Cologne has become a new center of speculation in the region, according to the New York Times. "
A report by its envoy to Colonia del Sacramento, Nick Foster, and published yesterday by one of the largest dailies in the world, it is stressed that the colonial population in Uruguay is attracting millionaires in the region, whose investments do not stop. Foster says that anyone who comes to Cologne should be forgiven if you think that nothing has changed since 1680, when founded by the Portuguese.
"The Uruguayan town of fewer than 30,000 inhabitants, called simply Cologne is in the midst of a real estate investment boom fueled by speculation, increasing demand and the beauty of its natural and artificial environment," says chronicler.
Fernando Llorca, of Colonia Real Estate Dynamics, said the increase in housing prices over the past two years is unprecedented. Part of that rise can be attributed to the falling dollar in Uruguay. But
influenced by the proximity to Buenos Aires and investment coming from the nearby shore.
American journalist notes that the price of land per square meter was two years ago at U $ S 100 and is now worth six times, a product of high speculation. Moreover
homes in the historic districts of the city saw their values \u200b\u200bbetween 50% and 80%.
In the area of \u200b\u200bthe coastal promenade (where on a clear day you can see Buenos Aires), there are luxury apartments with a value of U $ S 3,000 per square meter, similar to prices in the suburbs of Montevideo.
course is still far from the U $ S 4,500 per square meter a luxury apartment in Punta del Este.
Rambla Costanera In Cologne around 2,000 new units will be marketed next year. From the architectural side, the town of Cologne has been limited to four-storey height of new buildings, to maintain the characteristics of the city.
Foster was also surprised because when it comes to luxury properties in Latin America, usually have at least three bedrooms and most new homes are Cologne-bedroom units, although all have large terraces. Also being promoted now condominiums.
For example an apartment of 32 square meters on the waterfront promenade comes to cost U $ S 74,300.
Argentines are the most common buyers, but a growing number of Americans and Europeans (who had invested in the east of the country) now look to Cologne.
For the NYT, "Cologne attractions include the beautiful streets, the relative absence of crime, attractive tax and the perception that Uruguay is a safe place to invest. There is no history of expropriation and foreign residents do not pay taxes foreign assets. "
Before Thailand, Cologne.
U.S. daily's article points out that Peter and Pia Hankinson, an English-Swedish couple living in Ibiza (Spain), made a brief visit to Cologne for five years and "fell in love with the place," according to Hankinson.
Two years later the couple, who had considered buying a second home in Thailand, bought a renovated house on one level, with a patio and a barbecue area in Cologne.
The house is about 150 years and is near the historic center, where antique lamps light up the squares and cobbled streets, like the picturesque streets of Sighs. Hankinson
declined to say how much he paid for the house, but similar properties are already selling between U $ S 150 000 and U $ S 170 000.
The question is whether there is something to stop the expansion of Cologne. For the American journalist, "perhaps in the short term, is building a new pulp mill in Conchillas what you can change the appearance of the area."
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