A Seaside Apartment for $75,000 in This Friendly Beach Town

The friendly seaside town of Piriápolis.

Wednesday, April 23, 2008
Piriápolis, Uruguay

Read more about Uruguay in International Living Postcards—your daily escape

The Uruguayan Atlantic coast goes through a dramatic evolution as it stretches from the Río de la Plata to Brazil. From Montevideo to the Costa de Oro, you’ll find a tree-lined coastline dotted with beachfront towns. Farther up the coast are the popular resorts of Punta del Este and José Ignacio with their glamorous beaches, fine restaurants, clubs, and shows. Beyond José Ignacio, it’s another world entirely: miles of remote, unspoiled, and undeveloped beaches.

But between the Costa de Oro and Punta del Este is a gem of a resort that fits the bill perfectly for an increasing number of North Americans: Piriápolis.

Piriápolis is Uruguay’s first seashore resort—it was founded almost 15 years before Punta del Este. It lies about a half hour from Punta and almost an hour from Montevideo, and has long been popular with Uruguayans for its sandy beaches, calm waters, and attractive seafront.

Somehow, Piriápolis never achieved the glitter of Uruguay’s international resorts, which is part of the charm that draws people here. It reminds me of an old-fashioned New Jersey seashore town from the 1960s, with its old buildings, nicely kept waterfront boardwalk, and busy seafood restaurants.

In the summertime, Piriápolis is jammed to the seams, as vacationers come to enjoy the friendly ambiance, casinos, and, of course, the beaches. It’s also popular with boaters, as it is home to two marinas on a coastline that has relatively few places to moor a boat.

Property prices in Piriápolis are noticeably higher than on the nearby Costa de Oro, yet less expensive than in Punta del Este.

I found an 872-square-foot, two-bedroom, one-bathroom apartment on the water that offers an awesome view of both the city and the sea from its seventh-floor location. The asking price is just $75,000, and it earns about $5,000 per year in rent.

I toured a brand-new condo project selling in downtown Piriápolis; each condo has a waterfront view of the marina and adjacent bay. The two-bedroom, two-bathroom condos are going for $128,000, while the one-bedroom ones run from $78,000 to $98,000. The project, called Amarras Reales, is about half sold, and quite popular. Visit this website to see the view for yourself.

One IL reader just landed himself a super deal. He picked up a roomy, thatched-roof home high on the hillside at Punta Colorada, on the outskirts of Piriápolis. Just about every room has a view of the water. The large deck offers a commanding sea view of almost 270 degrees, and he got it for $110,000…with a financing arrangement.

If you’d prefer to live in a planned community, developer David James has kicked off Sugar Loaf Ocean Club and Spa just inland from Piriápolis. It’s not on the water, but as far as I know, it’s the only development of its kind in Uruguay, built with the North American expat in mind, featuring high-end amenities, large lots, and nice homes.

Piriápolis doesn't get the international traffic that you’ll find in Punta del Este, so it doesn’t have the same liquidity or large rental returns. But if you’d like to spend the winter in a homey, friendly seashore town, then Piriápolis is pretty hard to beat.

Lee Harrison
Roving Latin America Editor, International Living

Editor’s note: Lee Harrison loves Uruguay for its beauty and friendly people, but also for its excellent value. He says that it is “absolutely the best value for your second-home dollar in Latin America today.” Learn more.

Read related articles:

- Your Own Waterfront Home in Uruguay for $32,000

- Uruguay’s Highest Rental Returns

- The Best City Beachfront Deal Right Now