The rule of thumb is that good transport connections boost property markets. In Uruguay we can find the exception to this rule. Here, a seaside resort called Punta del Este has become the darling of international celebrities, despite, or because of, its inaccessibility to much of the rest of the world.
Punta is a sprawling resort community on Uruguay's eastern coast, dubbed by its fans “the St Tropez of South America”. During the peak season, from December to February – the South American summer – the town's population swells twelve-fold from 30,000 to 380,000, made up mostly of Brazilian and Argentine holidaymakers.
Punta's remoteness may put off many would-be second home buyers and investors from outside South America. The town's airport only serves nearby South American destinations, while the airport at Uruguay's capital, Montevideo, is two hours away by road. What's more, it receives few direct flights from outside Spain and the Americas.
However, celebrities love it. They won't find many paparazzi or stalkers down here, because it is too far for them to go. Michael Caine, Ralph Lauren, Naomi Campbell, French footballing legend, Zinedine Zidane, and Viscount Portman, owner of London's Portman Square, are famous names from the northern hemisphere who visit regularly. Martin Amos, Shakira and Eva Herzigova own holiday homes in Punta. Argentina's high society takes up residence during the summer when Punta becomes one of the world's top party destinations on New Years Eve.
“Huge numbers of people vacation there during their summer,” says John Hitchcox, chairman of designer developer YOO, “It is very chic, very elegant. In peak season it is wall-to-wall mercedes. Everyone who is anyone is there.”
The coastline has become a showcase for modernist architecture. Buyers buy plots of land and then hire architects to design holiday villas for them - these come in a breathtaking variety of shapes, sizes, and materials, that demonstrate the versatility of this architectural style. Sprinkled among them are nineteenth century thatched houses and the occasional flight of fancy, including a mansion designed to resemble a Moorish castle.
This has all meant that Punta has grown from a small community centred around a lighthouses at the tip of the point which sticks out to sea, to a resort community that stretches 20 miles up the coast. The town centre is dominated by apartment blocks.
Punta's popularity with big spending socialites and celebrities is attracting upmarket international estate agents like Christies and Sothebys, and developers of designer homes. New arrivals include Obsidian, a British developer which is building 13 detached modernist villas on its 90 hectare Villalagos estate close La Barra, a fashionable district of Punta. Michael Caine's daughter, Natasha Caine, is interior designing the homes which are targeted at the crème de la crème of Punta high society. Prices start at a little under $2 million.
In the heart of Punta, YOO and Miami-based developer, K-Group Holdings, are refurbishing a 22-storey apartment building. YOO's creative director, Philippe Starck, has given the interiors his trademark style - contemporary, glamorous, slightly Alice in Wonderland – chandeliers hang in communal parts, including the outdoor swimming pool area, and beds in its $300,000 apartments have giant, antique picture frames as faux-headboards.
Most buyers here and elsewhere in Punta are Brazillian, Argentine and Uruguayan. Aside from the occasional celebrity, buyers from other continents in Punta tend to be wealthy individuals who own pads in all the usual places like London, New York, the Alps, Phuket, French Riviera, and so want something new and exotic to add to their portfolio.
As Brendan Baury, Obsidian's development director at Villalagos, says “they are international businessmen who are looking for their fourth and fifth or more holiday home.” He believes Punta has great investment potential, adding that although mostly empty for much of the year, weekly rents of $100,000 are charged for some of the better homes in peak season he says.
Less expensive homes are available for purchase. Most modern two and three bedoom apartments tend to be around $160,000 and houses can be relatively inexpensive.
Punta is a sprawling resort community on Uruguay's eastern coast, dubbed by its fans “the St Tropez of South America”. During the peak season, from December to February – the South American summer – the town's population swells twelve-fold from 30,000 to 380,000, made up mostly of Brazilian and Argentine holidaymakers.
Punta's remoteness may put off many would-be second home buyers and investors from outside South America. The town's airport only serves nearby South American destinations, while the airport at Uruguay's capital, Montevideo, is two hours away by road. What's more, it receives few direct flights from outside Spain and the Americas.
However, celebrities love it. They won't find many paparazzi or stalkers down here, because it is too far for them to go. Michael Caine, Ralph Lauren, Naomi Campbell, French footballing legend, Zinedine Zidane, and Viscount Portman, owner of London's Portman Square, are famous names from the northern hemisphere who visit regularly. Martin Amos, Shakira and Eva Herzigova own holiday homes in Punta. Argentina's high society takes up residence during the summer when Punta becomes one of the world's top party destinations on New Years Eve.
“Huge numbers of people vacation there during their summer,” says John Hitchcox, chairman of designer developer YOO, “It is very chic, very elegant. In peak season it is wall-to-wall mercedes. Everyone who is anyone is there.”
The coastline has become a showcase for modernist architecture. Buyers buy plots of land and then hire architects to design holiday villas for them - these come in a breathtaking variety of shapes, sizes, and materials, that demonstrate the versatility of this architectural style. Sprinkled among them are nineteenth century thatched houses and the occasional flight of fancy, including a mansion designed to resemble a Moorish castle.
This has all meant that Punta has grown from a small community centred around a lighthouses at the tip of the point which sticks out to sea, to a resort community that stretches 20 miles up the coast. The town centre is dominated by apartment blocks.
Punta's popularity with big spending socialites and celebrities is attracting upmarket international estate agents like Christies and Sothebys, and developers of designer homes. New arrivals include Obsidian, a British developer which is building 13 detached modernist villas on its 90 hectare Villalagos estate close La Barra, a fashionable district of Punta. Michael Caine's daughter, Natasha Caine, is interior designing the homes which are targeted at the crème de la crème of Punta high society. Prices start at a little under $2 million.
In the heart of Punta, YOO and Miami-based developer, K-Group Holdings, are refurbishing a 22-storey apartment building. YOO's creative director, Philippe Starck, has given the interiors his trademark style - contemporary, glamorous, slightly Alice in Wonderland – chandeliers hang in communal parts, including the outdoor swimming pool area, and beds in its $300,000 apartments have giant, antique picture frames as faux-headboards.
Most buyers here and elsewhere in Punta are Brazillian, Argentine and Uruguayan. Aside from the occasional celebrity, buyers from other continents in Punta tend to be wealthy individuals who own pads in all the usual places like London, New York, the Alps, Phuket, French Riviera, and so want something new and exotic to add to their portfolio.
As Brendan Baury, Obsidian's development director at Villalagos, says “they are international businessmen who are looking for their fourth and fifth or more holiday home.” He believes Punta has great investment potential, adding that although mostly empty for much of the year, weekly rents of $100,000 are charged for some of the better homes in peak season he says.
Less expensive homes are available for purchase. Most modern two and three bedoom apartments tend to be around $160,000 and houses can be relatively inexpensive.
Punta may be a long way away, but as Michael Caine and company have shown it is a place that draws the rich and famous back year after year. Maybe, exactly because it is so far away.
(All The World's a Home : Global Property News)
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