Paradise Uruguay Real Estate Network

Montevideo real estate provides a broad selection of communities and price ranges, making it possible for just about anyone with a nest egg and an adventurous spirit to own real estate in the city Mercer rates as being “the most livable” in South America.

Montevideo is Uruguay’s capital city and main commercial center with a population of 1.4 million. The city is comprised of 59 distinct communities. Among the areas of most interest to new residents and foreign investors are Ciudad Vieja, Centro, Pocitos, Punta Carretas, and Carrasco.

Real Estate in Montevideo’s Ciudad Vieja

Ciudad Vieja is the Montevideo real estate opportunity that has been covered in the international press. Ciudad Vieja translates to Old City. It is an eight by 12 block community that was the original city of Montevideo when it was founded in 1730. Ciudad Vieja is filled with interesting architecture, squares, and monuments. It is the location of Uruguay’s main port and financial district, as well as being the city’s most popular area for tourism.

Many of the buildings in Ciudad Vieja sat empty as people in decades past moved away from the downtown center to newer developing areas of the city. (New was good, old was bad.) However, now, Ciudad Vieja is coming back to life as properties are being purchased and restored by historic architecture aficionados and investors. Many of whom have observed the pattern of increased property values that has accompanied the revitalization of colonial communities in many parts of the world, including Panama’s Casco Viejo and Columbia’s Walled City of Cartagena.

Apartments for sale in Ciudad Vieja range from 25,000 to about 80,000 US dollars. Anything priced below 40,000 US dollars will probably need significant refurbishing.

Ciudad Vieja is also one of the only places in Montevideo where an investor can buy a whole building with several units. Whole buildings can be purchased in a range from 160,000 to 450,000 US dollars.

Real Estate in Montevideo’s Centro

Centro was the first addition to Montevideo’s Ciudad Vieja. Centro has beautiful architecture from the first third of the 20^th century, along with picturesque squares and public monuments. Together, Ciudad Vieja and Centro make up Montevideo’s main business and cultural center, with the majority of the city’s professional offices, hotels, restaurants, theaters, nightclubs, and tourist attractions.

Centro is a Montevideo real estate opportunity that provides the chance to live close to the City’s best restaurants, theaters, and nightspots at an affordable price. Most apartments in Centro fall in a price range from 40,000 to 140, 000 US dollars.

Setting aside size, condition, and view, the lowest priced apartments are in the taller buildings above markets and shops along the main avenues. There are also lower density buildings with residential apartments a few blocks off the main avenues, which will usually be priced a little higher.

Real Estate in the Montevideo community of Pocitos

Pocitos is a popular Montevideo residential community east of Centro. It has newer, more modern, architecture than Centro, and is also the most densely populated community in Montevideo, with most apartment buildings standing 10 stories or higher.

There are two reasons for the popularity of Pocitos. One is it has a nice sandy beach on the Rio de la Plata. The second is that Pocitos is like a secondary (smaller and more modern) city center. It is the location of Montevideo’s World Trade Center, and has some hotels, a variety of dining, culture events, and its own nightlife.

Because of the large number of apartments in Pocitos, there are usually many to choose from. There are usually good selections of apartments for sale priced below 100,000 US dollars, with the majority of apartments priced in a range from 100,000 to 250,000 US dollars. Pocitos also has houses for sale; most of them are priced in the low 200’s.

Real Estate in the Montevideo community of Punta Carretas

If you are the type of person who cherishes urban green space, you will love the Montevideo real estate opportunities available in Punta Carretas.  Punta Carretas is located just west of Pocitos.  It has a grassy park in the middle of the residential and business area, and on the west side of this community is the Club de Golf del Uruguay, an 18-hole golf course in the middle of the city on the coast of the Rio de la Plata. Punta Carretas also adjoins Parque Rodo, a large park with a pond, amphitheater, playgrounds, and amusement parks. There is even a park that goes out onto a narrow peninsula to a lighthouse.

Apartments in Punta Carretas cover a broad price range that graduates a fairly evenly from 150,000 to 750,000 US dollars. Most houses in this community are priced from 150,000 to 250,000, with some priced over 400,000.

Real Estate in the Montevideo Community of Carrasco

On the east side of Montevideo is the upscale suburb community of Carrasco. Carrasco is popular Montevideo real estate option for executives and affluent foreigners relocating to Montevideo.

It is close to Uruguay’s international airport and Zonamérica (an office park located in a free trade zone). The Carrasco Polo Club is famous for its highly ranked rugby team as well as its equestrian program. Carrasco also has several private bi-lingual schools. 

Carrasco real estate is different in that there are many more detached single family homes with their own yards than apartments. The price range for these homes range from under 200,000 to over 2million US dollars. However, the majority of homes are priced between 300,000 US dollars to 600,000 US dollars.

There are some apartments available in Carrasco. Most apartments fall in a price range from 200,000 to 300,000 US dollars, with a few topping 600,000.

Montevideo real estate provides the opportunity for people with a wide range of property requirements, lifestyle preferences, and budgets to realize the dream of having a full time home, getaway, or investment in South America’s most livable city.

Note: price illustrations are as of Nov. 2009