Buying Opportunities in Montevideo — July 2026
INGAR · · Analysis
What counts as a buying opportunity, and what does not?
An opportunity is not simply a cheap neighbourhood: it is a cheap neighbourhood that also sells. A low price with supply that does not turn over is a liquidity trap, not an opportunity, because the apparent discount is paid back later in the time it takes to exit.
That is why this table combines two things: price per square metre and months of supply, which is how long the neighbourhood's current listings take to be absorbed. The names at the top are the ones combining both best.
| Neighborhood | USD/m² | Months of supply | Gross yield | Monthly change | Supply |
|---|---|---|---|---|---|
| Colón | USD 998/m² | 1.2 | 10.9% | +1.5% | Low |
| Malvín Norte | USD 1,177/m² | 1.1 | 8.9% | -0.3% | Medium |
| La Teja | USD 1,222/m² | 1.1 | 7.7% | -1.1% | Low |
| Cerro | USD 967/m² | 1.4 | 11.6% | 0.0% | Low |
| Sayago | USD 1,369/m² | 1.2 | 6.5% | +16.2% | Low |
| Ituzaingó | USD 1,141/m² | 1.8 | 5.6% | +3.0% | Low |
| Aires Puros | USD 1,308/m² | 1.6 | 11.0% | +6.1% | Low |
| Maroñas | USD 1,259/m² | 1.7 | 9.3% | -7.0% | Low |
| Arroyo Seco | USD 2,048/m² | 1.1 | 6.5% | +1.4% | Low |
| Cerrito | USD 1,171/m² | 2.0 | 10.3% | -11.5% | Low |
| Capurro | USD 2,770/m² | 0.9 | 5.2% | -0.0% | Medium |
| Villa Española | USD 1,437/m² | 1.8 | 6.6% | -1.2% | Medium |
Which are this month's best opportunities?
First on the list is Colón, at USD 998/m² and 1.2 months of supply, followed by Cerro (USD 967/m², 1.4), La Teja (USD 1,222/m², 1.1) and Malvín Norte (USD 1,177/m², 1.1). All four combine entry tickets of USD 50,000 to USD 75,000 with the fastest turnover in the city.
Malvín Norte deserves a separate mention. It is the only one in that group sitting on the eastern coast and adjacent to an established neighbourhood (Malvín, USD 3,369/m²): you buy at a third of your neighbour's price, with 1.1 months of supply and an 8.9% gross yield. When an affordable neighbourhood borders an expensive one and turns over quickly, the appreciation case rests on firmer ground than in isolated areas.
Where are the best opportunities for investors?
For income seekers, the relevant intersection is high yield with supply that moves. Cerro (11.6% gross yield and 1.4 months of supply), Colón (10.9% and 1.2) and Aires Puros (11.0% and 1.6) combine both conditions best.
Belvedere and Cerrito yield similarly (11.3% and 10.3%) but carry 2.0 months of supply, twice Colón's. In terms of current income they are equivalent; in terms of exit, they are not. That difference rarely shows up in yield comparisons and is the one that matters most when it comes time to sell.
And for buying a first home?
The criteria change: yield is not the point, total price, floor area and a neighbourhood with life of its own are. That brings in options which are not at the top of the opportunities table but work better to live in: Unión (USD 1,956/m², USD 110,000 median price), Brazo Oriental (USD 2,095/m², USD 115,000), Goes (USD 2,115/m², USD 99,300) and Mercado Modelo (USD 1,976/m², USD 108,000).
These are mid-to-low priced neighbourhoods, well connected to the centre, with a median floor area that allows one or two bedrooms without going past USD 120,000. Turnover in all of them runs 1.5 to 1.7 months, in line with the city.
Which neighbourhoods deserve a closer look this month?
Those accumulating more supply without being premium: Paso Molino (2.2 months), Bella Vista (2.0), Villa Dolores (2.1) and Belvedere (2.0). It is not that they are bad neighbourhoods, but today they take nearly twice the median time to absorb what gets listed, and that is worth factoring into the entry price you negotiate.
A special mention for neighbourhoods with large price jumps this month: Sayago rose 16.2% and Belvedere 11.2%. In thin-supply areas that kind of move usually reflects which units happened to be listed rather than a change in the neighbourhood's value, so it pays to compare against the year-to-date figure before accepting the new price as a reference.
Conclusion
July's best opportunities are in the affordable west and north (Colón, Cerro, La Teja) and in Malvín Norte as a case apart thanks to its coastal adjacency. In all four, the low price comes with quick turnover, which is the condition separating an opportunity from a cheap property that later will not sell. Before deciding, always read the two columns together: price and months of supply.
Read on: market report, best neighbourhoods to invest in and first home guide.
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.