Blk. Realty - Uruguay
Image: Cala del Yacht
Between Montevideo and the East, with 28 kilometers of beach, lakes and green spaces, Ciudad de la Costa has gone from a summer destination to one of Uruguay's most dynamic markets. Here is what the numbers say about buying off-plan, and which projects Blk. Realty is following closely.
For decades, investing in Uruguay meant Montevideo or Punta del Este. Today a third name is emerging in its own right. Right next to Montevideo, across the Carrasco stream, and now the capital's natural extension, between the Carrasco and Pando streams, Ciudad de la Costa offers 28 kilometers of beach on the Río de la Plata, lakes and parks with native trees. That is how La Nación describes it in its August 2026 report.
What began as a string of seaside resorts for summer stays is now the most populous municipality in Canelones, with 91,238 inhabitants according to the same article. Improved infrastructure and services, connectivity with Montevideo and proximity to Carrasco Airport explain much of that change. Add to that something you notice as you drive through it: buildings set apart from one another, carefully designed architecture and plenty of greenery.
If you are considering investing, the most relevant figure lies in the construction stage. According to La Nación, in Montevideo developments bought off-plan typically appreciate between 17% and 20% from the start of construction to handover. In Ciudad de la Costa, that figure is around 23%, and some specific projects exceed 34%.
INGAR breaks down the range by entry point: between 20% and 30% if you buy at pre-sale, between 15% and 20% once construction has started, and between 5% and 10% when construction is well advanced. In addition, the usual off-plan discount compared with a finished unit ranges from 15% to 30%. The logic is clear: the earlier you take a position, the greater the potential upside.
Important: the returns and appreciation figures in this article are not guaranteed. They are gross figures taken from market sources: they do not deduct commissions, taxes or other transaction costs. Past or average returns do not guarantee future results.
Each project depends on its location, its execution and the timing of entry. That is why, before deciding, it is advisable to work out the net figures with an advisor.
The La Nación article highlights another growth driver: the Vivienda Promovida (promoted housing) regime. Among its benefits, it mentions a ten-year exemption from the Wealth Tax, Income Tax advantages and a VAT exemption on certain construction components. According to an Alpha Realtors report based on data from the Agencia Nacional de Vivienda, 87% of the sales declared under this regime in Canelones are in Ciudad de la Costa.
As for rental income, the same source places the annual yield between 4.5% and 6%, compared with the 4% to 5% typical in Montevideo. The biggest difference, specialists agree, lies not in rent but in appreciation during construction.
At Blk. Realty we work with three offerings in Ciudad de la Costa, each with a different profile.
Cala del Yacht. In Ciudad de la Costa, a large residential and commercial development located at the corner of Av. de las Américas and Av. Racine, with views of Lago Calcagno and Parque Roosevelt. La Nación mentions it among the area's standout developments. Tower I has 17 floors and eight units per floor. The Blk. Realty portfolio currently includes a one-bedroom apartment (54.43 m² total, 10th floor, north-facing) and a two-bedroom apartment on a high floor. Both have a garage and gas-fired radiant floor heating, and the building has a swimming pool and barbecue area. Tower II will be handed over in November 2026. Units from US$ 236,000 (without garage).
Cala del Yacht Torre Corporativa. It is part of the mixed-use masterplan that La Buonora Desarrollos and the Gómez Platero studio are developing at the corner of Av. de las Américas and Av. Carlos Racine, in Carrasco Este / Ciudad de la Costa, facing Lago Calcagno and near Parque Roosevelt. The complex combines residential, retail and dining areas with a corporate component of high-end offices: it includes five residential towers (the first opened in late 2025) and a corporate tower planned for the following phases, along with a shopping center and a dining promenade on the lake. The project is built around flexible floor plates, open façades and panoramic views of the natural surroundings.
Los Olivos de los Horneros. Also in Ciudad de la Costa, on Camino de los Horneros, an 80-hectare mixed residential development conceived by La Buonora y Asociados together with Estudio Luis E. Lecueder. Moorlands School is located within the neighborhood. Phase I offers lots of between 763 and 1,320 m². Lots from USD 195,000. Camino de los Horneros is home to schools, two large shopping centers and an equestrian center, with larger lots and more accessible prices than Montevideo's traditional gated communities.
Le Lac by Elka Capital. In Ciudad de la Costa, on Av. a la Playa, in Parque Miramar, between the lake and the woods, it offers 1-, 2- and 3-bedroom units with 2,000 m² of amenities: heated indoor and outdoor pools, cowork, gym, playroom, enclosed barbecue areas, panoramic promenade, private dock with kayak storage, individual parking spaces and electric vehicle charging. It is covered by the Vivienda Promovida law (Law 18.795). Units from US$ 212,600.
One thing sets Ciudad de la Costa apart from Punta del Este: according to La Nación, it remains a market driven mainly by Uruguayan buyers, although more and more Argentines and Brazilians are arriving. For those evaluating an entry, this signals an appreciation cycle that has not yet reached its mass stage.
As one of the developers quoted by the newspaper puts it, population growth, infrastructure, services and incentives come first. Appreciation comes afterwards. If you would like to analyze at which point along that path it makes sense to enter, Blk. Realty will support you with clear data and a long-term perspective.
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