Montevideo Real Estate Market Report — July 2026
INGAR · · Analysis
How is Montevideo's real estate market doing?
The city's apartment median closed July at USD 2,486/m², with a market that keeps absorbing its supply quickly: median months of supply stand at 1.6, and no neighbourhood exceeds 2.2. Asking prices moved little and with a slight downward bias in the most expensive band, while most of the volatility concentrated in lower-priced neighbourhoods.
Months of supply measure how long the current supply would take to sell at the present absorption rate: fewer months, brisker market. It is the liquidity measure we use, and it is best read by comparing neighbourhoods against each other rather than against an absolute threshold.
Which neighbourhoods sell fastest?
The neighbourhood with the highest turnover is Capurro at 0.9 months of supply, followed by Arroyo Seco, La Teja and Malvín Norte (1.1) and Carrasco Norte (1.2).
| Neighborhood | Months of supply | USD/m² | Supply |
|---|---|---|---|
| Capurro | 0.9 | USD 2,770/m² | Medium |
| Arroyo Seco | 1.1 | USD 2,048/m² | Low |
| La Teja | 1.1 | USD 1,222/m² | Low |
| Malvín Norte | 1.1 | USD 1,177/m² | Medium |
| Carrasco Norte | 1.2 | USD 3,819/m² | Medium |
| Sayago | 1.2 | USD 1,369/m² | Low |
| Colón | 1.2 | USD 998/m² | Low |
| Parque Rodó | 1.4 | USD 3,715/m² | High |
| Barrio Sur | 1.4 | USD 3,020/m² | High |
| Atahualpa | 1.4 | USD 1,920/m² | Medium |
The list is interesting because it mixes very different areas: affordable western and northern neighbourhoods alongside Carrasco Norte, one of the most expensive in the city. Liquidity does not depend on price, it depends on there being demand waiting for that kind of product. In Carrasco Norte there is little supply for a lot of stable demand; in La Teja there is little supply because turnover is inherently low.
Which neighbourhoods take longest to sell?
The slowest are Villa Biarritz and Paso Molino (2.2 months), followed by Carrasco and Villa Dolores (2.1) and Bella Vista (2.0).
| Neighborhood | Months of supply | USD/m² | Supply |
|---|---|---|---|
| Villa Biarritz | 2.2 | USD 3,895/m² | Medium |
| Paso Molino | 2.2 | USD 1,667/m² | Low |
| Carrasco | 2.1 | USD 3,794/m² | High |
| Villa Dolores | 2.1 | USD 3,130/m² | Low |
| Bella Vista | 2.0 | USD 2,486/m² | Medium |
| Belvedere | 2.0 | USD 1,449/m² | Low |
| Cerrito | 2.0 | USD 1,171/m² | Low |
| Puerto Buceo | 1.9 | USD 3,932/m² | Medium |
| Punta Gorda | 1.9 | USD 3,077/m² | Medium |
| Villa Muñoz | 1.9 | USD 1,922/m² | Low |
Here too opposite ends of the market coexist. Villa Biarritz and Carrasco are premium neighbourhoods where the high ticket naturally shrinks the pool of possible buyers; Paso Molino and Bella Vista are affordable areas where demand is thinner. The same months-of-supply figure can mean very different things depending on which side of the market it comes from.
In any case, the spread of liquidity in Montevideo is narrow: between the briskest and the slowest neighbourhood there is a 1.3-month difference. This is a market with no genuinely stuck areas.
Which neighbourhoods rose or fell most this month?
The largest move was Sayago, up 16.2%, followed by Belvedere (11.2%) and Aires Puros (6.1%); on the downside, Cerrito gave up 11.5% and Maroñas 7.0%.
| Neighborhood | USD/m² | Monthly change | Cumulative change | Supply |
|---|---|---|---|---|
| Sayago | USD 1,369/m² | +16.2% | -8.7% | Low |
| Cerrito | USD 1,171/m² | -11.5% | +13.3% | Low |
| Belvedere | USD 1,449/m² | +11.2% | +34.5% | Low |
| Maroñas | USD 1,259/m² | -7.0% | +4.0% | Low |
| Aires Puros | USD 1,308/m² | +6.1% | -28.5% | Low |
| Mercado Modelo | USD 1,976/m² | +3.8% | +10.4% | Low |
| Ituzaingó | USD 1,141/m² | +3.0% | +3.0% | Low |
| Bella Vista | USD 2,486/m² | -3.0% | +0.8% | Medium |
| Punta Gorda | USD 3,077/m² | -2.9% | -5.5% | Medium |
| Unión | USD 1,956/m² | -2.2% | +13.7% | Medium |
| Pocitos Nuevo | USD 3,669/m² | -1.8% | -3.2% | High |
| La Comercial | USD 2,267/m² | +1.6% | +8.8% | Medium |
| Colón | USD 998/m² | +1.5% | +9.7% | Low |
| Arroyo Seco | USD 2,048/m² | +1.4% | +2.3% | Low |
| Villa Dolores | USD 3,130/m² | -1.3% | +1.7% | Low |
The table includes the year-to-date change alongside the monthly one, and that second column is the one to watch so as not to mistake noise for trend. Aires Puros rose 6.1% in the month but is down 28.5% for the year; Sayago rose 16.2% in the month and is down 8.7%. In thin-supply neighbourhoods the monthly median moves with the composition of what happens to be listed, and only the cumulative figure shows the real direction.
The opposite case is Capurro, which barely moved in the month yet holds the largest gain of the year at 40.3%. When the monthly change is small and the cumulative one is large, what lies behind is usually a sustained trend rather than a one-off jump.
Is it a buyer's or a seller's market?
With supply being absorbed in a median 1.6 months and asking prices essentially flat, July does not clearly favour either side. What does exist is a difference by segment: in the premium band asking prices eased slightly in almost every neighbourhood (Punta Carretas, Parque Rodó, Carrasco, Pocitos Nuevo, Punta Gorda), suggesting a bit more room to negotiate than a few months ago.
In affordable neighbourhoods the picture is the reverse: plenty of month-to-month variation, but no common direction. There the reference price is set by each specific property more than by the neighbourhood.
Conclusion
July closes a quiet month in both volume and prices, with even liquidity across the city and no sign of oversupply in any segment. For buyers, the premium band offers somewhat more room today than at the start of the year; for sellers in affordable neighbourhoods, the price reference should come from the year-to-date figure rather than the latest month.
Read on: buying opportunities and price rankings.
Frequently asked questions
How often is this data updated?
It is recalculated once a month, with the previous month's close, and published alongside the INGAR Index.
Where do these prices come from?
From our own survey of publicly listed supply in Montevideo: these are asking prices, not closing prices. In Uruguay deals usually close below the listed value.
Want to decide with data instead of gut feel? See how to invest in Uruguay, get an online property appraisal or message us on WhatsApp.
This data is part of the INGAR Index, the monthly index of Montevideo's real estate market, with a data sheet per neighbourhood and a public methodology.
Updated with the 2026-07 close. Source: INGAR Index, the monthly index of Montevideo's real estate market.
Data from the INGAR Index — 2026-07.