Despite the uncertainty that prevailed during 2021 as a result of the covid-19 pandemic and the impact it generated on the economy, The real estate sector remained stable without significant alterations, positioning itself as an instrument for the protection of capital and with a great winner: private neighborhoods.
According to him Analysis of the Real Estate Market 2021 carried out by InfoHousesto which he had access Observer, nearly 3.1 million people searched for properties on the portal. In turn, they made 1.7 million inquiries – 16% more than in 2020 – in 735 thousand properties, 36% more than the previous year.
The 76% of the people who consulted they did it from Uruguaythe 15% from Argentina and the 9% from other countries. The report highlights the “growing interest” of the Argentine public for buying or renting in Uruguay.
Another data that emerges from this analysis is that a 59% of users were interested in properties that were for renta 3. 4% were interested in properties for sale and the 7% put the focus on Temporary rental.
Three types of consultation were the most performed during 2021. On the one hand, search annual rents for one-bedroom apartments priced between $22,000 and $28,000. On the other hand, there was interest in investment purchase of one-bedroom apartments priced between US$80,000 and US$160,000l. Third was the purchase for personal use of two-bedroom houses priced between US$270,000 and US$380,000.
What happened in the sales market
Montevideo is still the department with greater demand for sale (62%) although recorded a 5% drop compared to 2020. follows him Maldonado (twenty-one%) that recorded an increase of 18% compared to 2020. cannelloni ranks third (14%), a 10% above 2020. The remaining 3% refers to searches in other departments.
“Private neighborhoods have gained greater participation in recent years, with an increase in the number of constructions in the areas of Ciudad de la Costa and Punta del Este. With more personalized proposals that stand out for their quality and services, these neighborhoods add new followers who choose to distance themselves from the restless rhythm of the city”, says the report.
InfoHouses
Sales market distribution
Javier Ache, investment specialist at InfoCasas, in dialogue with The Observer had stated that Although downtown neighborhoods in Montevideo are developing a lot, there is also a trend towards decentralization.
“The pandemic made it possible to work from home or in a hybrid format in which the person spends three days at home and two goes to the office, then people began to choose to live in Punta del Este or outside Montevideo and go to work twice a week at the office. That generates other comforts such as a green environment, more space and the tranquility of leaving the downtown area.”, he explained.
The analysis also maintains that in 2021 it “accentuated” purchase intention for investment purposes as “the properties acted as a refuge for capital”. “Because of its stability and profitability, brick was consolidated as the preferred option by investors”, he points. 59% of those interested in buying did so for investment purposes compared to 41% who did so for personal use.
Regarding the state of the property, 86% of those interested search properties used while the remaining 14% point to new build properties. These numbers show a 15% increase in the search for new construction properties with respect to 2020 and a 10% less in used properties.
The price range between US$ 0 and US$ 150 thousand is the most demanded reaching 57% of queries. The report highlights that this trend has remained constant over time.
InfoHouses
Demand segmented by prices
what happened to the rents
As far as rentals are concerned, the trend is the same as in sales. Montevideo it continues to be the department with the highest demand for rent (84%) no changes compared to 2020. follows him Maldonado (10%) who registered an increase of 15% compared to 2020. cannelloni ranks third (5%), 6% above 2020. The remaining 1% refers to searches in other departments.
InfoHouses
Distribution of the rental market
A 69% of those interested searched for apartments Meanwhile he 31% targeted houses. Within the typology apartmentsthe fifteen% I search studio apartmentsthe 51% from a bedroomthe 28% from two and the 6% from three. About houses, 19% searched for a bedroom, 65% from two Y 16% from three.
The 59% of rental demand is concentrated in properties below $35,000. The 18% look for them by prices between $36 thousand and $50 thousandthe 13% points to a range between $51 thousand and $70 thousand and the rest 10% search above $71 thousand.
