The property market had an improvement of around 10% during the first half of 2023 compared to the same period in 2022demonstrated indicators of the Infocasas real estate portal, which collects and analyzes the behavior of users on this platform during the period between January and March of this year.
“We are better: that is the synthesis,” he told Coffee & Business the data analyst of the real estate portal InfoCasas, Diego Eizmendi.
Although in January the number of sales of units tends to stagnate, since the end of Carnival “an interesting growth in sales” began, Eizmendi pointed out. As for rentals, “in general, the behavior of the sales and the rental market tend to go hand in hand, so we can say that they also dynamism was generated” between January and March 2023he added.
Eizmendi expressed that, particularly this year, there has been a particular interest in the Malvín neighborhood by “requests” and “interest” of platform users.
In addition, the neighborhoods where the Promoted Housing Law They continue to position themselves among the best places in the list of user preferences. Pocitos and Cordón continue to boom, Eizmendi pointed out
“Today’s top five in demand follows last year’s line for the moment, although Malvín climbs to fifth place and shares a position with Punta Carretas,” he asserted.
Ranking, according to the demand of the first semester
| position on demand | Neighborhood | Median rent for a one-bedroom home ($) |
| 1 | little bits | 27,630 |
| 2 | Cord | 20,700 |
| 3 | the bleached | 23,290 |
| 4 | Center | 20,700 |
| 5 | Malvin and Punta Carretas | 27,480/ 27,630 |
“The market for rental demand remains strong, since few people can access mortgage loans”, expressed the director of Campiglia Construcciones, Germán Campiglia. This is because “the income does not give (to access a loan and, thus, acquire a home)”. Added to this is the “increase in real estate costs and conditions in general” that make it difficult for people to buy real estate, which is why they demand rentals. For his part, this context becomes attractive to property owners and developershe expanded.
For the businessman, the traditional neighborhoods will continue “with a lot of dynamism”, such as the Center, Pocitos and Malvín, which “are the ones that receive the greatest number of real estate developments.” There are also areas that are “growing” noticeably, such as Carrasco and Ciudad de la Costa, he added.
On the other hand, Campiglia stated that the area of watery It will increase its movement in the coming months.
Likewise, the CEO of the real estate consultancy Moebius, Gonzalo Martínez, agreed with the other players in the sector: “The market is really very busy,” he said.
“Inquiries have increased, especially from Uruguayan or local individuals, regarding the purchase. And the characteristic of these users is that they want a property for their own use”, Martínez developed.
Likewise, the interest of foreign investors in the local market has not decreased, in particular, that of Argentines and Chileans, who continue to be interested in rental properties, he assured.
Regarding user preferences, Pocitos and Cord they lead in almost everything in the real estate market. “They are the neighborhoods where there are more buildings under construction, therefore, more units to sell. Buildings are continually being delivered in these neighborhoods, which provides greater availability of rentals, by virtue of the fact that investors have bought properties for rent”; Martinez expressed.
Average rents by type and neighborhood
According to the data processed by the Infocasas portal, the rental of a studio apartment located in Centro or Cordón is $16,465 per month. That of a house with a bedroom (also in these neighborhoods) is $20,700and the rent for a two-bedroom property in this area of Montevideo is $26,570.
Pocitos and Punta Carretas share the same rental averages, as well as Centro and Cordón, depending on the platform. In this sense, the value of studio apartments located in these neighborhoods of the capital amount to $16,950. One-bedroom homes have an average of $27,630 and those with two bedrooms, $35,647.
In The Bleachedthe average rents by type of dwelling are $18,700 (studio); $23,290 (one bedroom) and $27,090 (two bedrooms).
MalvinFinally, it presents the following rental averages: $25,150 (monorooms), $27,480 (one bedroom) and $43,625 (two bedrooms).
On the other hand, an increase of 5% is expected for rentals during 2023indicated the last report of that portal.
What properties are Uruguayans looking for?
Regarding the typology, the Moebius businessman maintained that “in recent times there have been many inquiries from individuals interested in 1-bedroom properties, for their own use and to occupy now.”
“It is something that in the last 2 years had not happened with the rhythm that happens at the moment,” Martínez concluded.
