Almost 90% of inquiries related to investments for income are made by foreigners: 65% are Argentines and 20% Chileans.
In the last three months, inquiries from Chilean investors have skyrocketed. According to companies linked to real estate, trans-Andeans have bought approximately 50 properties in this period.
Argentines in the last 10 years have bought more than 1,500 homes in Montevideo, 15% of the total projected and built homes promoted.
Builders and developers agree that trans-Andeans are the new Argentines: they are sometimes interested in more than one home and today it is common to receive calls and emails with inquiries from Chilean citizens.
Chilean investor profile
Consultations are generally made by men, between 35 and 55 years old, businessmen and professionals. They are determined and direct. They are used to investing in properties, they know about the subject, and many times they consult even for entire buildings. In turn, they are interested in opening bank accounts in the country.
They are looking for high rents and, above all, the tax exemptions of the promoted housing.
We also know that there are already developers and construction companies looking for land to build buildings for them, both premium quality and promoted housing.
What is the Chilean investor looking for in Uruguay?
Chileans used to have a high sense of belonging to their currency and a very low level of dollarization. Now, there is a strong trend to open dollar accounts and invest outside your country.
In this context, they stopped looking at Miami and Spain, and turn to Uruguay (Montevideo and Punta del Este), their new investment destination, which attracts and amazes them.
Specifically, in Uruguay, Chilean investors seek: clear rules to establish their capital and legal certainty; profitability, tax exemptions for long periods (for 10 years), low inflation (single digits) and capitalize by betting on a strong dollar.
Criteria for choosing an investment in Uruguay
The Chilean investor is always attentive to offers.
Listing their main interests, it can be mentioned that they are looking for a good return, a new home, a good location and a price in accordance with the quality of the property.
The value of the square meter (m2) is lower in Montevideo than in Santiago de Chile, which is in U$S 3,054.-, while, in the Uruguayan capital, in a promoted housing area, the value of the m2 is in U $2,200.-
In Punta del Este there are some buildings for US$1,800 per m2, generating income of 7% per year, with tax exemptions.
The profitability in Chile in real estate is between 3% and 4%, while in Montevideo, annual rents can be found around 6%.
Like any investor, Chileans are demanding, so they try to be given full advice, but more important than a good price is having a person they can trust. There he begins the best investment of his.