Uruguay poised for great vacation season; how much does it cost to rent for the summer?

RIO DE JANEIRO, BRAZIL – “The level of inquiries is very high and bookings are increasing. There are many for November and we know that it is not by chance, it is directly related to the borders reopening,” explains Uruguay’s ‘Casas en el Este’ website director Baltasar Urrestarazu.

Uruguayan authorities this year expect a high share of foreigners in the several Uruguayan destinations, particularly in Punta del Este, as before the pandemic.

“The highest number of inquiries and bookings has been registered to date. We recently conducted a survey which showed that 37% of visitors to the ‘Casas en el Este’ website were from Argentina,” the expert adds.

“Everything suggests that it will be a great season in Uruguay and at this rate, demand in all the resorts, and particularly in Punta del Este, will be higher each week,” he points out.

As for prices, there are two factors influencing the rise in values in U.S. currency. The first is the loss of the 2020 season as a consequence of the pandemic and the closing of borders, and the second is related to the fact that the available supply has been significantly reduced.

“Many owners decided to rent their houses long term to the local market due to the pandemic, and on the other hand, many owners will use their houses to spend the hot months for fear of traveling in the current context,” says Sandra Sofio, from Engel Volsker Real Estate Agency in Punta del Este.

According to ‘Casas en el Este’ data, the average daily rate in the most popular seaside resorts varies between US$140 and US$190. For example, in Punta del Este the average daily rate is US$190 and it can double depending on the property’s location and services.

According to local real estate agents, prices increased 20% compared to last year and are expected to continue to rise with the growing demand, reaching a 30% rise in U.S. currency. “We came from very low values due to the pandemic, so we are now seeing that the market is starting to rebound with the arrival of foreign tourists,” Sofio says.