Índice INGAR methodology — v1.1

Universe and data sources

The index considers public sale listings in the Montevideo market, obtained through our own market survey, for apartments (AP), houses (CA) and land (TE), that were active at some point during the closed calendar month (listed before month end and delisted after month start, or still active). Neighborhoods follow a normalized list of neighborhoods within the department of Montevideo (71 in v1.1); bordering localities of other departments that listings often label as Montevideo (e.g. parts of Ciudad de la Costa, Canelones) are excluded from the universe.

Estimated capital appreciation additionally uses official sources: the INE IAI sale-price index for Montevideo and rental contracts from the DGI (tax authority).

Listing deduplication

The same property is often published in more than one source. Listings are grouped by a fingerprint that identifies the same property, keeping one listing per group (the primary one). Both counts are reported — n_avisos (raw) and n_unicos (deduplicated) — and all statistics are computed over unique listings.

Per-listing filters

Before computing statistics, each listing must pass plausibility filters: price between USD 20,000 and 5,000,000, surface between 15 and 2,000 m², and price per m² between USD 300 and 8,000. Medians and percentiles use continuous interpolation (percentile_cont).

Asking prices, not transaction prices

All prices in the index are asking prices: what the seller requests in the listing, not the final sale price. The last known price of each listing is used. Declared limitation: within-listing price changes are only partially captured, because re-publication of a listing resets its history.

The only exception is estimated capital appreciation, which incorporates transaction data (INE + DGI) and is therefore labeled and published as a separate metric.

Rent, yields and market metrics

The segment's median market rent (neighborhood level, USD) is computed from collected rental listings, using the month's latest calculation. Yields are published only with confidence A or B and within a 2–15% gross range. Net yield is estimated (deductions applied over gross).

Months of supply and absorption rate come from the month's snapshot of active stock and delistings, and are only published when data is available. Days on market (DOM) are not published in v1.1: see limitations.

Estimated capital appreciation (INE + DGI)

It anchors on the INE IAI sale-price index for Montevideo (full-series CAGR, auto-updating), multiplied by a relative neighborhood factor built with rent-tilt over DGI rental contracts (76 neighborhoods with their own factor). The scope field indicates whether the neighborhood has its own factor or inherits the city average. It is NOT the change of the index's own series: it is a different metric and is labeled as such.

Changes

The index publishes month-over-month change (MoM of the median price per m²) and cumulative change vs. March 2026, the series start. No year-over-year change is published until the series is 12 months old (February/March 2027).

Publication thresholds

We prefer declaring “insufficient data” over publishing a noisy number. A neighborhood-type segment is published in a given month only if it meets:

• Minimum sample: at least 30 unique listings in the month (n ≥ 30).
• Stability: month-over-month change within ±20%; larger changes exclude the segment that month, with the reason recorded.
• Yields: only with confidence A or B and a value between 2% and 15% gross.
• Final review by an AI model (see next section).
• Excluded segments are declared each month with their reason — the gap is part of the data and is never filled or interpolated.

AI review

Before publishing, each monthly run goes through an automated review with a language model (claude-opus-4-8; the model used is recorded with each publication) verifying internal consistency — ordered percentiles, ranking, rent×12 / price ≈ yield — and plausibility of the figures. Its exclusions are recorded with their reason. The summaries shown on this site are the reviewed texts; the website does not recompute or alter any figure.

Typical volume

Verified in the March–June 2026 backfill: about 200 segments computed per month, of which ~120 are publishable (~50 neighborhoods for apartments, ~50 for houses and ~15 for land).

Declared limitations

• Short series: the index starts in March 2026; no year-over-year comparisons until 12 months are complete (Feb/Mar 2027).
• Days on market (DOM): not published in v1.1. The observation window starts in February 2026 and truncates the real age of earlier listings (left-truncation), which would bias the indicator. They are computed internally and will be reintroduced once the series accumulates at least 12 months of observation (2027).
• Relisting: a re-published listing (new ID for the same property) resets its history; within-listing price changes are only partially captured despite deduplication.
• Asking prices: all price levels reflect seller expectations, not closings.

License and attribution

Índice INGAR data is free to use with mandatory attribution. Required citation: “Source: Índice INGAR — ingar.com.uy/indice”. Full downloads at /indice/datos.csv and /indice/datos.json.

Versioning

Current version: v1.1 (July 2026, applied retroactively to the whole series). v1.1 changes: universe cleaned to neighborhoods within the department of Montevideo (localities of Canelones labeled as Montevideo by listings are excluded) and days on market (DOM) withdrawn from publication due to an insufficient observation window; rankings were recomputed. v1.0 (March 2026): initial version. Any methodological change is published as a new version on this page and recorded in the metodologia_version field of every data row.