Ola Uruguay Real Estate and Investments

Out of the 32 teams that played in the World Cup, Uruguay was the last to qualify. Consequently, not a lot of people were paying attention to it. The team needed a playoff against Costa Rica to get in; it scraped by with a 2-1 win, and headed to South Africa under the global radar. It was rarely featured on ESPN’s list of Cup favorites, and I am sure few people put Uruguay on their bracket. However, the little team known to its fans as La Celeste ended up sticking around until the semi-finals. All of a sudden, this tiny country, this practically unknown country, was making headlines left and right:

“World Cup: Five lessons England can learn from Uruguay?”

“World Cup stunner as Uruguay wins on penalty kicks”

“The Greatest of the World Cup’s Greats?”

More than journalists calling Uruguay the biggest surprise of the World Cup; more than the enlivening/enraging handball from Luis Suarez at the 120-minute of the match against Ghana, what caught my expatriate eye was a Vanity Fair article entitled Uruguay: The Only Civilized Latin Americans. It was written by a Peruvian novelist who has spent the last month in Montevideo.

While it may be bold to call Uruguayans the only civilized Latin Americans, I couldn’t help but agree with Santiago Roncagliolo’s reasoning. I am of course 100% biased. I love Uruguay.

Writing for Ola has given me a lot of opportunities to reflect upon my time as an expatriate living in Montevideo. But it isn’t often that I identify with other accounts about the country I have come to call my second home. Roncagliolo’s insights were an affirmation to what I strive to convey each week: Uruguay is a favorable option for foreign investment, and a wonderful place to call home.

Uruguay was the first Latin American democracy, and the first country to let women vote. Conflicts are solved by referendum, and Uruguayan politics generally lack the renowned drama of Argentina. As a people, Uruguayans tend to be modest, they are not usually boastful. They are known for being friendly, family-oriented, and conservatively ambitious. They wait for results. They, like their soccer team, are workmen. Their cautious culture is one that careful investors can appreciate (as well the nation’s secure banking laws, ones that view foreign and national investors as equal). Socio-economically Uruguay is also very notable: it has high national literacy rates, a large urban middle class, and relatively even income distribution. Compared to other Latin American nations, the standard of living is high. You can drink the water from the tap, ride the bus comfortably to and from Montevideo; catch an opera performance at Teatro Solis, a cappuccino at SOA art gallery, and take a long walk along the rambla. You can buy your fruits and vegetables at a famer’s market almost every day of the week. These and perhaps the presence of the widest river in the world, lend for social calm that I love.

Politically, Uruguay is also solid. According to the US State Department, “Uruguay is a strong advocate of constitutional democracy, political pluralism, and individual liberties.” It shares with the US “a common outlook and emphasis on democratic ideals.” Uruguay also has “strong political and cultural links” to Europe, especially Spain. In international affairs, Uruguay is guided by the principles of non-intervention, multilateralism, and respect for national sovereignty. The country often presides over international bodies thanks to its well-trained professional diplomatic corps and  the nation’s general political neutrality. Domestically, governing bodies rely on the rule of law to settle disputes. The last point lends for a stability that benefits export markets as well as foreign investments, and dare I say is quite civilized. Uruguay’s low drama is yielding high results, on and off the soccer field.

According to the 2009 Governance Barometer, which assesses perceptions and prospects of 21 countries of Latin America and Ibero-America, Uruguayans are among the most positive minded in the region. When asked about presidential performance and an adequate management of political stability, 48% of the populace surveyed said Uruguayan president Jose Mujica was acting in a “good” way and 61% supported his performance so far. This internal optimism breeds external confidence. Real estate investments abound in Montevideo, Piriapolis, and Rocha. Argentines, despite having arguably the best topsoil in the world, are flooding to Uruguay looking for a safe place for their money. Just this week the Uruguayan newspaper El Observador featured a story about Punta del Este’s experiencing an uncommon rise in year-round expat residents, which is supplementing the city’s strong summer economy with perennial cash-flow.

While cost of living is not the cheapest in Latin America, what Uruguay affords is a great quality of life. Don’t take my word for it, according to Mercer Human Resource Consulting’s Quality of Living Ranking of 215 cities taking New York as reference, with 100 points, Montevideo was chosen as the best city to live in Latin America! With sound physical and social infrastructure, a temperate climate, and favorable banking laws, Uruguay is becoming a go-to destination for investors and retirees alike.

It is hard to say whether Uruguay is the most civilized of Latin American countries, but without a doubt, expats like myself and Mr. Roncagliolo are moving to Uruguay because it is a place unlike any other. And their winning soccer team is the icing on the cake!

Read the full Vanity Fair article, Uruguay: The Only Civilized Latin Americans, here.