Ciudad Vieja: Investment and Real Estate Market — July 2026
INGAR · · Market
How much does a square metre cost in Ciudad Vieja?
The square metre in Ciudad Vieja has a median of USD 2,152 for apartments, 13% below the Montevideo median, with a median total price of USD 129,000 across 60 square metres. It ranks 29th in the price table.
| Metric | Value |
|---|---|
| Median price per m² | USD 2,152/m² |
| Usual range (p25–p75) | USD 1,753 – 2,550/m² |
| Median total price | USD 129,000 |
| Median floor area | 60 m² |
| Monthly change | -0.2% |
| Year-to-date change | +2.9% |
| Median rent | USD 653 |
| Gross yield | 6.9% |
| Estimated net yield | 4.5% |
| Years of rent to cover the price | 16.5 |
| Months of supply | 1.7 |
| Supply level | Medium |
| Houses: median price per m² | USD 751/m² |
It is the cheapest neighbourhood in the entire coastal and central area: it costs 25% less per square metre than Centro and 40% less than Cordón, while being closer to the water than either.
What is the rent in Ciudad Vieja and what does it yield?
The median rent is USD 653, exactly the city median, and the gross yield is 6.9%, the highest in the whole central and coastal area. The estimated net figure is 4.5% and the price is covered by 16.5 years of rent.
That combination is what makes Ciudad Vieja singular as an investment: it pays Montevideo's median rent on a purchase price 9% below the median. It is the only neighbourhood in the central band yielding above 6.5%.
How did Ciudad Vieja prices move this month?
Asking prices were almost unchanged in the month (-0.2%), but the year-to-date figure is +2.9%, and that is the distinguishing point: while the entire premium coastal strip is down (Carrasco -9.1%, Buceo -5.3%, Punta Carretas -3.5%), Ciudad Vieja is up.
Supply is absorbed in 1.7 months, in line with the city, with a medium supply level. It is a smaller market than its neighbours', but with sustained demand.
What sets Ciudad Vieja apart?
Ciudad Vieja is the historic quarter and it operates by its own rules. It is the only largely pedestrian neighbourhood in Montevideo, it concentrates the museums, the Teatro Solís, the port and the financial district, and it has a density of architectural heritage that exists nowhere else in the city.
That creates a particular market: high-end renovated buildings sit next to run-down properties, and the price difference between them within the same block can be enormous. The range of USD 1,753 to USD 2,550 per square metre reflects that heterogeneity.
The neighbourhood has been gaining residents over the past decade, after decades of emptying out during which it functioned only in office hours. That process, still under way, explains why it is accumulating price gains in a year when the coast is easing.
The most striking figure in the neighbourhood is in houses: USD 751/m², the second lowest value in the city, with a median floor area of 400 square metres and a price of USD 290,000. These are not ordinary single-family homes but large old properties in the historic quarter, where value depends above all on the state of repair and renovation potential.
Who is Ciudad Vieja right for?
For the investor seeking the best available return without leaving the central area: 6.9% gross with urban rental demand and a rising year-to-date figure. It is the city's clearest case of a reasonable return without moving to the periphery.
To live in, it suits those who value heritage, pedestrian scale and cultural offerings, and who understand that neighbourhood life differs from the rest of Montevideo: plenty of activity by day, less at night in some areas. Before buying here, more than in any other neighbourhood, it is worth looking at the specific block and the state of the building.
Frequently asked questions
How much does a square metre cost in Ciudad Vieja?
The table above shows the neighbourhood's median USD per square metre and its usual range, updated with the INGAR Index monthly close.
Is Ciudad Vieja a good place to invest?
It depends on your goal: check the yield and supply dynamics above. For a read on a specific property, get an online appraisal or write to us.
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. See the Ciudad Vieja data sheet with the full monthly series and the 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.