rural areas; according to the report, these projects are being promoted by national and foreign investors interested in crop production, livestock and other projects related to the activity. Values are around US$2,000 to US$3,000 per hectare, depending on the location and the quality of the soil,” he adds.
Real estate market: sustainable prices and options
According to the records of Century 21 South America, the pricesos of a small house, between 60 and 80 square meters, can have an average of US$120,000 to US$150,000while larger homes, larger than 150 square meters, can have an average price of around $400,000 to $500,000.
Another growing real estate trend in the city of Cologne is the construction of transportable prefabricated houses from Isopanel. Mariel Devalle says that in the Uruguayan city, “there is a lot of ecological awareness and that is why it is built using these sustainable models. Local companies have already begun to apply these criteria, which is why many young people choose the option of buying the land and building their homes.. It is a more than attractive point to decide to settle in the place”.
The +Colonia real estate project aspires to have 30,000 inhabitants over the next 20 years
The value of the transportable houses, says Virginia Fernandez of SO&AR, “is US$650 per square meter.” The units of 21 square meters with 1 bedroom, 1 bathroom, living room and integrated kitchen are around US$14,000. On the other hand, a house of 70 square meters, with 3 bedrooms, costs around $45,000.
“These are models of ready-made houses, which require very low maintenance, with thermal insulation, thus ensuring energy savings, and which take approximately one month to erect, in some cases, 20 days,” he says.
