The Riviera Of The South

Long a haven for the Latin American elite, Punta del Este, Uruguay, has emerged as a major destination for savvy jetsetters—the St-Tropez of South America. Punta's pristine Atlantic beaches, vibrant cultural offerings and nonstop nightlife are attracting developers and investors from the United States, Europe and beyond who've been seduced by the area's rustic—and relatively cheap—charms.

Actor Michael Caine is an investor in Villalagos, a tranquil private nature reserve with sleek three- and four-bedroom homes surrounded by lakes, horse fields and organic orchards (from $2.5 million to $3.7 million). Brazil's first family of hospitality, the Fasanos, are hard at work on the massive resort Las Piedras, which will include villas ($350,000 to $2 million), a hotel, polo fields, a gourmet restaurant and a spa on a stunning 480-hectare property atop Punta's highest hill. The Laguna Escondida property, being developed by south Florida real-estate king Jorge M. Pérez, offers lagoonfront bungalows surrounded by palm and pine trees, as well as stylish beachfront condos (from $1 million to $3 million). The Setai Group will try to replicate the Zen vibe of its famous Miami Beach hotel in the exclusive enclave of José Ignacio, with private and rental lodges decked out with infinity pools that hug the shore (lots from $2.5 million to $5 million). The minimalist, L-shaped Acqua Building, designed by the world-renowned Uruguayan architect Rafael Viñoly, features penthouses, duplexes and condos with expansive terraces, pools and personal wine cellars (from $1 million to $7.5 million). Perfect for sipping wine while watching the sunset over the South Atlantic.

© 2008