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Uruguay: House Prices, Rents, and Rental Yields

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Gross rental yields, excellent in Montevideo

Properties in upscale areas of Montevideo, the capital of Uruguay (Carrasco, Pocitos, and Prado) enjoy high average gross rental yields of 7.8% for apartments, and 8.9% for houses, according to research by the Global Property Guide.

There was a 13% rise in the average price of apartments in Montevideo in 2007, according to the well-known Buenos Aires research house Reporte Imobiliario (RI). High-end property prices are now well above their 2001 pre-devaluation levels.

Houses in upscale areas of Montevideo earn rental returns of between 8.4% to 9.3%, on average, for properties of between 100 square metres (sq. m.) and 500 sq.m. A 200 sq. m. house in Montevideo might be priced at around US$244,200, and might fetch a rent of around US$1,896 a month; which translates into a gross rental yield of 9.32%

In Montevideo’s Old Town, property prices are not very high. True to its name, it is quiet, with very few new buildings. The Old Town is filled with French-style properties.

However the Old Town is becoming fashionable in a bohemian manner. Aside from fully refurbished properties which can command be priced as high as US$1,076 per square metre (sq. m.), prices tend to range from between US$538 and US$860 per sq. m., according to Reynolds Propiedades (www.uruguay-real-estate.com).

Uruguay - more data and information

• How expensive are houses in Uruguay, compared to the rest of Latin America?
• How much rent can be earned from Uruguayan property, compared to the rest of Latin America?
• How much tax must foreign owners pay when they rent out their Uruguayan property?

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