From Maldonado to Manantiales, passing through Gorlero, Avenida Italia and Calle 20, it is expected that nearly 100% of the commercial spaces will be occupied by brands ranging from luxury to mass-market, with rental prices reaching up to USD 110,000 per year.
Punta del Este is no longer just a summer resort. More and more families — many of them foreign — are settling permanently in Uruguay’s main tourist destination, and this is reshaping the commercial landscape and rental prices for retail spaces.
According to Nicolás De Módena, owner of the real estate agency that bears his name, the trend is partly explained by the arrival of new European and Brazilian residents, the latter attracted by the benefits of tax residency.
It is also driven by the exponential growth of Uruguayans who now live year-round in the area and discovered the advantages of life in the East during the Covid-19 pandemic.
“All of this means greater consumption and more people living here all year, which is why international brands are choosing to set up in Punta del Este,” De Módena noted.
From the distinguished Italian luxury house Fendi to the recent announcement from Swedish multinational fashion brand H&M, the region — from Maldonado to José Ignacio — offers a wide commercial spectrum accessible to different budgets.
How much does it cost to rent a commercial space this season?
Martín Jafif, one of the directors of Santos Dumont Inmobiliaria in Punta del Este, told InfoNegocios that prices vary depending on factors such as brand, type of premises, size, and location.
Speaking in annual terms, Jafif said that prices on the top avenues range between USD 34,000 and USD 110,000. Meanwhile, on Gorlero — where stores are smaller and more mass-market — rents range from USD 15,000 to USD 20,000 per year.
De Módena provided additional references: “A 30-square-meter space on Avenida Italia can be rented for around USD 1,000 a month, and that same property today has a sale price of approximately USD 200,000. In streets parallel to Gorlero, similar-sized spaces rent for about USD 800, while larger units can reach USD 5,000 a month.”
Exclusivity is in high demand, which is why Calle 20 (also known as Fashion Road) is already fully booked for December. “There is even a waiting list — meaning that if there were more spaces there, they would rent out,” Jafif revealed.
While the same is not happening on Gorlero, where several spaces remained vacant, the historic Punta del Este street is also expected to fill with shops for the 2025–2026 summer. Jafif clarified that it targets “a different audience”: “These are smaller, more affordable commercial spaces.”
Additionally, Avenida Italia is consolidating itself as a new reference corridor, with the arrival of restaurants, home-decor stores, and retail spaces offering better access and parking.
Both experts agree that nearly 100% of retail premises in Punta del Este will be rented this season. “What remains unrented is simply outside the market price range for its category,” Jafif said.
Despite high demand, both professionals interviewed by InfoNegocios recommend caution when setting prices. “I always advise prudence. Everything suggests it will be a good season, but owners should avoid overpricing so as not to fall out of the market,” De Módena warned.
“Punta del Este has no ceiling,” Jafif stated, referring to the commercial growth seen across different areas. In addition to established shopping malls (Punta Shopping and Oh! La Barra), new hubs are emerging, such as Paseo del Este, Nuevo Centro Maldonado, Car One, and several new developments soon to open near the Maldonado bus terminal.
“New projects are the strongest because brands want to be there,” Jafif added, noting the success of commercial centers in La Barra and Manantiales in terms of tenant volume.
A promising season
The 2025 season is shaping up to be very positive: rental inquiries began earlier than usual — already in June and July — and demand is diverse. “We are not only expecting Argentinians; there are also Brazilians, Americans, Europeans, and Chileans with confirmed reservations,” De Módena said.
Another indicator of the market’s dynamism is the delivery of new real estate developments. For De Módena, the appeal of the resort remains strong and competitive:
“Today you can buy a one-bedroom apartment with garage in the best area of Punta del Este for USD 150,000, while in Montevideo, in good neighborhoods, that amount barely buys a studio. Besides, construction quality and services are superior.”
Source: Infonegocios
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At Nicolás de Módena Inmobiliaria we offer personalized advisory services, with a team of experts who know every corner of Punta del Este and its surroundings. Contact us:
📞 (+598) 42 47 93 36
📱 (+598) 99 815 537
🌐 www.nicolasdemodena.com