What started with dozens of inquiries has now become a fait accompli. Chileans have bought about 50 properties in Uruguay in the last six months.
Before this boom, they bought no more than two per year, according to an analysis by the Charrúa-based consulting firm Moebius.
This represents a growth of no less than 2,400% in twelve months.
These new investments show that Uruguay is no longer just a destination for Argentines and Brazilians who want to invest in this country of 3.5 million inhabitants.
Several Chileans also place some of their chips – mainly in the brick and cement sectors – on the east side of the Río de la Plata.
And many others are preparing to disembark.
“For some months, there has been a much higher turnover in the real estate sector than last year. This is due to foreign investors, mainly Argentines and Chileans, but also Peruvians who want to invest and are looking for Uruguay as a country to live in,” explains Gonzalo Martínez, managing director of Moebius.
To attract investors and residents, Uruguay’s President Luis Lacalle Pou promoted a series of fiscal measures in 2020 to attract new residents to the country.
“Chileans used to have a sense of belonging to their currency and a very low level of dollarization. There is a strong trend to open dollar accounts and invest outside their country. They no longer look to Miami and Spain, but to Uruguay (Montevideo and Punta del Este), which is their new investment destination,” Martínez says.