What the INGAR Index and the ICHS methodology are
Updated
The INGAR Index is a monthly real-estate market index built with the ICHS methodology (INGAR Comparable Housing Standard), a public standard that lets prices be compared across cities on a like-for-like basis. Each market always measures the same standard asset —a used 2-bedroom apartment, 50-80 m², in a mid-tier area— and applies the same process: de-duplicate listings, remove outliers, compute the median per neighborhood and a central market median, and assign a confidence grade (A to D) based on source quality and freshness. This way, cross-city comparison never mixes different assets or different methodologies.
The Ingar R.E.A.L. Score compares markets on 4 independent pillars (Return, Exposure, Access, Liquidity), each 0–100. Pillars are NOT summed into a single ranking: they are published separately plus rankings for 7 investor profiles with explicit rules. Every metric carries value, source, date and grade (A/B/C); without a source, it does not enter.
0-100 por pilar; 100 = mejor para el inversor (más retorno / menos exposición / menos fricción / más liquidez)
Band cuts:high 67–100medium 34–66low 0–33
R · Return — How much do I earn?
| Estimated annual net return (%) — after tax | weight 0.65 |
| 5-year price change in USD (%, 2021-2026; midpoint of the published range) | weight 0.35 |
E · Exposure — How much can I lose?
| Sovereign rating (notch 1-22, average of S&P/Moody's/Fitch — numeric, from DATOS) | weight 0.4 |
| Índice de Percepción de Corrupción (Transparency, CPI 2025) | weight 0.25 |
| Currency regime + convertibility (published 0-100 scale) | weight 0.2 |
| Physical hazards (earthquake + hurricane + flood + coastal, 0-12) | weight 0.075 |
| ND-GAIN climate-adaptation score (0-100, country) | weight 0.075 |
A · Access — How costly and cumbersome is entry/exit?
| Total purchase costs (% — sum of components: transfer + notary + registry + buyer's commission) | weight 0.33 |
| Effective restriction on the standard urban asset (0-100; 0 = direct purchase, no restriction) | weight 0.33 |
| Repatriation friction + bank account + exit toll (published scale) | weight 0.26 |
| EFFECTIVE annual holding cost (% actual bill / market value of the standard property) | weight 0.08 |
El impuesto a la renta de alquiler NO puntúa en Access (ya está en el yield neto de Return — evita doble contabilización, auditoría v2 punto 9); el alquiler_efectivo_pct de DATOS queda como insumo de referencia. La TENENCIA puntúa como % EFECTIVO (factura anual real / valor de mercado, modelada sobre el inmueble estándar por DATOS con fórmula publicada). Régimen fuente-oficial + disclaimer.
L · Liquidity — How easily can I sell?
| Median time to sell (days) | weight 0.5 |
| Total exit costs (% of price — v2 components) | weight 0.5 |
solo métricas con fuente verificable; grado C se declara ('liquidez estimada, grado C'); sin dato suficiente NO se rellena
Investor profiles (explicit rules)
- Lowest institutional and macro exposure: ordenar por pilar E desc; desempate pilar L
- Frictionless access: ordenar por pilar A desc; desempate pilar E
- Maximum rental yield: ordenar por métrica yield_neto_pct desc
- Maximum appreciation: ordenar por métrica var_5a_pct desc
- Fast exit: ordenar por métrica tiempo_venta_dias asc — SOLO ciudades con dato grado A/B; los estimados grado C se listan aparte, no rankean
- Cheapest exit: ordenar por métrica costos_venta_pct asc — SOLO ciudades con dato grado A/B
- Overall liquidity: ordenar por pilar L desc (tiempo + costo combinados; los grado C se declaran)
- Investment + residency: filtrar ciudades con residencia_por_inversion > 0 (flag 0/50/100 de tabla 3); ordenar por pilar A desc
Normalization. Min-max over the city universe: the best value in the set = 100, the worst = 0, respecting each metric's direction (for costs and times, less is better). Combined using the weights published below. Adding cities changes the universe and scores are recalculated (recorded in the changelog, INV-2 rule).
Weak data. Grade-C data is declared as such (e.g. "estimated liquidity, grade C"); a pillar without sufficient metrics is shown as "insufficient data". Never filled in.
Derivations. Metrics derived from categorical data (currency regime, restrictions, repatriation, physical hazards): each category maps to points according to the scales published below — the scale is fixed and public; no value is assigned case by case. Sovereign ratings: S&P/Moody''s/Fitch average on the standard 22-notch scale (outlook not scored). Published ranges (days on market, cost %): range midpoint.
Tax metrics. Fiscal metrics (Table 4, official-source + disclaimer regime): rental = FIRST % rate cited in the official source (non-resident default rate; optional regimes and exemptions are not scored — they are declared on each city page). Holding = sum of annual tax components; a–b% range → midpoint; progressive scale → middle notch. Capital gains (exit tax) does not enter Access: exit friction is measured in Liquidity.
R: vivo — se recalcula con cada refresh semanal ICHS · E/A/L: datos de marco; data_date visible por métrica; umbral de revisión 180 días vigilado por watchdog de DATOS (do_fuentes_frescura)
FAQ
Why can one city be compared with another?
Because they are all measured with the same standard asset and the same ICHS process. Comparing the price per square meter of two cities is only valid if it refers to the same property type, size and area; ICHS ensures that.
What do grades A to D mean?
They indicate data confidence by source and freshness. Offer data (published listings) is capped at grade B, because it reflects asking prices, not closed transactions; a verified transactional figure can reach grade A. Cross-city comparison is done entirely on the same offer basis to stay fair.
How often is it updated?
Prices are recomputed monthly from current supply, and every figure is published with its date and source. Freshness is part of the standard: stale data loses confidence grade.
Sources
- [1] INGAR — metodología ICHS pública · 2026-07-15 A
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