URUGUAY anyone??

Discussion in 'Panama Property' started by Sunnyshores, Nov 21, 2007.

  1. Sunnyshores

    Sunnyshores New Member

    From Brazil thread - any other South American countries?

    Hi Greg,
    I've just spotted this thread on my reserarch for Uruguay. I'm very keen on Brazil and have brought some land there, but cant find anything else at present, so am researching Uruguay.

    This interest started when I saw a couple of copies of the American magazine International Living - albeit primarily for Americans wanting to retire abroad, rather than invest.

    For the past 5 years they have been advocating Panama as the best location for Americans to retire (quality of life, finance, healthcare etc), which apparently loads have and prices have trebled in some areas there (my independent research confirms this).

    Anyway, this year they are raging about Uruguay, in particular Montevideo. My very initial research shows it to be affordable and an arcitecturally beautiful city. They also say Americans are investing in Argentina where they can no longer afford Panama.

    Anyone else interested in Uruguay?

    ------------------------------------------------------------------------------------------------------------------------------------------------------------

    Hye there Sunnyshores,

    I had considered Uruguay (both the city location of Montevideo and the beach location of Punta del Este). Prices look even better than Brazil and Argentina. I just wonder about tourism draw. If I am investing to generate cash flow, what kind of occupancy can I expect. Does anyone know of a good source for this type of info?

    I have been to Colonia, and even considered investing there. But that town feels a bit too small. Also, I did a search for vacation rentals in Uruguay and had a hard time coming up with anything. This makes me wonder just how much of a demand there is for vacation rentals in Uruguay.

    I'll keep looking though!

    Greg
     
    Last edited: Nov 22, 2007
  2. Sunnyshores

    Sunnyshores New Member

    Hi Greg,

    Were you just looking at foreigners renting 'vacation' homes in Uruguay or Uruguian tourists ?

    What I'm keen on at present is looking for properties that appeal to the local market for residential letting - like traditional Buy To Lets in the UK - these growing economies have expanding middle classes and I'd like to aim at them.

    I do have a few holiday homes abroad, but its quite hard going finding competent local managers, many tenants from many countries, all wanting something slightly different, different languages, currencies . . . I'd never do holiday lets in the UK, so I dont know why I thought holiday lets abroad was going to be OK!!

    I figure that one type of tenant ie a local Uruguan family that stays for a few years, has to be easier. Anyway, thats the plan. Montevideo fits this scenario quite well, so thats where I'm concentrating.

    SS
     
  3. Sunnyshores

    Sunnyshores New Member

    copied from other forum

    I am actually looking at short term rentals to either locals or foreign travelers. My main concern with local long-term rentals is the ability to have someone who isn't paying removed. I've heard/read that in many countries, it can take years to get rid of a non-paying long-term tenant (this is what I've heard in Argentina). As a result, many people are only renting out their units on a weekly or monthly basis with the max term being 6 months (I think the tenant gets certain rights if they are in the unit for more than 6 consecutive months).

    I don't know what that laws in Uruguay are, so its definitely something to look into and consider. I also think you get more money when you rent short term.

    Greg
     
  4. Sunnyshores

    Sunnyshores New Member

    Greg,
    thats interesting, naively I hadnt even considered the legal aspects of letting in another country. More research . . .
     
  5. Sunnyshores

    Sunnyshores New Member

    I've found an interesting website with all sorts of property and tax info for most countries of the world. The below link is for Uruguay which it describes as having a pro-landlord rental market (same score as UK).
    Taking all things into consideration it gives it 4 out of 5 for property investment for non-residents (UK gets 3/5)
    Global Property Guide - Latin America - Uruguay: Taxes and Costs

    is anyone going to join me here???
     
  6. PeixeGato

    PeixeGato New Member

    Looks like people prefer the markets with bigger hype (i.e. Brazil). of course, that allows true investors the opportunity to get some good deals in places that aren't being touted in all of the newspapers.

    Greg
     
  7. Sunnyshores

    Sunnyshores New Member

    Interesting when the above property guide only gives Brazil 2 out of 5 for investing potential :
    Positives
    1. Biggest in Latin America
    2. Pro-landlord rental market
    Negatives
    1. Moderate to high rental income tax - 25% with no allowable deductions!
    2. Moderate transaction costs
    3. Inflation is higher than yields
    4. High inequality & poverty

    Although, I can see why people are buying there, its so easy. I've been able to research Uruguay well enough, but dont think I'll be able to source a deal without travelling there myself. Probably the best way, but it is time consuming.

    (Note : not condemming Brazil, I have invested there too.)
     
  8. EM Concepts

    EM Concepts New Member

    Having spent a week in Uruguay researching the market a few weeks ago we are very excited about this market. Local demand is the key, not reliant on UK/European tourism but the very real fact that Argentinians & Brazillians love it there - check out the car number plates in Punta Del Este, Piriapolis and even Montevideo and you'll see what I mean. We are just launching a luxury development outside of Piriapolis - I wont put all the details on here now but suffice to say that there is a big lack of quality accomodation for local tourists even in the most exclusive areas. If anyone would like more information on the development we are offering please send me a message.
     
  9. oregon woodsmoke

    oregon woodsmoke New Member

    Uruguay is my target country. I've done all my research. All the remains is to go down there and see if I still like it in person.

    I am buying a snowbird home for myself. For vacation rentals, the rents are extremely high, but the tourist season is very short; literally no more than 6 weeks out of the year.

    For year round rentals, the local salaries are not generous, so rents are not going to be high. But if you get more than a couple of blocks off the beach, prices of houses are quite reasonable.

    Office buildings seem reasonable in cost to me, and that is another possibility for investing.

    I do not know about tenants who do not pay rent, but in all of South America and Cenrtral America, if you get squatters in your house, it might take years to get them out.

    Uruguay is a country with a low level of corruption and a high level of compliance with the laws, so I suspect that collecting rent is not going to be such a big issue.

    If you can speak any Spanish, or have access to a Spanish dictionary. Buscandocasas is the site to look at for prices. They liist preprties for sale, for long term rent, and for vaction rentals.

    When I speak to people who live there, they tell me that if you want a vacation rental, that the ones that do the best are in Punta del Este and have both pools and maid service.
     
  10. amac

    amac New Member

    Anyone looked at the Sheraton Golf development at Colonia del Sacramento?

    andrew
     
Loading...

Share This Page