Daily Real Estate News  |  June 28, 2007  |   New Vacation-Home Spots Off the Beaten Track
High-end buyers are increasingly looking for out-of-the-way destinations beyond the borders of the United States 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, a residential research firm. "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 meter, 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 Julie 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.

Source: Newsweek International, Michelle Jana Chan (07/02/07)