Montevideo Real Estate Market Report — July 2026
INGAR · · Analysis
General Overview
Montevideo's real estate market in July 2026 shows moderate liquidity but with highly heterogeneous dynamics depending on zone and neighborhood. At the city level, the average months of stock stands at 2.6 months, an indicator reflecting a market that is active but not overheated. This level suggests that, at the current absorption rate, existing stock would sell in just over two and a half months, placing Montevideo's market in a zone of relative equilibrium between supply and demand.
With data from 57 neighborhoods under analysis, geographic dispersion is considerable. The gap between the most dynamic neighborhood (Aires Puros at 1.3 months) and the most stagnant (Puerto Buceo at 3.4 months) spans two months, signaling very different markets depending on location and property type.
- Median months of stock (city): 2.6
- Neighborhoods with data: 57
The market's relative liquidity reflects a post-correction recovery from 2025. Buyers are active in certain niches, while other segments face significant absorption resistance.
The Most Dynamic Neighborhoods
| Neighborhood | Months of Stock | Supply | USD/m² |
|---|---|---|---|
| Aires Puros | 1.3 | Low | USD 1,406/m² |
| Sayago | 1.5 | Low | USD 1,774/m² |
| Cerrito | 1.7 | Low | USD 1,215/m² |
| Reducto | 1.8 | Medium | USD 1,854/m² |
| Atahualpa | 1.8 | Medium | USD 1,733/m² |
| Malvín Norte | 1.9 | Medium | USD 1,205/m² |
| La Figurita | 1.9 | Low | USD 1,880/m² |
| Mercado Modelo | 1.9 | Low | USD 2,757/m² |
| Capurro - Bella Vista | 1.9 | Low | USD 2,453/m² |
| Las Acacias | 2.0 | Low | USD 1,026/m² |
Aires Puros stands out as the neighborhood with the fastest sales velocity. With just 1.3 months of stock and low supply, it combines consistent demand with controlled inventory. Its price of USD 1,406/m² positions it in the accessible segment, attracting both investors and first-time residential buyers.
Sayago and Cerrito maintain similar dynamics: active markets, restricted supply, and competitive prices (USD 1,774/m² and USD 1,215/m² respectively). These neighborhoods experience rapid absorption, particularly among buyers seeking price-to-value ratios in areas with appreciation potential.
In the central-east, Reducto and Atahualpa move quickly, both at 1.8 months of stock with medium supply. Mercado Modelo emerges as a special case: with low supply and just 1.9 months of stock, it has reached USD 2,757/m², reflecting significant revaluation in an area undergoing active urban transformation.
Malvín Norte, La Figurita, and Capurro - Bella Vista round out this highest-liquidity group, all close to 1.9 months. These are areas where sellers achieve rapid absorption without needing substantial discounts from the listed price.
The Most Stagnant Neighborhoods
| Neighborhood | Months of Stock | Supply | USD/m² |
|---|---|---|---|
| Lezica | 4.5 | Low | USD 1,258/m² |
| Capurro | 4.4 | Medium | USD 2,546/m² |
| Buceo | 3.9 | High | USD 3,244/m² |
| Paso Molino | 3.8 | Medium | USD 1,773/m² |
| Carrasco | 3.6 | High | USD 3,876/m² |
| Villa Biarritz | 3.6 | Medium | USD 3,969/m² |
| Punta Gorda | 3.6 | Medium | USD 3,141/m² |
| La Blanqueada | 3.5 | High | USD 3,005/m² |
| Parque Rodó | 3.5 | High | USD 3,652/m² |
| Puerto Buceo | 3.4 | High | USD 3,975/m² |
Premium coastal neighborhoods face the most pronounced stagnation. Puerto Buceo, Parque Rodó, and La Blanqueada register between 3.4 and 3.5 months of stock with high supply, indicating relative saturation in that segment. At USD 3,975/m² in Puerto Buceo and USD 3,652/m² in Parque Rodó, demand is dampened both by high prices and by excessive supply exerting downward pressure.
Carrasco and Villa Biarritz, historically symbols of real estate prestige, are also slowing down. With 3.6 months of stock and prices reaching USD 3,876/m² and USD 3,969/m² respectively, they are experiencing an absorption correction. Demand for luxury homes in these areas is selective, and sellers need to be more flexible on valuation.
Buceo (3.9 months), Paso Molino (3.8 months), and Capurro (4.4 months) present heterogeneous dynamics: Buceo is an expensive area but with high supply; Paso Molino, more affordable, paradoxically absorbs slowly; Capurro is experiencing a particular phenomenon of accumulated stock despite medium supply.
Lezica closes this group at 4.5 months, the highest figure in the entire city. Despite an accessible price (USD 1,258/m²), this peripheral neighborhood faces relatively low demand, suggesting that price accessibility alone is not sufficient without complementary factors such as location or services.
Buyer's Market or Seller's Market?
The classification by months of stock reveals a bifurcated city:
Seller's market (fewer than 6 months): Virtually the entire city falls into this category. All 57 neighborhoods analyzed are under 6 months of stock, which technically gives sellers the advantage. However, nuance is key: neighborhoods under 2 months (Aires Puros, Sayago, Cerrito, Reducto, Atahualpa, Malvín Norte, La Figurita, Mercado Modelo, Capurro - Bella Vista, Las Acacias) face very rapid absorption, where sellers have genuine power to hold prices or negotiate from a position of strength.
In the 2–3 month range (equilibrium tilted toward sellers), neighborhoods such as Unión, Cordón, and other medium-supply areas maintain a brisk pace but with slightly more room for the buyer. Prices here may be less rigid than in ultra-fast markets.
Gray zone (3–4 months): Above 3.5 months of stock, the dynamic shifts. Puerto Buceo, Parque Rodó, La Blanqueada, and Carrasco, although technically still in seller's territory, are experiencing notable demand resistance. Buyers have more negotiating power; a seller who waits an average of 3.5 months may concede more on price than one who sells in 1.3 months.
Lezica at 4.5 months approaches functional buyer's territory, where demand is genuinely limited and the seller faces pressure.
Price Trends
| Neighborhood | USD/m² | Monthly % Change | Supply |
|---|---|---|---|
| Villa Muñoz | USD 1,926/m² | -35.7% | Medium |
| Aires Puros | USD 1,406/m² | -19.9% | Low |
| Mercado Modelo | USD 2,757/m² | 18.2% | Low |
| Jacinto Vera | USD 2,534/m² | 14.1% | Medium |
| Atahualpa | USD 1,733/m² | -11.9% | Medium |
| Cerrito | USD 1,215/m² | 9.1% | Low |
| Peñarol | USD 1,107/m² | 9.1% | Low |
| Villa Española | USD 1,807/m² | 8.7% | Medium |
| Jardines del Hipódromo | USD 1,176/m² | 8.6% | Low |
| Flor de Maroñas | USD 1,283/m² | 8.0% | Low |
| Lezica | USD 1,258/m² | 6.4% | Low |
| La Figurita | USD 1,880/m² | 5.7% | Low |
| Capurro | USD 2,546/m² | 4.7% | Medium |
| Unión | USD 1,882/m² | 4.2% | Medium |
| Carrasco | USD 3,876/m² | -3.8% | High |
The sharpest declines reveal selective corrections. Villa Muñoz leads with a monthly drop of -35.7%, a drastic adjustment suggesting a reassessment of supply (possible changes in property type or revision of inflated valuations). Aires Puros, despite being the most dynamic neighborhood, retreats -19.9%, indicating that available supply was priced above equilibrium and needed correction to maintain sales velocity.
Atahualpa falls -11.9%, also dynamic in absorption but with prices that adjusted. Carrasco, the most stagnant luxury market, barely drops -3.8%, suggesting that sellers are resisting correction despite slow movement.
The strongest gains correspond to controlled-supply dynamics. Mercado Modelo leads with +18.2%, a phenomenon reflecting urban transformation and accelerated absorption of very limited stock. Jacinto Vera adds +14.1%, a mid-range area gaining value from sustained demand.
Cerrito and Peñarol advance +9.1%, Malvín Norte and Villa Española hover around +8–9%, while neighborhoods such as Lezica (+6.4%), La Figurita (+5.7%), and Unión (+4.2%) register moderate growth consistent with their relatively active but non-accelerated absorption.
The pattern is clear: prices rise where supply is low and absorption is fast; prices fall where supply is abundant or absorption is slow. The adjustments are not catastrophic at the city level, suggesting stabilization after prior turbulence.
Conclusion
Montevideo in July 2026 is a market that is active on average but segmented by zone. A buyer seeking speed and availability finds favorable conditions in Aires Puros, Sayago, Cerrito, Reducto, and Mercado Modelo. A seller with accessible-priced inventory sells in under 2 months.
At the same time, premium coastal neighborhoods are facing real deceleration. It is not a crisis, but a slowdown that allows buyers with higher budgets to negotiate from a more balanced position. High supply in Buceo, Carrasco, and Parque Rodó creates competition among sellers.
Prices are stabilizing with selective corrections in areas that need to adjust, while moderate gains characterize the bulk of the market. It is a market that favors attentive buyers in select areas and sellers with competitive inventory in any location.
The coming months will likely deepen these trends: premium dynamics will normalize toward slower absorption (perhaps 4–5 months), while affordable-price areas maintain velocity. Overall housing demand in Montevideo remains active, but increasingly sophisticated in its preference for location and amenities.
Check out our buying opportunities by area of interest, and review the neighborhood price ranking to better contextualize your decision.
Frequently Asked Questions
How often is this data updated?
It is recalculated every month based on the current real estate inventory 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 asking prices, a gauge of what is being requested in the market today.
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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 active real estate inventory in Montevideo.