Narayan AmmachchiMontevideo, the capital of Uruguay, is the most expensive urban landscape in Latin America. The cost per square meter for an apartment exceeds $3,400.
According to a study by the Centre for Financial Research at Torcuato Di Tella University, other costly Latin American cities include Mexico City, Monterrey, and Buenos Aires.
A one-bedroom apartment in Montevideo ranges from $85,000 to $140,000. The most expensive neighborhoods in the city are Cordón, Tres Cruces, Pocitos, and Parque Batlle.
Lack of infrastructure in other parts of the country drives many people to Montevideo, as noted by Bloomberg.
Additionally, as of 2021, there was a deficit of 60,000 houses in a country with less than 3 million people.
Uruguay’s stable economy and high per capita income are among the factors driving property prices in the capital. Renting a small apartment can also be challenging in some neighborhoods, with monthly rents ranging from $600 to $1,100.
Uruguay’s political and economic stability continues to position it as a reliable market, attracting buyers from neighboring countries looking to diversify their investments.
Although high prices are a barrier for many local buyers, the interest from foreign investors and the increase in rental demand demonstrate resilience in the market.
Add comment