Comfortable Living, Friendly Locals, and Pocket-Friendly Real Estate

Wednesday, August 19, 2009

You can live in first-world comfort in Uruguay…at third-world prices

Dear Reader,

Uruguay rarely makes the headlines. Yet it’s on my shortlist for a number of reasons.

There are no natural disasters. The crime rate’s low. It’s safe, stable, and cultured. The infrastructure, from modern airports to roads, is first-class.

The climate is mild year round. It’s seasonal, but without extreme cold or heat…no ice or snow.

This country goes quietly about its business…and a GDP of almost 12% in 2008 showed how successful Uruguay is at doing so. The subprime crisis doesn’t exist here, and Montevideo’s largest shopping mall plans a $100 million expansion, adding to the 200 stores already open. Retail therapy is alive and well in Uruguay…

And what’s truly amazing, Uruguay is still attracting more foreign buyers.

My scouting trips are normally fairly extensive. I don’t select a location, zone in on a handful of real estate projects, and then do a flying visit of the projects. I prefer to check out the area thoroughly, and get a feel for it. In an average month I’m away from my home base in Panama for two weeks.

At least that was the case until now.

This year I decided to spend an uninterrupted six months on the road, in three different countries—Uruguay, Argentina and Brazil. I’m spending a couple of months in each country. In Uruguay, I’m setting up bases in Montevideo and Punta del Este…while in Brazil it will be Recife and João Pessoa.

My objective is fairly simple. Find the best real estate opportunities in each country.

I won’t be based in hotels and tourist zones. I’ll be renting apartments in each country…shopping in supermarkets, and using local services…in other words, living as an expat. This will give me an insider edge on the potential of each location for relocation or a second home. I’ll meet key local contacts, such as attorneys, real estate agents, and the people and offices that expats will need to get things done.

And the people in fact, have been one of my most pleasant surprises here.

Uruguayans are polite and reserved when you first meet, to the point of formality. Make friends with them, though, and you have a friend for life. For Uruguayans, family and friends come first.

Quality of life here is unrivaled in Central and South America. The pace is relaxed and unhurried. The tap water is drinkable. The food is excellent, from the freshness of the fruit and vegetables, to the quality beef, and hand- made pasta.

Most importantly, the country’s real estate prices don’t reflect the benefits that Uruguay offers. Pricing remains incredibly affordable.

I’m starting in Uruguay’s capital city of Montevideo. My preliminary research here tells me that the city has a couple of property hotspots that are worth investigating more closely. In my next alert, I’ll have full details to share with you.

Margaret Summerfield