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By Veronica Psetizki
Montevideo, Uruguay
Foreigners are buying up Uruguayan land at a fast pace.
Between 2000 and 2006, overseas buyers snapped up a quarter of Uruguayan territory, according to the latest figures from the Ministry of Agriculture.
And real estate analysts believe there is no end in sight to this trend.
"Foreigners, especially Argentines and Europeans, are showing a strong interest in Uruguay," said Lucia Canepa, a real estate operator.
So why is this South American country, sandwiched between Argentina, Brazil and the Atlantic Ocean, so attractive to foreign investors?
"Uruguay is a small area in the broader region where buyers find better prices and political and economic stability," said Eduardo Caldeyro from Caldeyro-Stajano, a land sales broker.
"Curiously enough, for the first time we are receiving enquiries from Americans; within South America we get calls from Argentines, Brazilians and a few Colombians. From Europe, it is mostly Spanish real estate investors, who are facing a sharp slowdown there."
Boom time
An increasingly popular alternative to buying land is to lease it.
Argentine group Ceres Tolbas has been producing wheat, soy, maize, barley and sorghum in Uruguay for two years.
"Most big Argentine companies are already producing here, financed by European and American funds," says Ceres Toblas's local representative, Santiago Bono.
His firm leases land and develops partnerships with local landowners, providing agricultural supplies, training and professional management.
"It is quite difficult for us because landowners are not deeply involved in the agricultural business. They are not up to date with the latest technologies. We start by renting their land and once we get to know them better we can develop businesses together."
For all the disagreement on limiting land sales, there is one thing everyone involved can agree on.
"We are experiencing an agricultural boom," says Mr Echenagusia, "and it looks like it is going to continue this way."