Piriápolis Real Estate is the New Best Off-Shore Investment!
Investors who want to make off-shore investments are finding that Pirápolis real estate is a good place to invest. Located on the shores of Uruguay, this small, sleepy village is rapidly transforming into a resort mecca with construction of high-rise apartments, condos, and vacation resorts.
It is here that vacationers are turning to enjoy pristine beaches with less congestion than the beaches of nearby Punta Del Este. The city has a small-town feeling with its population of less than 9,000, yet has all the conveniences – shopping and services – that one would expect in a much larger city.
Piriápolis is actually Uruguay’s oldest resort city. The land was purchased by Francisco Piria, who had a vision of creating a “City for the Future.” A well-travelled man, Piria desired to model the new city after the Italian Riviera. The main hotel, Hotel Argentina, is a monument to that type of architecture. It is only a two hour drive from Montevideo.
Things to Do in Piriápolis
Piriápolis’ white sand beaches are unrivaled as the best places to sun and swim. With fewer people, it is not unusual to have the beach all to yourself for a while. But, as with most warm-climate countries, the area picks up as the day goes on.
The locals continue way into the night with socializing, stores staying open late, and bars and restaurants filling up around 9:00. If you like more lively action, the nearby resort city of Punta Del Este is only 33 km away and can give you a hot night out on the town at casinos and bars with dancing.
The third highest elevation in all of Uruguay is nearest to Pirápolis. Sugar Loaf Mountain is popular for hiking, although there is a curving road to the top to enjoy 360 degree views of ocean and land. Local children love to go to the zoo located on the mountain, and it is a good way to spend a day instead of at the beach
What are the Requirements to Buy Property in Pirápolis?
Unlike many Central and South American countries, Uruguay is exceptionally friendly to foreign investing and property purchasing. The requirements do not include being a resident or citizen of Uruguay. However, national banks do not loan on mortgages unless there is a sizeable down payment. So most investing is done through foreign banks.
Expats who wish to obtain a second citizenship may do so after three to five years of residency, which will allow them a second passport.
Property is Growing in Popularity
Currently, the property values in Piriápolis are much less than at Punta Del Este. This is why investing in all the new development in Piriápolis is such a good idea.
The beautiful beaches, forested hills, and clean city are regaining Piriápolis’ reputation as a destination resort town.