How to Buy an Apartment in Uruguay: Step-by-Step Guide 2026

INGAR · 2026-02-13 · Purchase

What this guide is about (and why we wrote it)

At INGAR we see people every month who start looking for an apartment thinking it is just a matter of picking one, making an offer, and signing. Then they find out there are taxes they had not factored in, that the title search takes a month, or that the bank will lend them less than they imagined. That is when it gets complicated.

This guide is what we would tell a friend who asks us "I want to buy an apartment — where do I start?" No fluff, with real numbers and the things that generally do not appear in listings.

First step: the real budget (not the one in the listing)

The published price of an apartment is not what you will end up paying. There is a package of additional costs that, added together, represent between 8% and 10% of the purchase price. If you are looking at an apartment for USD 150,000, you need between USD 162,000 and USD 165,000 available.

Let us break it down with concrete numbers for that USD 150,000 apartment:

Item	Rate	Estimated amount
ITP (your share as buyer)	2% of cadastral value	USD 1,500 – 2,500*
Notary fees	3% + VAT (22%)	USD 5,490
Real estate commission	3% + VAT (22%)	USD 5,490
Stamps, registrations, and minor expenses	Variable	USD 500 – 800
Total additional cost		USD 12,980 – 14,280

*The ITP (Property Transfer Tax) is calculated on the cadastral value set by the National Directorate of Cadastre, not on the sale price. And here is something few people know: the cadastral value is almost always considerably lower than the market price. In practice, this makes the effective ITP lower than 2% of the actual price. It is one of the few pieces of good news on the cost list.

If the property is promoted housing (Law 18.795), the first sale is exempt from ITP. Worth noting if you are looking at new construction.

More detail on each cost in costs when buying a property in Uruguay.

If you buy with a mortgage, add these costs

In addition to the above:

Bank appraisal: between USD 200 and USD 500, paid by you.
Loan origination fees: vary by bank, may be 1% to 2% of the loan amount.
Mandatory insurance: the bank requires life and fire insurance. These are monthly amounts added to your installment.

Practical rule: with a mortgage the total cost of the transaction rises to 10–12% of the price.

What apartments cost today in Montevideo

For reference before you start looking, here are the current price ranges in Montevideo by typology:

Typology	Average listing price
Studio	USD 90,000 – 120,000
1 bedroom	USD 120,000 – 160,000
2 bedrooms	USD 170,000 – 250,000
3 bedrooms	USD 300,000 – 450,000

But prices vary enormously by zone. The price per m² in Carrasco or Puerto del Buceo can exceed USD 4,000/m², while in Cordón it is around USD 2,700/m² and in areas like Aguada or Centro it drops to USD 2,000–2,400/m². The difference between a 2-bedroom in Pocitos and one in La Blanqueada can be USD 50,000 or more for similar floor plans.

One figure many people overlook: 54% of buyers in Uruguay search for properties below USD 150,000. If your budget is in that range, you are not limited — you are in the most active segment of the market.

Defining what you want (without this, you waste weeks)

Most people start looking at properties without clearly defining what they need. Result: three weeks visiting apartments that are not right, exhaustion, and eventually a rushed decision.

What works is to narrow it down before you start:

Zone: choose 2 or 3 neighborhoods, not 8. If you are not sure, our neighborhood guides will help you understand concretely what each zone has to offer.
Typology: studio, 1 bedroom, 2 bedrooms — this single filter eliminates 80% of the options.
Non-negotiables: these are the 2 or 3 things that, if absent, make you pass. Example: elevator (if it is a high floor), parking space, north-facing orientation. Do not list more than 3, otherwise you will never find anything that ticks every box.
Common expense cap: here is a trap first-time buyers do not see. An apartment at USD 150,000 with common expenses of UYU 12,000 per month costs you USD 3,600 per year just in expenses. Over 10 years that is USD 36,000 — a quarter of the apartment price. Always ask about common expenses before visiting.
Building age: a 1960s–1970s building and a 2020 building are completely different worlds. The older one probably has a better location and larger floor plans, but may come with plumbing, elevator, and insulation issues. The new one has modern materials but probably smaller floor plans and tighter layouts. Decide what you can tolerate.

Visits: what to look for when you see an apartment

A visit is not a stroll. It is 30 minutes in which you need to spot things that will later cost thousands of dollars to fix. What we see people miss:

Inside the apartment

Damp: walls at baseboard height, ceiling corners, and behind furniture if you can. Painted-over stains show up as an uneven wall surface. If you see fresh paint in only one area, ask why. Dampness in an old building is not solved by painting.
Plumbing: in Montevideo there is a large number of 1960s and 1970s buildings with cast-iron or galvanized pipes that have exceeded their service life. Open all the taps and check the water color. If it comes out brownish at first, the pipes are corroded inside. A complete pipe replacement in an apartment can cost between USD 3,000 and USD 8,000 depending on the floor plan.
Electricity: open the breaker panel. If you see ceramic fuses instead of circuit breakers, the wiring predates any current code. Rewiring a 2-bedroom apartment costs between USD 1,500 and USD 3,500.
Orientation: in Montevideo a south-facing apartment gets very little direct sunlight in winter. North-facing is ideal; east-facing gets morning sun; west-facing gets afternoon sun (and heat in summer). It is not a defect, but you need to know it beforehand — not after.
Noise: visit on a weekday at 6 p.m., not on a Saturday morning. Street noise, neighbors, and the elevator sound completely different.

The building (more important than the apartment)

You can have a perfect apartment inside a building with serious problems. And building problems are paid for by all co-owners, whether you like it or not:

Roof terrace: if you can go up, check the waterproof membrane. A roof leak affects not only the top floor — it can deteriorate the structure. Repairing the membrane on a 10-story building can cost USD 20,000–40,000, split among everyone.
Elevator: ask when the last inspection was done and whether there is a replacement plan. Replacing an elevator can cost USD 30,000–50,000 divided among the units.
Facade: if there is peeling render or loose tiles, look elsewhere. Facade repair is one of the most expensive works a building can undertake.

Concrete tip: ask for the last 3 common expense statements and the minutes from the last 2 assembly meetings. There you will see whether any extraordinary expenses have been approved or are pending, whether there are lawsuits, and how the building is managed. More on this in common expenses: what they include and what to ask.

The offer and the negotiation

In Uruguay there are no fixed rules for negotiation, but there are customs worth knowing:

Real negotiation margin: on used properties in Montevideo, a discount of between 5% and 10% off the listed price is common. Many listings are published with a negotiation margin already "built in." On new construction the margin is almost zero, unless you negotiate payment terms.
The offer is made in writing. A verbal offer does not bind anyone legally. What counts is a written note with price, payment method, timelines, and conditions.
Two conditions you must always include:

"Subject to satisfactory title search" — gives you an exit if the notary finds problems.
"Subject to mortgage approval" (if buying with a bank loan) — lets you exit if the bank does not approve.

Without these conditions, if something goes wrong you may lose your deposit.

The deposit: how much, when, and what happens if you change your mind

Once there is an agreement, a reservation is signed with a deposit. What you need to know:

The usual amount is between 5% and 10% of the price.
If you (the buyer) back out, you forfeit the deposit.
If the seller backs out, they return double the amount.
But note: this is custom. What actually counts is what is written in the document. Some sellers include clauses that limit the refund to the simple amount (not double). Have your notary read it before you sign.

Do not sign anything without your notary reviewing it first. Not a reservation, not a promise of sale, not an "informal agreement." If they pressure you to sign without giving your notary time, that is a red flag.

The notary: the most important professional in the transaction

In Uruguay the notary is not just "the person who signs the deed at the end." They are the professional who protects you from buying something with problems. Their job is to verify that what is being sold to you actually belongs to the seller, that it has no debts or liens, and that it can be transferred without obstacles.

What they do concretely

Title search: reviews the ownership chain for the past 30 years. Looks for unresolved inheritances, liens, active mortgages, usufructs, or any encumbrances that would prevent the sale.
Certificates: requests between 8 and 12 certificates from various agencies (DGI, BPS, Property Registry, etc.) to verify everything is clear.
Deed: drafts the legal document that transfers the property and registers it in the Registry.

What it costs

The standard notary fee is 3% of the transaction price plus VAT (22%). On an apartment for USD 150,000, that is USD 5,490. It covers everything: title search, certificates, deed drafting, and registration.

If a purchase promise was previously signed (also drafted by a notary), the usual practice is to charge 1.5% for the promise and the remainder at the time of the final deed. The total does not change.

A crucial point almost nobody knows

In Uruguay, the buyer has the right to choose the notary. It is your notary, you pay them, and they work for you. If the real estate agency or seller tells you "we have a notary who handles everything," you have the right to say no. And if they insist, it is a sign that something may not be entirely clear.

How long it takes

A clean title search takes between 3 and 5 weeks. If a problem appears (an unresolved estate, an expired certificate, a registry error), it can take months. It is the step that takes the longest and the one that cannot be rushed. Accept that and plan accordingly.

Full detail: what a notary does in a property sale and what it costs.

If you buy with a mortgage

In Uruguay there are several mortgage options, but in practice the most commonly used are the BHU and some private banks. Current rates are as follows:

Institution	Rate (EAR)	Maximum term	Maximum financing
BHU	From 4.50%	25 years	Up to 90% of value
Santander	From 4.0%	30 years	Up to 80%
BBVA	From 4.25%	25 years	Up to 80%
Itaú	From 4.15%	20 years	Up to 80%

Something fundamental to understand: these loans are denominated in Indexed Units (UI), a unit that adjusts daily for inflation. That means your installment in pesos rises every month with inflation. It is not a fixed-installment loan. When they say "estimated installment of UYU 25,000," that is today's value — in a year it could be UYU 27,000 or more, depending on inflation.

This is not necessarily bad (your salary should also rise with inflation), but you need to understand it before committing.

Where the transaction stalls (and how to prevent it)

Purchases with a mortgage are slower and run into complications for three predictable reasons:

The bank appraises below the purchase price. Real example: you agree at USD 150,000, the bank appraises at USD 135,000 and finances 80% of that (USD 108,000). Suddenly you need USD 42,000 of your own money instead of the USD 30,000 you had calculated. Options: renegotiate the price, put in more capital, or look for another property.
Bank timelines. From when you submit the application to formal approval can take 30 to 60 days. Then comes the bank's notarial process, which adds 2 to 4 more weeks.
Incomplete documentation. If one document is missing, the bank halts everything until you provide it. Have everything ready from the start.

Tip: get pre-approved before you start looking. That way you know exactly how much you can borrow, you demonstrate seriousness to the seller, and you avoid losing a month in the middle of the transaction.

Detailed guide: mortgage financing in Uruguay.

The deed and the closing

The deed is the final act. It is signed at the notary's office with buyer, seller, and notary present. On that day:

The price balance is paid (bank transfer or cashier's check, as agreed).
The ITP and notary fees are paid.
The documents are signed and the notary registers them at the Property Registry.
The keys are handed over (or a later delivery date is agreed).

There is not much mystery at this stage if all the prior work was done correctly. 90% of the problems we see at closing originated weeks earlier, in stages that were rushed or skipped.

After the purchase

You have signed. Before moving in, complete these formalities (you can do them in parallel):

Transfer of service accounts: UTE (electricity), OSE (water), and gas if applicable. Each one is done separately, in person or in some cases online.
Notify the building management that you are the new owner. They need your details for the common expense billing.
Property tax (Contribución Inmobiliaria): verify it is up to date and that the local government (Intendencia) registers the change of owner.
Insurance: if you bought with a mortgage, the bank requires insurance. But even if you buy outright, a fire and civil liability insurance policy for an apartment is inexpensive (a few dollars per month) and worth having.

Real timelines: how long a purchase takes

Stage	Cash purchase	Mortgage purchase
Offer and negotiation	3 to 7 days	3 to 7 days
Deposit / reservation	Upon reaching agreement	Upon reaching agreement
Title search and certificates	3 to 5 weeks	3 to 5 weeks
Bank application and approval	—	4 to 8 weeks
Bank appraisal	—	1 to 3 weeks
Bank notarial process	—	2 to 4 weeks
Deed and handover	1 to 2 weeks	1 to 2 weeks
Estimated total	30 to 50 days	75 to 130 days

These are indicative ranges. We have accompanied cash transactions that closed in 3 weeks and others with a mortgage that stretched to 5 months due to an unexpected registry issue. The most unpredictable variable is always the documentation — if something turns up in the title search, the timelines expand.

The mistakes that cost the most money

After years accompanying property transactions, these are the mistakes we see repeated most often:

Not conditioning the offer on a title search. If your notary finds a problem and you had not included that condition in the reservation, you may lose the deposit. It is the most basic protection, and many people skip it out of ignorance or because they do not want to "seem distrustful."
Focusing only on the apartment and ignoring the building. The building determines your common expenses, your quality of life, and your property's future value. A flawless apartment in a building with structural problems is a bad investment.
Budgeting only the listing price. If you arrive at the closing with just enough money, it will not be enough. There is always an expense you had not foreseen.
Buying in a hurry. "If you do not close today someone else will take it" is a pressure technique, not objective information. An apartment listed in Montevideo takes an average of about 3 months to sell. There is time to think. If you are pressured to close in 24 hours, be suspicious.
Not considering the long-term cost of common expenses. Common expenses are a fixed monthly cost that never stops. USD 100 per month is USD 12,000 over 10 years. Add that to the property price when comparing options.
Accepting an imposed notary. If the seller, the real estate agency, or the developer insists you use "their" notary, think about why. The notary works for whoever pays them, and that is you.

Final note: the market today

For context on how the market stands: Uruguay closes around 1,500 property sales per month, with an annual volume exceeding USD 2,700 million. There are more than 60,000 properties listed for sale across the country, but only 1 in 40 sells each month. That means there is plenty of supply and as a buyer you have room to negotiate and take your time to choose well.

The most active segment is 1- and 2-bedroom apartments below USD 200,000 in Montevideo. If you are searching in that range, you will find options. The key is not to rush, do the numbers carefully, and surround yourself with the right professionals.

Sources

DGI — Property Transfer Tax.
BHU — Mortgage rates and conditions.
Association of Uruguayan Notaries — Fees and notarial procedures.
INE — Real Estate Activity Index.