Guide to Buying Your First Home in Montevideo — July 2026
INGAR · · Guides
How much do you need to buy in Montevideo?
The median price in Montevideo is around USD 2,098/m², but that doesn't mean you have to spend a fortune. In July 2026, there are real buying opportunities at accessible budgets if you know where to look.
With USD 80,000 to USD 100,000: You can get a small 1-bedroom apartment in neighborhoods like Piedras Blancas, Nuevo París, or Cerro. At USD 915/m² to USD 929/m², we're talking about approximately 90 to 110 m². These are compact properties, ideal if you live alone or as a couple without children.
With USD 120,000 to USD 150,000: The range opens up considerably. You can aim for a higher-quality 1-bedroom in neighborhoods like Colón, Paso de la Arena, or Las Acacias (between USD 985/m² and USD 1,026/m²), or go straight to a 2-bedroom in areas farther from the center. At USD 150,000 in a neighborhood like Lezica (USD 1,258/m²) you get approximately 120 m².
With USD 180,000 to USD 200,000: You're already in the range of established neighborhoods near the median, such as Villa Española or Reducto (USD 1,807/m² to USD 1,854/m²). Here you'll find decent 2-bedrooms with a good location and services.
Additional costs you can't forget:
- Notary and processing fees: USD 800 to USD 1,500 (depends on the amount)
- Real Estate Transfer Tax (ITI): varies, but around 2-3% depending on age and condition
- Stamp Tax: approximately 0.5% of the purchase price
- If you finance through BHU (Banco Hipotecario del Uruguay): appraisal fees, insurance, origination commission
- Reserve for initial repairs: between 5% and 10% of the purchase price is prudent
In total, add between USD 5,000 and USD 15,000 to your initial budget so nothing catches you off guard.
Accessible neighborhoods with a good quality of life
| Neighborhood | USD/m² | 1-Bedroom Price | 2-Bedroom Price | Months of Stock | Change % | Supply |
|---|---|---|---|---|---|---|
| Piedras Blancas | USD 915/m² | N/A | N/A | 2.0 | -1.9% | Low |
| Nuevo París | USD 920/m² | N/A | N/A | 2.4 | -2.0% | Low |
| Cerro | USD 929/m² | N/A | N/A | 2.6 | -2.4% | Low |
| Colón | USD 985/m² | N/A | N/A | 2.3 | 2.8% | Medium |
| Paso de la Arena | USD 1,023/m² | N/A | N/A | N/A | 1.1% | Low |
| Las Acacias | USD 1,026/m² | N/A | N/A | 2.0 | 0.5% | Low |
| Belvedere | USD 1,026/m² | N/A | N/A | 2.4 | 2.4% | Low |
| Peñarol | USD 1,107/m² | N/A | N/A | 3.0 | 9.1% | Low |
| Jardines del Hipódromo | USD 1,176/m² | N/A | N/A | N/A | 8.6% | Medium |
| Malvín Norte | USD 1,205/m² | N/A | N/A | 1.9 | 1.6% | Medium |
| Cerrito | USD 1,215/m² | N/A | N/A | 1.7 | 9.1% | Low |
| Maroñas | USD 1,224/m² | N/A | N/A | 2.2 | -0.2% | Low |
| Lezica | USD 1,258/m² | N/A | N/A | 4.5 | 6.4% | Low |
| La Teja | USD 1,276/m² | N/A | N/A | 2.6 | -2.8% | Low |
| Flor de Maroñas | USD 1,283/m² | N/A | N/A | 2.7 | 8.0% | Low |
| Aires Puros | USD 1,406/m² | N/A | N/A | 1.3 | -19.9% | Low |
| Ituzaingó | USD 1,706/m² | N/A | N/A | 2.5 | -3.6% | Low |
| Atahualpa | USD 1,733/m² | N/A | N/A | 1.8 | -11.9% | Medium |
| Paso Molino | USD 1,773/m² | N/A | N/A | 3.8 | -1.2% | Low |
| Sayago | USD 1,774/m² | N/A | N/A | 1.5 | -1.2% | Low |
| Villa Española | USD 1,807/m² | N/A | N/A | 2.0 | 8.7% | Medium |
| Reducto | USD 1,854/m² | N/A | N/A | 1.8 | -2.6% | Medium |
| La Figurita | USD 1,880/m² | N/A | N/A | 1.9 | 5.7% | Low |
| Unión | USD 1,882/m² | N/A | N/A | 2.2 | 4.2% | High |
| Villa Muñoz | USD 1,926/m² | N/A | N/A | 2.1 | -35.7% | Medium |
| Villa Dolores | USD 2,031/m² | N/A | N/A | 2.2 | -3.6% | Low |
| Goes | USD 2,078/m² | N/A | N/A | 2.7 | 2.2% | Low |
| Ciudad Vieja | USD 2,092/m² | N/A | N/A | 2.7 | -0.7% | Medium |
| Brazo Oriental | USD 2,098/m² | N/A | N/A | 2.8 | 2.0% | Medium |
The most affordable neighborhoods in this table are below USD 950/m²: Piedras Blancas, Nuevo París, and Cerro offer unbeatable prices. All have low supply, which means properties that come on the market sell relatively quickly (between 2 and 2.6 months of stock). These are peripheral neighborhoods but with transit, basic services, and an established community.
The mid-range affordable bracket (USD 1,000 to USD 1,300/m²): This includes Colón, Las Acacias, Malvín Norte, and Cerrito. They have better connectivity than the previous ones, more supply in some cases, and are still significantly cheaper than the median. Colón is growing (2.8% increase), and Malvín Norte has only 1.9 months of stock, indicating constant market movement.
Cerrito and Peñarol deserve special attention: Both are growing at 9.1% in price, but you're still buying below the median. If your budget is around USD 120,000, these neighborhoods offer better future returns without the current value being prohibitive.
What to expect for under USD 150,000?
With a budget of up to USD 150,000, in Montevideo you can get:
A decent 1-bedroom apartment (90-120 m²) in neighborhoods like Piedras Blancas, Nuevo París, Cerro, or Colón. We're talking about basic but functional units: living-dining room, kitchen, bedroom, bathroom, maybe a small balcony. Condition varies, but in this price range many are homes that will need some minor renovations (paint, floors, plumbing fixtures).
A more modest 2-bedroom apartment (80-100 m²) in neighborhoods farther from the center such as Las Acacias, Belvedere, Paso de la Arena, or areas in the northern outskirts. Here you get more family space, but the neighborhoods are less established in terms of commercial infrastructure.
A small house (90-120 m²) in neighborhoods like Cerrito or Lezica, likely needing repairs. Houses in this price range tend to be older, but they offer a yard and greater privacy than an apartment.
Reality of condition: Below USD 150,000, you're likely to find properties that need work. Don't expect finished or modernized units. You have 2 options: buy something that needs renovations and do the work yourself (at your own pace), or look for a newer property in a very peripheral area. Either option involves a commitment.
Growing neighborhoods
| Neighborhood | USD/m² | Change % | Months of Stock |
|---|---|---|---|
| Cerrito | USD 1,215/m² | 9.1% | 1.7 |
| Peñarol | USD 1,107/m² | 9.1% | 3.0 |
| Villa Española | USD 1,807/m² | 8.7% | 2.0 |
| Jardines del Hipódromo | USD 1,176/m² | 8.6% | N/A |
| Flor de Maroñas | USD 1,283/m² | 8.0% | 2.7 |
| Lezica | USD 1,258/m² | 6.4% | 4.5 |
| La Figurita | USD 1,880/m² | 5.7% | 1.9 |
| Unión | USD 1,882/m² | 4.2% | 2.2 |
| Colón | USD 985/m² | 2.8% | 2.3 |
| Belvedere | USD 1,026/m² | 2.4% | 2.4 |
| Goes | USD 2,078/m² | 2.2% | 2.7 |
| Brazo Oriental | USD 2,098/m² | 2.0% | 2.8 |
| Malvín Norte | USD 1,205/m² | 1.6% | 1.9 |
| Paso de la Arena | USD 1,023/m² | 1.1% | N/A |
| Las Acacias | USD 1,026/m² | 0.5% | 2.0 |
If you're looking for appreciation potential without spending a fortune today, these are the neighborhoods to watch:
Cerrito and Peñarol (9.1% growth): These are the growth leaders in the affordable range. You can buy Cerrito at USD 1,215/m² with only 1.7 months of stock (a dynamic market). Peñarol is at USD 1,107/m², even cheaper. Both have quick access to the center and are receiving infrastructure investment.
Villa Española (8.7%) and Jardines del Hipódromo (8.6%): Growing strongly and still affordable. Villa Española is at USD 1,807/m², still below the median. These are neighborhoods attracting young families looking for a mix of comfort and price.
Flor de Maroñas (8.0%) and Lezica (6.4%): Less well-known but with upward momentum. Flor de Maroñas at USD 1,283/m² and Lezica at USD 1,258/m² offer a buying opportunity today with expectations of appreciation. Lezica has more stock (4.5 months), which gives you more options to choose from.
Growth context: The growth figures you see in this table reflect demand and appreciation over the last period. They don't guarantee continued increases, but they point to neighborhoods where there is activity, private investment, and generational change. For a first-time buyer, this is relevant: you're not buying a "dormant asset" but a place where things are happening.
Common first-time buyer mistakes
Mistake 1: Looking only at the price per m². It's important, but it's not everything. A neighborhood at USD 1,000/m² but with 0.5 months of stock means everything sells immediately — there are few options, high demand, and you could end up buying something you don't like. Always check how much stock there is. Between 2 and 3 months is healthy for negotiating.
Mistake 2: Forgetting common expenses. If you buy an apartment in a building, ask for the statement of common expenses. Some buildings have expenses of USD 150/month, others reach USD 400/month. On a tight budget, this matters a lot when calculating your actual mortgage payment.
Mistake 3: Skipping the technical inspection. For 1,000 or 1,500 pesos, have an engineer walk through the property. Structural cracks, moisture, electrical problems — things you can't see with the naked eye but that cost money later.
Mistake 4: Not verifying the documentation. Ask for the deed (original or certified copy), blueprints, and proof of no municipal debt. If anything is missing, don't proceed. Notaries charge for this, but you have to insist that everything is in order.
Mistake 5: Only comparing with Pocitos, Carrasco, and Punta Carretas. These are beautiful neighborhoods but for a first home with a limited budget they are not realistic. Look at the full map of Montevideo. A growing neighborhood at half the price can be a better decision than a "gain" in a trendy area that rises 1% per year.
Mistake 6: Financing more than you can afford. BHU finances up to 70% in some cases, but just because you can borrow doesn't mean you should. If your mortgage payment ends up being more than 30% of your income, you're taking on unnecessary risk. It's better to buy less home today and have peace of mind.
Conclusion
In July 2026, buying a first home in Montevideo for under USD 150,000 is possible. Accessible neighborhoods like Piedras Blancas, Nuevo París, Colón, and Cerrito offer real properties at prices that don't require an inheritance. It's true that you may not find the perfect place — you'll probably need to make some repairs or accept a less central location — but you're buying an asset in your own name, building wealth.
If you're also looking for appreciation potential, neighborhoods like Cerrito, Peñarol, Villa Española, and Flor de Maroñas are growing at 8-9% while still being accessible. That's a timing advantage.
The important thing is not to wait any longer. Every year of waiting, prices go up. Start today: visit properties on the market, make a clear financial plan with BHU or a private bank, and move decisively when you find something that makes sense.
At INGAR we specialize in guiding first-time homebuyers. If you need a deeper analysis of a specific neighborhood, an appraisal, or negotiation advice, check our neighborhood price rankings or consult with our team. You can also read more about cost of living by neighborhood to better understand what to expect in each area, and explore the current buying opportunities.
Frequently asked questions
How often is this data updated?
It is recalculated every month based on the current real estate listings in Montevideo, so it reflects the state of the market for the current month.
Where do these prices come from?
From INGAR's own survey of public sale listings in the Montevideo market, not from closed transactions: these are listing prices, a gauge of what is being asked for today in the market.
Want to invest with data, not intuition? See how to invest in Uruguay, appraise a property online, or message us on WhatsApp.
This data is part of the INGAR Index, the monthly Montevideo real estate market index, with a data sheet for each neighborhood and a public methodology.
Updated: July 2026. Source: INGAR analysis based on current real estate listings in Montevideo.