Article taken from Realtor.com 6/29/07
High-end buyers are increasingly looking for out-of-the-way destinations beyond the borders of the United Stated to purchase their vacation home. Top destinations include Nicaragua, Morocco and Uruguay.
“There’s a desire for somewhere different now,” says Nick Barnes, a partner at Knight Frank. “The luxury market, for reasons of exclusivity, is willing to travel to more exotic locations, irrespective of infrequent flights and a longer flight time.”
In Latin America, the most desirable destination is Punta del Este in Uruguay. Prices in luxury towers on the beach are $2,000 per square mete, which is about $180 per square foot.
“That number is way too high for an average Uruguayan or Argentinean investor but competitive for Europeans or Americans,” says July Shields, a general manager at Dubai-based Jumeirah Group, whose portfolio includes the Burj Al Arab hotel, New York’s Essex House and the Carlton Tower in London.
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