Downward adjustment of the rental price

In the first months of 2021 there was a growth of 41% in real estate operations, compared to 2020

In June there was an increase in the supply of properties of 1.73% compared to May.

The sale value of properties in Montevideo is decreasing slightly, comparing June 2021 with September 2020, there is a drop of 3.59% in the supply in dollars.

In the case of apartments, a drop of 1.67% was obtained compared to September, and for the sale of houses it fell 7.67%

The average price per square meter (m2) of properties offered in Montevideo was US $ 2,477 in June compared to US $ 2,469 in May and US $ 2,490 in September. The values vary if it is an apartment (US $ 2,639 per m2) or a house (US $ 1,703 per m2).

Taking it to practical examples, the value of a 64 m2 apartment was US $ 168,896 and the average notional value of a 176 m2 house was US $ 299,728 in June. This area was the average purchase-sale reported by the National Institute of Statistics (INE) for 2020.

Value of m2 per neighborhood:

– The most expensive is in the Golf Club area (US $ 3,740 per m2),

– Followed by Puerto Buceo (US $ 3,721 per m2) and Villa Biarritz (US $ 3,378 per m2)

– The neighborhoods with the lowest priced offers are: Punta Rieles (US $ 682 per m2), Las Acacias (US $ 685 per m2) and Piedras Blancas (US $ 849 per m2).

Regarding rents, there is a drop in June of 2.54% compared to May.

The rental rate for apartments fell 8.71% compared to September and for houses it fell 2.8% in June compared to May and decreased 20.81% compared to September.

El precio promedio de inmuebles en alquiler en Montevideo era de $ 33.439 en junio frente a $ 34.311 en mayo y $ 38.774 en septiembre.

Neighborhoods with the highest rental value:

– Punta Gorda ($ 117,220 average per month)

– Carrasco ($ 97,862), Golf ($ 91,882)

– Puerto Buceo ($ 90.344)

– Parque Miramar ($ 72.494)

– Carrasco Norte ($ 54.816)

– Punta Carretas ($ 47.269)

– Villa Biarritz ($ 43.380)

– Pocitos ($ 36.104)

– Pocitos Nuevo ($ 33.798).

Neighborhoods with the cheapest rents:

– Paso de la Arena ($ 9,381 average per month)

–  Jardines del Hipódromo ($ 10.510)

– Nuevo París ($ 10.545)

– Manga ($ 10.977)

– Piedras Blancas ($ 11.274)

– Maroñas ($ 11.542)

– Punta Rieles ($ 11.750)

– Peñarol ($ 11.876)

– La Teja ($ 11.960)

– Las Acacias ($ 12.100)

The analysis of Inmuebles Data de El País shows that prices are higher for houses in properties with more bedrooms. However, in the prices requested for sale, regardless of the number of bedrooms, the apartment is always more expensive than that of a house.

Source: Diario El Pais

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