The average price of Montevideo residential properties for sale rose 9% last year while properties for rent climbed 7%, according to a new report from a local consulting firm, Valora.
The report says the average price per square foot for Montevideo condominiums is US$190 with prices as low as $111 per square foot in barrios like Goes, La Comercial and Union. Five barrios including Aguada, Brazo Oriental, Jancinto Vera, La Blanqueada and Palermo posted 20% price increases over 2012.
The average rental rate for Montevideo residential properties is US$1.40 meaning a 600 square foot studio could reasonably rent for US$850 while a 1,500 square foot home would rent for US$2,100.
El Pais’ Mariana Goday writes the most expensive rental rates (US$1.58) were recorded in Carrasco, Pocitos Nuevo and Punta Carretas, while the cheapest (US$1.11) were found in Centro, La Blanqueada and Parque Battle.
The Montevideo neighborhoods posting the largest gain in property rental rates (15%) was the Ciudad Vieja reflecting property appreciation associated with the recent wave of historical property restoration and gentrification in the CV. Other barrios posting double-digit gains were Centro, Parque Rodo, Pocitos, Punta Carretas and Tres Cruces.
Goday says the average price per square foot for Montevideo homes is US$120. The city’s most expensive homes (in order) are located in Carrasco, Punta Carretas, Pocitos Nuevo and Punta Gorda, while the most affordable are found in Ciudad Vieja, Goes, Cerro and Nuevo Paris. (Full Story in Spanish)
For more information about living and investing in Montevideo, simply complete the form below.[gravityform id=55 name=Living& Investing In Uruguay title=false description=false]