Invest in Uruguay real estate

Invest in Uruguay real estate in Montevideo. 5-9% returns in regenerating historic Old City neighbourhood.
By Karen A Higgs
Last updated on January 31, 2024

Invest in Uruguay real estate in Montevideo Uruguay in the most iconic historic district, of Uruguay’s capital—the Old City.

These are sustainable real estate investments in historic properties together with REM, a small development company dedicated to the revitalisation of the Old City. Be involved full-on hands-on—from prospecting for buildings to renovation—or simply buy a historic apartment and receive a monthly return, depending on the scale of your investment. Returns are between 5 and 9 per-cent.

Why invest in Montevideo Uruguay and the Old City

The Old City contains the majority of Montevideo‘s tourist attractions. It’s the port of call for hundreds of cruise ships sailing into Montevideo. The properties have great bones and infrastructure (electricity, water, internet) is first-class. But development is lagging behind. Around the world, historic districts have appreciated in value over the long term.

Ethical REM has a portfolio of historic properties in the old city, primarily on the central pedestrian streets of Sarandi and Perez Castellano (they meet to form an ‘L’ which spans the Old City). Since 2013 they have turned abandoned properties into commercial and residential homes including several four and five-floor apartment buildings, a restaurant and a vermouth bar! The apartments are generally studios and 1-2 bedroom units which are both sleek and highlight original features. They rent at affordable prices to the local community.

A greener investment The construction industry generates 38% of carbon emissions worldwide. Studies show renovation is better for the environment, using fewer materials and generates less waste than new construction.

How does your investment work?

Define your budget and choose between buying a ready-to-rent apartment or participate for bigger returns in an investment pool.

An investment of $100,000+ With an investment of 100+ thousand you can see REM’s portfolio of available apartments. Buy the apartment for rental. REM finds and manages the client.

Managed rental unit return: 5 to 6.5% p.a.

An investment of $400,000+ You can participate as a partner in an investment pool. You can either find and buy an investment property for REM to renovate or choose from existing assets.

Investment pool returns: 8 to 9% with an option to retain ownership of a number of rental units.

About REM

REM is the brainchild of former banker turned developer, Roberto Gelber (Guru’Guay wrote about his return to Uruguay back in 2016). He walks the walk—he develops in the Old City, lives there and invests in a number of Old City-based small businesses including a Vietnamese restaurant (a first in Uruguay). REM’s pool of investors is currently made up of colleagues and friends from USA, London, Netherlands, Argentina and Uruguayans living abroad.

Contact REM at or visit the website




2 Responses

  1. When friends in Uruguay and in Canada ask why Uruguay?

    This is our answer
    Well, Daina and I got to know a lot of South America through Daina’s work. Not counting the three Guineas on the North coast , she has been in every country in South America. I have been in all but Ecuador and Columbia. So when we decided to “snow bird” in South America we made a list of the things we wanted.
    First is that Uruguay has the least social inequity of all South American countries. That was probably the biggest driver. But other things were important, too.
    This is a very geologically stable country , unlike Chile. Although we have many friends there and long connections with the people and their political struggles, the earthquakes and also the radiation from the Fukushima nuclear disaster in the Pacific waters pointed us away from Chile. 
    Uruguay feels mostly like a first-world country. It is the most expensive country in the region, but with smaller disparities between the rich and poor. Consumerism is not “king” here, and the vibe is very informal. People dress however they want and women don’t tend to wear a lot of make-up. Education is free and the health system is public and mostly efficient.
    Of all the Southern Cone countries that lived under dictatorships in the 1970s and 1980s, we think Uruguay recovered the best. It was able to rebuild its democratic structures because of its strong social fabric and trade union organizations. 

    Uruguay was founded as a very liberal country, with a strong streak of anarchism coming from the gauchos of the pampas who did not pay very much attention to rules but were big on mutual aid and solidarity. It is a country where women’s rights have long been enshrined, where church and state are rigorously separate, and there is great respect for diversity of all types, including gender, disability, politics and race. The parliament is currently about to approve a law to restrict campaign financing and another to allow physician-assisted death.
    Other reasons to love Uruguay;
    ·      the beef – all grass fed and better than Argentine beef 
    ·      cannabis is legal here
    ·      lots of culture , music , dance, theatre, much of it free and state-supported, the countryside is beautiful (if a bit flat)
    ·      lots of beaches, including ocean beaches on the warm South Atlantic
    ·      wonderful wines and wineries, and good craft beer
    ·      we don’t stand out much among a mostly European-descended population
    ·      the longest as carnival in the world!!
    Daina and I used to participate in the Toronto Islanders’ Caribana band and we love carnival. Here it lasts for 40 FORTY days, not the paltry 3 days in other countries.

    We go to all the parades (desfiles) ,to many tablados at the Museo de Carnival near the port and we go to several shows at the Teatro de Verano .
    We love our Old City neighbourhood. Our building is on a main pedestrian street ,Sarandi and faces the “sea”, as people call this part of the Río de la Plata estuary that runs to the ocean. It is usually quiet here (except for the practicing Comparsas , we often go and watch) We have a good view of ships coming in and out of the port.

    All in all that’s Why Uruguay

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