A new survey of average real estate prices in Montevideo reveals prices rose 4.6% in the second half of 2014 marking a much anticipated reversal of two straight years of average price declines.

According to the data, compiled by El Observador from a database of 20,000 condominiums throughout the capital city, the average price of a 700 square foot (65 square meter) residential unit in Montevideo is now US$159,522 or US$227 per square foot and US$2,454 per m2.

Based on this analysis, the five most expensive neighborhoods in Montevideo today are Carrasco (US$321 per sf), Punta Gorda (US$306), Punta Carretas (US$299), Malvin (US$269) and Pocitos (US$261). In contrast, the five most affordable barrios surveyed were Centro (US$180), Ciudad Vieja (US$174), Aguada (US$169), Jacinto Vera (US$157) and Union (US$155).

The report also ranks eighteen Montevideo neighborhoods by the percentage change in average real estate prices over the previous six-month period from July to December 2014. The MVD barrios posting the largest increase in the second half of 2014 were Centro (10.3%), Carrasco (8.4%), Buceo (8%), Punta Gorda (5.7%) and Ciudad Vieja (5.7%). (Full Story in Spanish)

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