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The Spanish first came to
the Punta del Este area in the early 16th-century,
but colonization did not start for nearly another 300
years. Today, Uruguay is a constitutional democracy
with an educated, prosperous middle class and a stable,
growing economy. The country is
safe, although there is crime in the capital city of
Montevideo. While government
corruption is not unknown, it does not rival the
malfeasance found in many other Latin American
countries.
Almost all of the population is of
European descent, primarily Spanish and Italian, and the city
is characterized by colonial
architecture interspersed with modern buildings. The city's
main thoroughfare, Gorlero Avenue, has designer shops,
trendy eateries, cafes, casinos and art galleries, and
because an early resident let his botanic garden get
completely out of hand, gardens overflow with plants
from around the world. Neighborhoods are well kept and
many are quite elegant. The beaches are clean and open to the public. Punta del
Este is often called the St. Tropez of Uruguay, and it is
hard to find a Latin American city with a more robust
appetite for the good life.
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Overall, Uruguay is one of the least expensive places to live
in the world. Punta del Este, because it is a resort, is
more expensive than other areas of the country, but the cost of
living is not much more expensive than the U.S. national
average. Monthly utilities for a single
family residence usually run $50 to $75 a month. Cable TV is
$30 per month. A telephone line is around $8 per month, plus
charges for each call (.10 to .25 each depending on whether a call
is to a landline or a cell phone). Food is inexpensive
- meat and dairy products are produced locally and are very
good. A housekeeper may cost $2 to $3 per hour.
When it comes to housing, Uruguay is foreigner-friendly and
gives foreign investors the same property rights that citizens
enjoy. For many years, affluent Argentines purchased most of the
real estate here, but that is changing as more Mexicans,
Europeans, Chileans and Americans are stepping into the
market. Buying real estate requires hiring a
notary (similar to a lawyer) and following
certain procedures - a 10% down payment is required; the buyer must
receive four guarantees that the property has no liens; the
property must be registered in its locality, etc. - but the
process is fairly straight forward.
This is an
interactive map. Click on the arrows in the upper left hand
corner to move the map to the East, West, North or South, and click on the +/- signs to zoom in
and out.
Punta del Este real
estate comes in all sorts of shapes and sizes, from modest
bungalows to high-end luxury homes. Small apartments
can be found for less than $50,000, and single family home prices start in the mid-
to high-$100,000s for modest residences (two bedrooms
and two baths), some within two to three blocks of the
beach. More typically, though, homes are more
expensive, in the $200,000s and up range (in some cases, way
up). Still, for such a fashionable destination,
these prices are not as high as might be
expected. La Barra is the neighborhood in which
to buy, but it is also one of the most expensive and tends
to attract a younger crowd.
Renting a residence is also an option, and during the off
season, homes along the beach can be had for less than $1,000 a
month. Particularly once January and February roll around, though, prices
quadruple (and the local population swells). When
renting a house, a deposit of five to six times the monthly rent
is also common.
Punta
del Este, Uruguay, Continued....
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