Real estate operator Nicolás de Módena warned that traffic in the peninsula has caused property values in that area to fall.

The exchange rate has been a topic of conversation among business owners connected to the tourism sector so far this season. The low dollar price is worrying both tourists and residents, and there is concern that what initially seemed like a promising season may not materialize in practice.

“The dollar worries everyone, right? Because we’ve had a drop of more than 11%. If you also add inflation, which is always within normal parameters, that means rental values have to adjust, right? We see, especially, many complaints from owners when they go to pay property tax or other taxes because they have to exchange dollars, since seasonal rental income comes in dollars,” said real estate operator Nicolás de Módena in an interview this morning with Primera Página on FM GENTE.

De Módena said that many middle-class Argentines came to Punta del Este this year, different from what happened last year. “That led many owners, instead of raising by 10 or 20%, to want to ask for higher rates, and well, some had to lower prices at the last minute in order to rent, and some had their properties remain empty as well,” he added.

On another note, De Módena spoke about traffic problems in Punta del Este. “Year after year, the peninsula gets more complicated. That is causing properties on the peninsula to decrease in value on their own, because fewer and fewer people want to be there due to the traffic. And let’s not forget that apartments are generally sold with a garage, but families usually travel with two or three cars, so it’s a serious problem, and many people in the peninsula have to park their cars starting from Parada 1 of Brava Beach,” he said.

De Módena also said he has held political meetings with Senator Andrés Ojeda. According to him, the Secretary-General of the Colorado Party has meetings with local leaders to bring back information about the department.

Quejas de propietarios de apartamentos de Punta del Este por contribución y valor del dólar