Punta del Este: real estate prices survey
Argentines who have sheltered their US dollars in this summer resort have driven an increase in property values over the last year.
You can now access the 4th annual survey covering 54 developments under construction or for sale in the Punta Ballena – La Barra corridor.
This annual update of the survey conducted by Reporte Inmobiliario in Punta del Este shows that most condominium developments (44%) are still concentrated in the area of “La Punta,”, with a lower percentage in “la Mansa” and “la Brava” corridors.
During the last year, 13 new developments were added within the monitored area and 12 were removed from sale by the developers (sold out). Thus, there are currently 54 projects in the market (one more than last year).
The area and projects under construction show a remarkable stability as compared to last year.
(Click here to see the expanded plan with the location of the developments)
Asking prices for the new units have increased an average of 15.44% during the last year, one of the highest increase rates since 2005. Today, the average square meter value for the entire sample is USD 3,110
The highest priced units in this seaside city are ocean-front, reaching a current average price of USD 3,694 per m2. Ocean-front condominiums also showed the highest price increase (+21.39%) during the last year in Punta del Este.
Prices of developments located in “La Brava,” or the ocean-side of the Peninsula, have also increased considerably (+21.22%) during the last twelve months.
"La Punta” is the area with lowest price growth, due to the high number of projects on offer downtown and in the area of Roosevelt Ave. and the Conrad Hotel (24 developments). “La Mansa” also shows a lower price growth than other areas, although still higher year-on-year, as in the case of “La Punta”.
LEFT TO RIGHT: The second block of Le Parc (in reinforced concrete), Torrelobos and Tiburón are three projects which were favored by the international crisis and the flow of Argentines eager to shelter their US dollars overseas
Today, the project with the highest value per m2 in Punta del Este is Le Bleu, the harborside building designed by Uruguayan architect Carlos Ott, with list price of USD 7,680 per m2. After being the priciest for several years, the Acqua condominium, designed by renowned Uruguayan architect, Rafael Viñoly at USD 6,038 per m2, has now slipped to second place; Aquarella is in third place, with an asking price of USD 4,590 per m2.
Only 5 developments are offered for sale under USD 2.000 per sqm.
According to the Maldonado municipality the number of m2 construction permit applications in 2009 (296,400 m2) decreased from 2008 (380,950 m2). However, this decrease has not yet translated into a lower number of projects under development.
In recent years, Punta del Este has been in excellent position to receive foreign investment, traditionally from Argentines but also lately from Brazilians. Buyers are attracted by Punta del Este´s urban, natural and human qualities, or otherwise choose to withdraw wealth from their countries due to legal, tax, or safety matters. This has created a virtuous cycle for this city located in the department of Maladonado and has allowed the improvement of its facilities and infrastructure, helping it become one of the most attractive South American summer resorts.
Next July, Reporte Inmobiliario will hold its third “Real estate investment in the region” a conference and study tour held at the Conrad Hotel. This is a good opportunity to learn about the new projects underway the city and to network with developers and investors in the resort.
PLEASE CLICK HERE TO SEE THE SURVEY SPREADSHEET, COVERING: ADDRESS, PHOTOGRAPHY, BUILT AREA AREA, TOTAL PRICE, M2 PRICES IN DIFFERENT AREAS, BROKER, BUILDER, TYPES OF PROPERTIES ON SALE AND DEVELOPMENT OF EACH PROJECT.
PLEASE CLICK HERE TO SEE 2009 REPORT
PLEASE CLICK HERE TO SEE 2008 REPORT
((Please click here to see a larger photo of Marigot Playa Brava)
(Please click here to see a larger photo of Quay)
(Please click here to see the photo “construction of Le Parc Punta del Este”: at the back, block one already finished and at the front block two under construction)
© ReporteInmobiliario.com, 2003-2010, Monday, January 18, 2010
METHODOLOGY: For a homogeneous comparison criteria, the survey considers the most common unit type in each development. In all cases, the total price includes 1 or 2 parking garage units, depending on the project scale. If the parking spots are not included in the price, they are added to the price of the apartment. In every case, the survey uses data on apartments in the 4th, 5th and 6th floors, unless no units are for sale on such floors. In towers with more than 20 floors, the data comes from units in the middle of the building. The reported units are homogenized (100% indoor area and 50% balcony area) and common areas or garage units are not included for this survey´s purposes.
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