Real EstateReal Estate
The metropolitan Buenos Aires real estate market closed 2009 as the worst in the last ten years with the number of registered sales below the 2001 level. The good news however is that for the first time since the last quarter of 2008, December registered the first year-on-year advance.
Chinese property prices rose at their fastest annual rate in 18 months in December according to official figures referred to the country’s 70 large and medium-sized cities. Real estate prices rose by 7.8% from a year ago - up from the 5.7% annual rise seen in November and renewing fears that an asset bubble is developing.
House and apartment sales in the Santiago Metropolitan Region have increased by 13.1% compared to 2008, the Chilean Chamber of Construction announced last week.
Uruguay tops the 2009 Legatum Prosperity Index in South America and is only second to Costa Rica in Latinamerica and ahead of Chile and Argentina. However Latinamerica’s best placed countries in the index which defines prosperity as wealth and wellbeing are in the thirties out of a total list of 104.
A wealthy Chinese buyer has snapped up a luxury Hong Kong apartment for 57 million US dollars, thought to be a record price. The five-bedroom home is believed to be Asia's most expensive property - with each sq foot costing 9,200 USD.
Investors from Argentina, Brazil, Spain’s Basque province and China are looking for opportunities in Uruguayan assets given the excellent political stability record of the country and proven reliability of its Judicial branch.
Farm land sales in Uruguay during the first half of 2009 dropped, but the average price for the hectare actually increased 25% compared to the same period a year ago, according to the latest release from the Ministry of Agriculture Statistics Office (DIEA).
US-based entrepreneur Steve Bowman and his wife, Chris, looked in Panama and researched other tropical locales before they bought property in Piriápolis, Uruguay’s old resort town, 18 months ago. Their reasons for choosing Uruguay included the country’s stability and relatively unspoiled coastline, as well as the friendly people.
Oslo, Zurich, Copenhagen, Geneva, Tokyo and New York are considered the world's most expensive cities based on a standardized basket of 122 goods and services from the UBS “Prices and Earnings” survey.
Uruguay remains as a most attractive country for Argentine investors because of its business opportunities, logical taxing system and absence of export levies plus its geographical closeness, according to Luis Bonetto Argentine investment advisor and expert in agriculture.