Montevideo, Mexico City Among Most Expensive Cities for Housing

Montevideo has emerged as the priciest city in Latin America for residential real estate, with property prices reaching a staggering US$3,330 per square meter. The Uruguayan capital leads a group of high-cost urban centers that includes Mexico City, Monterrey, and Buenos Aires.

According to the latest Latin American Real Estate Survey, average housing prices across major cities in the region stood at US$2,205 per square meter as of March. In the capital cities alone, this figure was slightly higher at US$2,289.

Following Montevideo, Mexico City ranks second at US$2,666 per square meter, with Monterrey close behind at US$2,592. Buenos Aires trails narrowly at US$2,586, maintaining elevated prices despite years of currency depreciation.

Among the most affordable cities in the region are Quito, Rosario, Córdoba, and Panama City, where property costs per square meter are significantly lower.

Mexico’s growing housing challenge is underscored by the presence of three of its cities — Mexico City, Monterrey, and Guadalajara—among the five most expensive in Latin America. Guadalajara, often dubbed Mexico’s “Silicon Valley,” holds the fifth spot on the list. The concentration of high housing prices in key Mexican cities reflects deep structural issues in urban affordability.

Experts attribute the persistently high property prices across several Latin American cities to a mix of factors: soaring demand, limited affordable housing supply, speculative real estate activity, and a focus on high-end developments rather than inclusive, socially-oriented housing projects.

Urban planners and policy specialists continue to call for stronger regulatory frameworks aimed at curbing speculation and ensuring fairer access to urban land. They stress the need for targeted public policies that promote balanced development and address the growing divide in housing access across the region.