Paul & Vince would like to welcome Carlos Tibocha, Real Estate Advisor with Engel & Völkers Montevideo. With more than a decade of experience in real estate, Carlos began his career with Engel & Völkers Bogota before joining the Montevideo shop in 2016. He holds a Bachelor’s degree in Business Administration from Universidad de los Andes in Bogota and has lived, studied, and worked across Colombia, Chile, and Uruguay. His international background and proven track record of successful transactions give him a truly global perspective on real estate investment.

1.

Paul & Vince: What are the best things about living and working in your market?

Carlos: What I love about this area is the tranquility, the stability, and this “slow motion” style of life that Uruguay offers. Montevideo has nearly two million people, so we are not small, but whether you are in the city or in rural areas, the country offers a low-stress lifestyle that both foreigners and locals enjoy.

Montevideo is known for its security; it’s among the safest, cleanest cities in Latin America. The air quality is excellent, and it’s a coastal capital, which is unusual in South America. So we have this huge promenade, the Rambla, 13 miles (22km) long, where you can jog, walk your dog, or bicycle along the beaches. We have pleasant, sunny weather year-round, so it’s a very active, outdoorsy city, too.

Paul & Vince: … and Uruguay is known to be one of the world’s most stable countries for investment, and fairly progressive, we’ve heard?

Carlos: Yes, Uruguay was one of the first countries to legalize gay marriage; adoption for same sex couples was also legalized, as well as the use of marijuana for recreational purposes. And we have a relaxed way of living here, where you can be whoever you want, and no one will judge you. It’s special that way.

2.

Paul & Vince: Can you tell us what you did before you came to Engel & Völkers?

Carlos: My very first job as a teenager was as a waiter in my uncle’s restaurant in Bogota. While I was finishing my bachelor’s degree in Business Administration, I interned at a pharmaceutical laboratory, and afterward I worked for a while at an oil and gas company. But I still wanted to explore other options, and since my mother worked at a Century 21 in Bogota, I started there. I enjoyed the work, but it wasn’t the right place for me. So, when I got an offer from an old classmate to join a new Engel & Völkers office in Bogota, I went for it. I loved the brand, the office, and I was much more motivated. And when I wanted to move to Uruguay in 2016, I found the office here, and all worked out.

Paul & Vince: Wow, it’s rare that we speak to someone who has worked for E&V in two different countries. Was it hard to build your business in a new country?

Carlos: The first two years were very hard because I was getting to know a new country, a new society, a new market, everything. I came from a city where I grew up and had contacts in a new country where I knew no one. But I think that’s something good about real estate and our work – we must be very embedded in the place, in the culture, in order to be successful. It’s not like a digital nomad who can be anywhere.

3.

Paul & Vince: That’s great. But now tell us, what’s unique to the Montevideo real estate market right now?

Carlos: I can tell you that in the last five years, construction has exploded, with a lot of new buildings, a lot of new developments, houses, everything. It’s a combination of factors. First, some years ago, the local city hall passed a law to incentivize the real estate developers to build new buildings in certain underdeveloped areas, away from the coast, and it was really successful. Then, many people came here during the pandemic looking for higher-end properties, which drove demand up.

And thirdly, Uruguay introduced a concept of tax residency, under which some foreigners can meet investment and residency requirements and receive an 11-year tax holiday. It can be more difficult for Americans, but, for instance, a lot of Brazilian wealth has come to the country because of this incentive.

Paul & Vince: Great. And tell us more about the coastal area, it’s called the Monte Carlo of South America?

Carlos: Yes, you mean Punta del Este. This began as a resort city for Argentinians, who came for the beaches. But this has been popularized among other nationalities —Brazilians, Paraguayans, Chileans, people from the region, and people from Europe and North America. It’s got a luxury concept that’s quite different than Europe or the South of France, or California. We call it “silent luxury.” It’s understated. It’s not always about showing off.

4.

Paul & Vince: Carlos, what do you like most about your career in real estate now?

Carlos: I can tell you that I really, really like to work with foreign clients. Partly because I am a foreigner myself, so I have a lot of useful information for people who have just arrived here. Things I wish I had known. And we spend a lot of time with clients, driving around and everything… And I love to build that relationship, especially with people from all over the world. Often, I have lunch with clients, and afterward we become great friends. Being someone who welcomes new people to this beautiful city is a great joy.

And one more, Just for Fun

Paul & Vince: Now it’s time for our Just For Fun question. If you had a whole day to do absolutely nothing, Carlos, how would you spend it?

Carlos: Ha! In Uruguay, we are very good at relaxing and doing nothing. I would probably head down to the Rambla, starting at the famous Palacio Silva, and take a long walk along the beach. I would have a good book, and of course, a thermos of mate.

Paul & Vince: You’d bring a whole thermos?

Carlos: Oh yes, in Uruguay it is very common for people to take their mate with them. We have a jug-like thermos, then a cup and a straw. Mate is very popular in other South American countries, but we are the ones who take it with us. You can spot Uruguayans all over the world by their mate.

Paul & Vince: And you said you’d have a book, what kind of book?

Carlos: Well, I joined a philosophy group a few years ago. I was the youngest person there, but I really enjoyed the books and discussions. Even though we aren’t trying to solve problems. The more important point is to ask the right questions. So maybe reading a philosophy book does nothing, but it’s the best kind of doing nothing!

Paul & Vince: Sounds like a great day!

Original artwork by Jolisa Robinson, Gavriani-Falcone Team Marketing