The profitability of garages for rent in Montevideo grew slightly in 2022, standing at 5.3% per year in dollars and it is very close to the profit that allows renting an apartment.
According to a study of the ads published in real estate agencies in the region, processed by Mercado Libre, In the last moving year ended June 30, the sales and rental values of this type of property in the capital also increased. The profitability of garages is slightly lower than that reported on average for apartments in the capital (5.9% according to the latest Mercado Libre Real Estate Market Report).
Rental and sale prices
As for the prices, the highest rental values in dollars the highest values are found in Pocitos, followed by Cordón, the center and the Old City. In all cases, rental values have increased slightly in the past year, but sales prices have not, which has a disparate impact on profitability values.
Of the neighborhoods analyzed, the cheapest to rent a garage is Ciudad Vieja, with an average of US$79 ($3,252), followed by Centro with US$82 ($3,375) and Cordón with US$86 ($3,541). . The highest average price of those analyzed is in Pocitos with US$96 ($3,952).
As for buying, the average value in Pocitos is US$ 20 thousand, the same as in the Center. ANDIn Cordón, the average value published is US$18,000 and in Ciudad Vieja, US$17,000. The profitability for those neighborhoods increased in general in 2022 except for the Center, where the sale value increased more than the rental value.
The comparison with Chile
The Mercado Libre study also analyzes the situation of garages in Santiago de Chile compared to Montevideo. As for profitability, the Chilean capital stood at 4.8% for the last yeara little lower than that of Montevideo, falling from 5.4% that was located in 2021.
Prices, measured in dollars, also fell in Santiago in all the neighborhoods analyzed, and on average they were below the average values of Montevideo. In terms of sales prices, they also fell in the last year, remaining, on average, very similar to those of Montevideo.
“We understand that this is due in large part to the exchange rate factor where the local Chilean currency has depreciated more strongly and that has caused values in the US currency to fall,” said Pablo Brener, head of the real estate section of Mercado Libre. for Uruguay and Argentina.
