Ola Uruguay Real Estate and Investments

While the jetset, the celebrities, and the big investors from Brazil and Argentina are all looking farther up the coast to areas like Jose Ignacio and Punta del Este, Atlantida should not be overlooked in terms of finding good value real estate. Your property’s value may not appreciate to the same levels as these more trendy, glamorous resorts, but if you’re looking for a new home in a quiet, charming town, with a good quality of life, you should take a closer look at Atlantida.

Last week we took a look at the different neighborhoods of Atlantida; this issue we list some real estate transactions from last year and a selection of houses and prices currently available. One house located on a quiet residential street on the eastern side of Atlantida, a half dozen blocks north of the beach was listed at more than $100,000. There is also a small cottage with living area, kitchen, bathroom, and separate bedroom located on the property in the closed courtyard behind the house. A large parilla and paved parking spot are also inside the enclosed part of the property. The house, constructed a dozen years before, had never been finished on the inside. It was a blank canvas. The two-story house has three bedrooms; the two upstairs have access to a back-facing deck and a front-facing porch. The downstairs kitchen, dining, and living room areas are generous. The sunken living room looks out a bay window. An offer for approximately $10,000 less than asking price was accepted. Finishing work still continues on the home.

Not far away, a beautifully designed and maintained older house sits on a very large lot with mature landscaping. The front of the house features a closed but generously louvered lounge area. To one end of this enclosure is an indoor garden dominated by a banana tree that reaches up to an open skylight above. It is a delightful place to sit on a hot summer evening, and provides a sheltered semi-closed space usable even in the cooler seasons. Inside there is a generous living/dining area and three bedrooms. The house was purchased by American expats from the elderly Uruguayan owner for approximately $78,000.

Straight south from these two homes, just a short block from the beach, we purchased a wooden house. The house has three bedrooms and a bathroom down one side and a long open kitchen/dining/living area on the other side. Since purchase, we have extended the carport parking space on the side of the house to accommodate two vehicles, built a large patio out back between the house and the parilla, and added a feature fountain and garden plots to the front of the house. We use it as a rental. We paid $53,000.

Over in Parque del Plata, an architecturally interesting house, all walled in, was purchased by other American expats for approximately $53,000. One half of the attached double garage has house access and the other one, back yard access through a small workshop. In the back, there is a very large parilla room and a small swimming pool with an adjacent wading pool. Inside, the place is a labyrinth of spaces, including at least four bedrooms, but with some other undesignated spaces that could also become bedrooms, and three bathrooms. It is located close to the supermarket, the river, and the beach.

Back in Atlantida, just behind the Disco supermarket on the main thoroughfare, Artigas, a two-story condo unit with living area, kitchen, half bathroom, and a bedroom on the main floor and large master bedroom and bathroom upstairs, sold for $47,000. There is a very small yard in front and a tiny parilla out back. The unit was constructed in 2007 and purchased for $40,000, but had been renovated since then. The new owners are renting it out this summer at a rate of $90 per day.

Finally, another expat with limited resources bought a two-story adobe style home on a lot that has high walls along three sides and a fence and gate across the front. There are two bedrooms and a bathroom upstairs, plus access to an outside deck. On the main floor is the living room and kitchen. The purchase price was just $28,000. The perceived problems with the house are the location (in Atlantida north, in a poorer area), and the fact that the house is illegal. (See OlaUruguay Issue #26 for a previous article on Illegal Houses.) However, the owner has now lived in the house for several months and has been well accepted by the neighborhood. She has experienced no problems at all. As the house was purchased privately, rather than through a realtor, the legality issue does not have to be addressed unless she wishes to sell her property. She does not plan to do so.

Looking through some current real estate listings I found a house in Atlantida for $410,000 located near the town center. It is a 300-square-meter manor house on a 3,000-square-meter lot with mature trees and privacy hedges, and features five bedrooms and a rare Uruguayan feature, a basement. Houses on the Rambla or near the beach were all priced in excess of $100,000. One overlooking Playa Mansa from a prominent hill is listed at a quarter million. Atlantida is the most expensive community.

To the west in Villa Argentina, a renovated older home of two stories that step down toward the beach a mere 100 meters away comes complete with furniture and appliances, has three bedrooms and just one bath, but is only $95,000. In Villa Argentina north, a three bedroom brick home with excellent fencing, driveway, and very large parilla area with an extra bedroom and bathroom attached to the back of the parilla, can be purchased for just $45,000.

In Las Toscas, I saw listings for a cute looking two bedroom, two bathroom house for just $40,000, and a three bedroom, two bathroom house close to the beach for $60,000. Another interesting Las Toscas property had two homes on a large lot and was listed at $95,000.

Finally, in Parque del Plata I found listings that included $50,000 for a two bedroom home, $55,000 for a three bedroom with a thatched roof, and $68,000 for a nicely landscaped, clean looking, two bedroom, two bathroom house. All of these were within easy walking distance of the river, the beach, and the supermarket.

While the Atlantida area may not have the recognition of some other coastal communities like Punta del Este and Piriapolis, it is the closest to Montevideo and it has houses that can fit nearly any budget.