The beginning of the lifting process of the exchange rate In Argentina he has aroused attention in different economic sectors, both at local level and in neighboring countries. In particular, the Uruguay real estate market observes the implications of this measure, which although still partial, could modify the flow of capital and investments in the region.
Although there has not yet a complete liberalization of the Argentine exchange market, Some economic actors already evaluate the possible effects that this transition could generate in the medium and long term. The possibility of greater financial openness raises questions about the future of Argentine capital that, in recent years, opted for destinations such as Uruguay to protect value and realize real estate investments.
According to economist Delfina Matos, a member of the ex -consulting consultant, the panorama in Argentina remains “Complex and uncertain” Because exchange restrictions have not been completely eliminated. In statements to the Uruguayan medium The observerMatos explained that the current process is still in an initial phase. However, he pointed out that the progressive lifting of restrictions and a possible macroeconomic stabilization could encourage a return of investments to the Argentine market, which could have indirect repercussions on Uruguay.
Matos warned that it is still premature to estimate the magnitude of the possible impact on the Uruguayan real estate sector. From the exant they consider that in the short term significant variations are not expected. Within this framework, the economic analysis indicates that any potential effect will require time to consolidate, as long as the uncertainty about the pace of implementation of measures in Argentina and its impact on relative prices, inflation and investor confidence persists.
On the other hand, some referents of the Uruguayan real estate sector They hold a different look. Fabián Kopel, co -founder and executive director of the developer Kope Sánchez, stated that the partial lifting of the CEPO could represent an opportunity for Uruguay. In its opinion, the new situation offers a favorable context for Argentine investors to resume purchase decisions that had been postponed by the lack of free access to foreign exchange in their country.
Greater interest of Argentine buyers for Real estate projects in Uruguay
Kopel said that in previous cycles, similar situations resulted in a greater interest of Argentine buyers by Real estate projects in Uruguayespecially in Montevideo. There, factors such as legal predictability, macroeconomic stability and tax incentives are attractive to those who seek to protect capital or generate income through the rental of new units. In that sense, he said that investment tickets in Montevideo are usually located between 110,000 and 250,000 dollars, which position themselves as an alternative to other places, including Argentines.
He also stressed that this type of income -oriented properties, many of them promoted by regimes of tax benefits such as the Housing Law promoted, continue to show sustained demand. According to Kopel, before financial opening scenarios, part of the Argentine capital historically has resorted to the Uruguayan market as a protection option.
Meanwhile, Santiago Pierro, president of the Linderus developer –With operations in Punta del Este– He agreed that the evolution of the Argentine exchange rate will impact the regional market, although he stressed that it is a gradual process. For Pierro, this progressive opening could facilitate both capital entry into Argentina and the repatriation of retained profits, two key factors for the dynamism of the real estate market of the neighboring country.
However, the businessman also warned that the evolution of exchange rate It will be decisive. If the weight-dollar parity is stabilized, there could be an adjustment in the values of the properties in Argentina, especially those that are traded to the value of the parallel dollar. Such correction, he evaluated, could encourage some rebound in the Argentine real estate market. At the same time, he stressed that Uruguay could benefit indirectly if the exchange correction in Argentina is not sustainable, which could keep Uruguay as an attractive destination for Argentine capital.
Profile ofThe Argentine investor
Pierro also referred to the profile ofThe Argentine investorthat given the perception of greater risk in his country, he could continue considering Uruguay as a refuge. He stressed that, in the face of the new economic stage of Argentina, the reception that Uruguay offers to these funds will be key. He mentioned that the country has an institutional trajectory and a regulatory framework that has historically generated confidence in regional investors, although it warned that in the new Uruguayan political context clear signals will be needed that reinforce that positioning.
Finally, he said that both Argentina and Uruguay could benefit from the current process, depending on which of the two countries manage to provide greater certainties and favorable conditions for the development of real estate investments. In this regard, he stressed that the cost framework, the predictability in regulations and macroeconomic stability will be decisive factors to capture capital in the new regional stage that is coming.
In conclusion, although the uprising of the stocks in Argentina is still in its early stages, it already generates repercussions on the analysis of economists and entrepreneurs in the Uruguayan real estate sector. Expectations vary between a potential reactivation of the Argentine market and a continuity of the investment flow towards Uruguayaccording to how the economic policy of the neighboring country evolves. Meanwhile, the regional real estate sector continues to evaluate the scenario, waiting for more concrete definitions that allow projecting their future evolution.
