Uruguay only used to appeal to Argentinians, Chileans and Brazilians who all knew about the pristine beaches, pleasant cities and vibrant nightlife.
However when the local currency crashed a few years ago Uruguay suddenly became a lot more appealing to foreigners, and there is a lot to recommend this small South American country.
Uruguay has an open, free market economy with no foreign currency limitations. Some 80% of bank deposits in the country are held in euros or US dollars and Uruguay has a strong financial privacy law. It's easy to obtain residency as much depends on having an annual income of more than $6000.
The economy grew by an impressive 8.5% last year which is more than the much talked about Brazil. Punta del Este, Colonia del Sacramento and Montevideo have attracted the tourists for a long time and visitor numbers to these areas for January this year were up 40% on January 2010.
A large percentage of tourists come from Argentina and other areas within Uruguay, with locals especially anxious to spend their new-found wealth from owning agricultural exports.
Punta Del Este is an appealing seaside town that is a mixture of sophisticated high-rises and the brick built houses. During the height of the season it attracts the famous and wealthy, but for much of the time it's sleepy and laid-back.
La Barra is just a short distance away from Punta Del Este but is already being redeveloped with luxury apartments being built near the beautiful beaches. Property around here is selling well and was relatively untouched by the recession with prices per metre averaging $3000 for prime ocean and beach view condos.
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