Montevideo
Situated in the south, Montevideo is the country's capital and
the largest city in Uruguay. The city has very traditional customs
mixed with a laid back American approach to life. Montevideo has
one of the most important harbours in Latin America. There are
several beautiful beaches in and around the city which attract
tourists each year, including Buceo beach, Malvin beach and Playa
de los Ingleses. There are several monuments, museums and historic
buildings to admire in and around the city. Montevideo has been
stated as the city with the highest standard of living in Latin
America but sadly it has been overshadowed in both tourist and
investment terms by cities such as Buenos Aires meaning property
prices have remained low. Entry prices for apartments are currently
less than $100,000. Sensible investment property purchases here
will either be in a well equipped coastal development or in
restorations of existing historical buildings, both of which should
remain in demand and therefore provide a reliable exit strategy.
The capital's year round appeal is another lure for investors
looking to obtain consistent rental returns. The rental market in
Montevideo is very good and rental yields can reach as high as
11.4% depending on the size and location of the property in the
city.
Punta Del Este
The St. Tropez of South America, Punta Del Este is the place to
see and be seen in. A vibrant city in a stunning position, it
offers reams of pristine beaches and an elite clientele. Anyone
who's anyone in South America frequents this coveted spot and Punta
Del Este is considered the most up scale resort in Latin America,
known for its good-looking people and lively nightlife. The resort
is becoming increasingly popular with North Americans and
Europeans. The town only has a small population of 8,000 people,
but during the tourist season this number swells to over 200,000.
This coming summer season the city will be receive 83 cruise
vessel calls with an estimated 120,000 visitors, a 60% increase
from 2006/2007. Growing demand for high end property is provoking
increased construction and laying the foundations for a very
successful investment future, although this is already one of the
most developed areas in the country and fears over its
sustainability are arising. Located 130km to the east of the
capital Montevideo, Punta del Este attracts 700,000 visitors every
year with its white sandy beaches and buzzing nightlife. The area
is known for its huge lagoons, 'Del Sauce', 'Del Diario', 'Blanca'
and 'Jose Ignacia'y'Garzon', each one with different qualities for
the practice of various sports. Punta Del Este also has an
exceptional yacht port, which in high season hosts over 500 yachts
and sailing boats from all over the world. January and February are
the busiest months as a handful of celebrities and wealthy
yacht owners take over the 20 miles of picturesque beaches to enjoy
the scorching summer temperatures. Out of season however, the city
quietens and occupancy levels drop off.
Chuy
Chuy is situated on the border of Uruguay and Brazil. The main
street in the town forms the border between the two countries and
because of its positioning half the town speaks Spanish and uses
the pesos currency whereas the other half of the city speaks
Portuguese and uses the reais currency. Although there isn't much
to see in the town it does have tax free shopping and if you travel
outside the town towards the west there is an old Spanish fortress
which is worth a visit. 8 km to the east of Chuy are a cluster of
beaches that form the Barra Del Chuy resort which is popular with
bathers.
Piriapolis
Piriapolis is a small beach town between Montevideo and Punta
Del Este. Piriapolis pre-dates Punta De Este but is less populated
with a more laid back atmosphere. As a beach resort, it is active
between December and March. The town has many attractions such as
Pirias Castle and the natural reserve of native South America,
Fauna. Much is centred on and around the Rambla de los
Argentinos waterfront promenade whilst many bars, restaurants
and hotels are dotted throughout the resorts and town centre.
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