Montevideo Residential Real Estate Prices Post Modest Gains

Patrick Archer average prices, foreign investment, real estate, uruguay

Two months after housing data confirmed the first significant increase in Montevideo average real estate prices in over two years, another study suggests MVD prices are maybe firming up, albeit slightly, across the Uruguay capital.

Montevideo Real Estate Prices Rise 6% In 10 Months is the headline of this week’s El Observador analysis of average residential prices in eighteen of the city’s most popular barrios. The newspaper’s Economic Analysis Unit focused on price evolution over the ten-month period between July 2014 and April 2015.

The Montevideo neighborhoods posting the largest ten-month gains in residential prices were Centro (14%), Buceo (9.1%), Carrasco (8.5%), Parque Rodo (8.3%) and Punta Carretas (7.7%). The citywide average increase was a more modest 5.8% influenced by barrios like Parque Batlle, La Blanqueada and Prado which remained flat and Union which actually fell 9.2%.

The report also ranks Montevideo neighborhoods in terms of the average price for a 700 square foot (65 square meter) residential unit. The top five most expensive markets are Carrasco (US$233,000), Punta Carretas (US$211,000), Malvin (US$190,600), Buceo (US$182,000) and Tres Cruces (US$163,000). The citywide average was US$161,400 or US$230 per square foot.

We compiled the bar graphs above using the newspaper’s data which can also be accessed on this website. (Full Story in Spanish)

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