Uruguay attracts luxury investors

Villas and spa clubs are not just attracting celebrities and the rich to Uruguay, but property investors seeking out low risk investment in increasingly popular parts of the world.

Uruguay is being described as many things - the hippest destination in South America, the new St Tropez, South America's Hamptons, among others. And with a regular trail of glittering celebrities like supermodels Naomi Campbell and Gisele, it is also proving popular with the emerging elite from Rio and Sao Paolo as a weekend and summer destination.

EM Concepts, an entrepreneurial London based property specialist, is one company with offplan deals on the Uruguay market. It is offering villas with 360 degree views set back from the white sand beaches just 20 minutes from glamorous Punta Del Este at the Sugar Loaf Ocean Club.

Those with money to spend are realising that Uruguay is the kind of place which keeps sensibly quiet about its assets and is a low risk investment. Financially and politically speaking, it feels like Switzerland. Except for the cost of living, which is 40 to 60 per cent lower than the UK.

Mickey and Gene Sleeper are investing in Sugar Loaf as their springboard to explore the rest of Uruguay. 'We like the cleanliness, lack of bumper to bumper traffic, and the fact we can fit in as locals. As an active semi retired couple with property in Alaska, Belize and Panama, we believe in Uruguay and plan to spend time there,' said Mickey. They were also attracted by the location and amenities including infinity pools, restaurants, spa and helipad.

For those seeking a less glamorous existance the old seashore resorts between Montevideo and Piriápolis seems to have been frozen in time, as the crowds moved up the coast to the more-chic resorts of Punta del Este and José Ignacio.

Entrepreneur Steve Bowman and his wife, Chris, looked in Panama and researched other tropical locales before they bought property in Piriapolis, Uruguay's old resort town. Their reasons for choosing Uruguay included the country's stability and relatively unspoiled coastline, as well as the friendly people.

'The main reasons are the views of the Atlantic. The only mountains in Uruguay are here. It is a cosmopolitan small town setting with low property prices/taxes. Also, crime is almost non-existent,' said Bowman.

'We like the friendly people, the fact that our property rights are protected by the constitution and prices are reasonable. In addition, we feel the Piriapolis area is a value play. For the last few decades, it's been the poor cousin of the La Punta high rollers. This is beginning to change.

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