Ola Uruguay Real Estate and Investments

Some months ago The New York Times wrote an article about a house located in the tiny town of Garzon in Maldonado, Uruguay. As usual when I find glowing articles about Uruguay in large publications, I was ecstatic. The article, entitled In Uruguay, a House That Disappears Into the Landscape, featured the home of the English couple, Martin and Annie Summers, who live in Garzon from December to March (Uruguay’s high season). Describing Garzon, Mr. Summers said, “It’s a small but growing community of people who love the peace and quiet. I shed a little tear when I leave.” So excited was I to read of another expat’s love of Uruguay, I wrote Mr. Summers directly asking for his thoughts on living between his home nation and Uruguay. What I got was an email about the loveliness of Pueblo Garzon and why, if you have the means to buy there, you won’t be sorry.

“A marketing genius.”

Buying in Garzon isn’t cheap. It will never be featured in a story about real estate bargains in Uruguay. It is not for those looking to pinch a peso or two. It is pure chic and is being considered the real estate hot spot in Uruguay. Mr. Summers and his wife came to Uruguay thanks to their great friend—the master chef—Francis Mallmann, who is half Argentinean and half Uruguayan. Mallman is a world-renowned culinary figure. He has won the award for Medaille d’Or de Gastronomie in Paris and is what Jose-Ignacio-based realtor Ignacio Ruibal calls “a marketing genius.” According to Ruibal, “[Mallman] could sell you a rack of lamb that costs your salary, like he was selling a frying pan door to door.” Diligent, detailed, and quality-based, Mallman is said to be charming and committed to excellence—in and out of the kitchen. He is evidently a real estate visionary as well. In the late 70’s he opened up Jose Ignacio. When that became too crowded he started looking for new pastures. He bought some properties near to Jose Ignacio, in the unknown inland town of Pueblo Garzon. While the town once had a population of around 2,000 people, when the railways went bankrupt in the ‘70s everyone—but a few—left. Mallman took a risk and opened a hotel and elegant restaurant, which he named simply, Hotel Garzon. In 2002 he started showing friends, like Martin Summers, the small abandoned town as a potential real estate investment.

Whether it was the charm of Mallman, or the charm of Garzon, his friends fell in love with the place. Three years ago the Summers bought some land near the hotel and built the house that The New York Times featured. The couple is delighted that they did, because they love their new home. They also now own property in one of Uruguay’s most coveted locations.

It helps to have neighbors like the Hotel El Garzón.

A luxury hotel and restaurant, Hotel Pueblo Garzón commands a whopping US$660 per night. The rate includes four meals a day. The Hotel Pueblo Garzón is remote, exclusive, and pricey. Consequently it, and its owner, do not attract the run-of-the-mill tourist. No, they attract those who can buy a rack of lamb that cost another man’s salary. Located in the town of Garzon, 20 minutes from Jose Ignacio, the hotel has been featured in publications as esteemed as The Wall Street Journal. In the article Mallmann describes Garzon as a “ghost town.” It lies 30 minutes from the beach, it has no shopping, nothing, ni nada. Those who love it, stay, like he did. They fall in love with the little quaint town, and they set-up camp in the silence. Instead of running back to Punta, they eat good meals in the good company of cousins of queens, sisters of dukes, educated people, beautiful people. People like Martin Summers, brought to the middle of nowhere, thanks to the vision of one man; people who can’t believe that a place like Garzon exists still.

Whether or not guests stay year-round or just come to dine for the night, it goes without saying that Francis Mallmann, single-handedly, has transformed what was a gastronomic wilderness into a region full of excellent restaurants. The chefs at the nine best restaurants around Jose Ignacio were all trained by Mallman.

But for residents like Mr. Summers, it isn’t just the world-class food, or the modern architecture that keeps him coming back to Maldonado. It is also Uruguay. “I find the Uruguayans are warm people,” he wrote me. “Uruguay was for a long time a well-kept secret. Now everybody is talking about it. For those who need sophisticated banking services, it is the Switzerland of South America.”  He noted that there seems to be a misconception that visiting Uruguay is only worth it in January (during the high season the Uruguayan population of 3 million rises to about 10 million!). He thinks, as I do, that nothing could be more wrong. He has been in Pueblo Garzon during every month of the year and thinks it is wonderful in all weather. He ended saying, “people are starting to invest heavily in Uruguay and I think they are right to do so.” We agree!

Read more about Hotel Garzon in the Wall Street Journal here, or the entire New York Times article about Mr. Summers’ home in Garzon, here.