Baltimore, MD (PRWEB) March 27, 2013
InternationalLiving.com has uncovered a range of properties in Punta del Este—South America’s most fashionable resort area—with price tags starting below $150,000.
Punta del Este, less than two hours from Uruguay’s capital of Montevideo, has long been the most sought-after resort on the continent.
“An apartment sold here a few years back for $7.2 million,” explained report author David Hammond. “That makes Trump’s new tower, where prices stop at $2.5 million, seem a bargain.”
However, an article in the March issue of International Living magazine revealed how a fully furnished apartment close to Punta del Este’s marina, which comes with WiFi, 24-hour porter, maid service and remote-controlled lighting, is on sale for $128,000.
“This property is right across from a new condominium building with large units that recently sold for over $1 million each,” added Hammond.
In the nearby neighborhood of Aidy Grill, where properties regularly fetch more than $400,000, a 323-square-foot remodeled studio apartment close to the beach with parking, community barbecue area and laminate floors, is available for $82,000.
In Playa Mansa, close to a number of sheltered, picturesque beaches as well as a number of shopping and dining areas, a 538-square-foot, two-bedroom apartment is listed for $140,000. It is in a low-rise building and includes a terrace, barbecue area, parking and is within a few blocks of the beach.
Hammond explained that properties in high-value districts are available at such low prices because Latin American buyers do not view location as the most important factor when considering a property.
He added, “Folks from North America determine a property’s value by three factors: location, location, location. But in Punta del Este’s condo market, a property’s location is less important.
“For locals and other Latin American buyers, how new a unit is, the size and style, and building services generally have a greater weight in value than they do in North America.”
Hammond continued, “This can mean a lower entry price in premium neighborhoods than you would expect.”
The full report on real estate in Uruguay, which appeared in the March edition of International Living magazine, can be read here: "Affordable Properties in the Best Areas of Punta Del Este, Uruguay".
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