Palermo real estate data — Índice INGAR

How much does a square meter cost in Palermo, Montevideo?

An apartment in Palermo costs a median of USD 3,155 per m² in July 2026, -0.2% versus the previous month.

In July 2026, Palermo ranks #12 of 49 published neighborhoods by price per m² in apartments (#1 = most expensive). The median asking price is USD 153,550 for a typical surface of 48 m². Versus the previous month the price per m² moved -0.2%; since the series began (March 2026) it accumulates -3.6%. Supply in the neighborhood is high relative to the rest of the city, with 1.5 months of inventory at the current sales pace. Estimated capital appreciation for the area is +3.7% per year; unlike the other figures in this section, this one is calculated from official INE and DGI series, not from our own survey. Figures reflect asking prices from the Índice INGAR, not closed transactions.

Apartments — July 2026

Median USD/m² (USD/m²)

USD 3,155

P25–P75 (USD/m²)

2,700 – 3,559

Median price (USD)

USD 153,550

Median surface

48 m²

MoM change

-0.2%

Change since series start

-3.6%

Median rent (USD/mo)

USD 734

Estimated gross yield

5.3% estimated

Estimated net yield

3.4% estimated

Months of supply

1.5

Absorption rate

69.0%

Estimated capital appreciation (INE + DGI)

+3.7%

Supply

High

What rental yield does an apartment in Palermo produce?

An apartment in Palermo yields an estimated 5.3% gross per year in July 2026 (3.4% estimated net), with a median rent of USD 734 per month. These are estimates over asking prices, not guaranteed returns.

How the net yield is estimated (total deduction of 35.16%) →

Monthly series — Apartments

* Yields are estimates based on asking prices, not promised returns. See methodology. The series starts in March 2026; cumulative change is measured from that start.

Source: Índice INGAR — our own market survey (asking prices).

How much does a house cost in Palermo, Montevideo?

A house in Palermo has a median asking price of USD 310,000 in July 2026 (USD 1,524/m², typical surface 200 m²), 0.0% versus the previous month.

In July 2026, Palermo ranks #16 of 55 published neighborhoods by price per m² in houses (#1 = most expensive). Versus the previous month the price per m² moved 0.0%; since the series began (March 2026) it accumulates -1.2%. Supply in the neighborhood is medium relative to the rest of the city, with 3.1 months of inventory at the current sales pace. Estimated capital appreciation for the area is +3.7% per year; unlike the other figures in this section, this one is calculated from official INE and DGI series, not from our own survey. Figures reflect asking prices from the Índice INGAR, not closed transactions.

Houses — July 2026

Median USD/m² (USD/m²)

USD 1,524

P25–P75 (USD/m²)

1,108 – 1,995

Median price (USD)

USD 310,000

Median surface

200 m²

MoM change

0.0%

Change since series start

-1.2%

Median rent (USD/mo)

USD 972

Estimated gross yield

9.2% estimated

Estimated net yield

6.0% estimated

Months of supply

3.1

Absorption rate

32.6%

Estimated capital appreciation (INE + DGI)

+3.7%

Supply

Medium

Monthly series — Houses

* Yields are estimates based on asking prices, not promised returns. See methodology. The series starts in March 2026; cumulative change is measured from that start.

Source: Índice INGAR — our own market survey (asking prices).

How much is rent in Palermo, Montevideo?

The average rent in Palermo was UYU 26,273 (USD 657) in May 2026, based on real contracts registered with the DGI (Uruguay's tax agency) and published by the INE (national statistics institute).

Year over year it moved +8.9% in pesos (+13.5% in dollars). The average comes from 605 new contracts registered over the last 12 months (rolling annual average). INE publishes with a lag of about three months; the figure is an average per contract, with no breakdown by property type or size.

Monthly series — Official rent (INE)

Source: INE (Real Estate Activity Index — Rentals, based on contracts registered with the DGI). USD conversion: Ingar, using the BCU exchange rate.

How much new housing is being built in Palermo, Montevideo?

Palermo had 8,296 m² of new housing approved in 2025 (8 building permits), -71% versus 2024.

Palermo ranks #21 of 54 Montevideo neighborhoods by approved housing m² in 2025. So far in 2026, 10,133 m² have been approved (partial year, ~2-month publication lag). Building permits are the leading indicator of future supply: what is approved today reaches the market as new housing within roughly two to three years. The city series starts in 1997, allowing full construction cycles to be read.

Annual series — approved housing m²

Source: City of Montevideo (Intendencia) — Approved building permits, National Open Data Catalog. Aggregation by neighborhood: Ingar.

See the permits map →

Comparable neighborhoods

• Buceo · USD 3,172/m²
• Villa Dolores · USD 3,130/m²
• Malvín · USD 3,369/m²
• Punta Gorda · USD 3,077/m²