The volume of market transactions of land in Uruguay in 2010 totaled $ 885 million, up 17.5% more than in 2009 ($ 753 million), but less than in 2008 ($ 1.26 billion), reports Merco Press.
Related article: Housing in most parts of Britain continues to get cheaperDespite the fact that the number of transactions in farm land was not the biggest in the past few years, the average price of land in Uruguay has been steadily rising since 2003. Between 2002 and 2010 6.4 million hectares of land changed owners, and the average cost of land has increased by eight times (2002 per hectare is estimated at $ 385).
According to the Ministry of Agriculture and Livestock of Uruguay, the country has 16 million hectares of land. In this case, most investors buy parts specifically for farming and not for speculative resale.
While in Uruguay there are no restrictions on land sales to foreigners. Parliament was planning to ban non-residents to buy agricultural land, located in the border areas, but these innovations were not supported. President Jos? Mujica said that private transactions with the land will continue to be supported, and national foundations and foreign investors will be able to buy land in the country.