South of Route 10, on the border between Maldonado and Rocha, the El Caracol area is the cradle of new regional and extra-regional investments.
The maritime farms located on the first line of the sea are the most coveted by buyers who see Rocha as a nature reserve and a place to protect their heritage and enjoy a private and wild environment.
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“The international airport project mobilized a lot,” said Ignacio Sorhuet, director of Real Estate at the real estate master franchise Fine & Country, in Uruguay, and highlighted that although the pace of the market cannot be similar to that of Maldonado, “stronger projects are beginning to be seen.”
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The farms facing the sea, for example, have a value of around US$6 million, Sorhuet explained based on one of the latest sales in the area. Those who go after these large areas of land that usually have imposing built properties come, above all, from Brazil, but more and more Europeans are also interested, the real estate agencies highlighted.
Sandra Sofio, Partner Licensee of Engel & Völkers in Uruguay, stated that although it is a market that evolves at a more moderate pace than Punta del Este, “in the last two years we have observed greater dynamics in both consultations and transaction closures.”
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Sofio highlighted that this growth occurs mainly in La Pedrera and San Antonio and with a growing presence of European buyers.
Added to this is that, recently, properties have begun to adapt to being permanent homes. “Before the houses were summer houses, they did not have heating or the necessary amenities to function all year round and today they have it and are luxurious,” Sorhuet emphasized.
Why do investors choose eastern Uruguay? According to the real estate agencies, they choose it because it is a safe place with a good quality of life for retirement or to spend two or three months a year.
