How much does an apartment cost in Montevideo?

Authored by the expert who managed and guided the team behind the Uruguay Property Pack

Yes, the analysis of Montevideo's property market is included in our pack

Who is the author of this content?

THE LATINVESTOR

A team specialized in real estate investing in LATAM countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Montevideo. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At The Latinvestor, we explore the Uruguayan real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Montevideo, Punta del Este, and Maldonado. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What's the average price per square meter for apartments in Montevideo right now?

As of September 2025, the average price per square meter for apartments in Montevideo ranges from $2,420 to $2,704 citywide.

Prime neighborhoods like Pocitos, Carrasco, and Punta Carretas command significantly higher prices, ranging from $3,500 to $4,260 per square meter. These areas offer beachfront access, modern amenities, and prestigious addresses that justify the premium pricing.

In contrast, affordable and older districts in outlying areas start from $750 to $1,500 per square meter. Areas like Malvín Norte, Cerro, or parts of La Teja offer more budget-friendly options for buyers seeking lower entry points into the Montevideo property market.

The wide price variation reflects Montevideo's diverse neighborhood characteristics, with proximity to the coast, city center, and quality of infrastructure being key price drivers.

It's something we develop in our Uruguay property pack.

How much does a one-bedroom apartment cost in the city center versus outside the center?

One-bedroom apartments in Montevideo's city center typically cost between $2,500 and $3,000 per square meter, translating to purchase prices starting around $80,000 for basic units.

Outside the city center, one-bedroom apartments are considerably more affordable, ranging from $1,500 to $2,000 per square meter. This price difference can save buyers $30,000 to $50,000 compared to central locations.

In luxury areas like Pocitos, one-bedroom apartments start around $150,000 and can exceed $400,000 for beachfront penthouses. These premium properties offer superior finishes, building amenities, and prime locations near Montevideo's most desirable beaches.

The monthly rental costs follow similar patterns, with city center one-bedrooms renting for $500-$600 monthly, while suburban areas rent for $350-$450 monthly.

What's the price range for a standard two-bedroom apartment in central Montevideo?

Standard two-bedroom apartments in central Montevideo range from $138,000 to $335,000 as of September 2025.

Most new or modern two-bedroom units in central areas like Centro or Cordón fall within the $160,000 to $220,000 range. These properties typically offer updated amenities, better building management, and modern layouts that appeal to both residents and investors.

The lower end of the range ($138,000-$160,000) represents older buildings that may require renovation or lack modern amenities like elevators, parking, or 24-hour security. The upper end ($220,000-$335,000) includes premium buildings with luxury finishes, rooftop terraces, and prime street locations.

Location within the city center significantly impacts pricing, with properties near Plaza Independencia or the Old City commanding higher prices than those in peripheral central neighborhoods.

How much more would I pay on average for a three-bedroom apartment compared to a two-bedroom?

Three-bedroom apartments in Montevideo's city center typically cost $40,000 to $80,000 more than comparable two-bedroom units in the same building or neighborhood.

Apartment Type	Average Purchase Price	Monthly Rent Range
2BR City Center	$165,000	$600 - $800
3BR City Center	$195,000	$900 - $1,200
2BR Pocitos	$220,000	$700 - $900
3BR Pocitos	$280,000	$1,100 - $1,400
2BR Outlying Areas	$90,000	$400 - $550
3BR Outlying Areas	$125,000	$550 - $750
2BR New Development	$200,000	$750 - $950

What's the starting price for luxury apartments in prime neighborhoods like Pocitos or Carrasco?

Luxury apartments in Pocitos start around $150,000 for one-bedroom units, while premium beachfront or penthouse properties can exceed $400,000.

Carrasco, considered Montevideo's most exclusive neighborhood, features luxury apartments and houses ranging from $300,000 to over $1 million. The area's proximity to the international airport, golf courses, and private schools makes it particularly attractive to affluent buyers.

These prime neighborhoods offer amenities like 24-hour security, swimming pools, fitness centers, and concierge services. Properties often feature high-end finishes, panoramic ocean views, and private parking spaces that justify the premium pricing.

The luxury market in these areas has shown resilience, with properties maintaining their value better than mid-range options during economic fluctuations.

It's something we develop in our Uruguay property pack.

How much do new developments and modern buildings cost per square meter compared to older ones?

New developments and modern buildings in top Montevideo neighborhoods cost between $3,500 and $4,260 per square meter as of September 2025.

These contemporary properties feature smart-home technology, energy-efficient systems, modern layouts, and premium amenities like rooftop pools, fitness centers, and co-working spaces. The higher price reflects superior construction quality, better insulation, and reduced maintenance costs over time.

Older buildings in central Montevideo range from $2,000 to $2,800 per square meter, while peripheral or less desirable districts can start as low as $750 to $1,500 per square meter. These properties may require renovation investments but offer opportunities for value appreciation through improvements.

The price premium for new construction typically ranges from 25% to 50% compared to similar-sized older units in the same neighborhood, but buyers benefit from modern conveniences and potentially lower ongoing maintenance costs.

What's the average monthly homeowners association fee for apartments in Montevideo?

Monthly homeowners association fees (gastos comunes) in Montevideo vary significantly based on building age and amenities.

Older buildings with minimal amenities typically charge $50 to $100 per month. These fees cover basic maintenance, cleaning, and administrative costs but may not include services like 24-hour security or recreational facilities.

Modern towers with amenities like swimming pools, fitness centers, 24-hour security, and concierge services charge $150 to $300 per month. Luxury high-rise buildings can exceed $300 monthly, particularly those with extensive amenities and prime locations.

These fees are mandatory and should be factored into your total cost of ownership when budgeting for an apartment purchase in Montevideo.

How much are property taxes and annual costs for a mid-range apartment?

Property taxes in Montevideo range from 0.25% to 0.5% of the fiscal (government-assessed) value annually, which is typically well below the actual purchase price.

1. **Property tax calculation example**: A $200,000 apartment would incur $500 to $1,000 annually in property taxes2. **Fiscal value vs. market value**: Government assessments are often 60-80% of market value3. **Additional annual costs**: Building insurance, utilities, and maintenance can add $1,200-$2,400 yearly4. **Garbage collection fees**: Approximately $150-$300 annually depending on neighborhood5. **Special assessments**: Occasional building improvements may require additional contributions

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Uruguay versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What are the typical closing costs and notary fees when buying an apartment in Montevideo?

Total transaction costs for buying an apartment in Montevideo typically range from 7% to 8% of the purchase price.

Notary fees represent the largest component at 3% plus VAT, which the buyer pays. Real estate agent fees add another 3% plus VAT, though this is sometimes split between buyer and seller depending on the agreement.

Transfer tax equals 2% of the fiscal value, which is usually less than the market value, making this cost somewhat lower than the 2% of purchase price. Additional costs include property registration, legal fees, and document authentication.

For a $200,000 apartment purchase, buyers should budget approximately $14,000 to $16,000 for all closing costs and fees.

How much can I expect to spend furnishing a two-bedroom apartment from scratch in Montevideo?

Furnishing a two-bedroom apartment from scratch in Montevideo typically costs between $8,000 and $15,000 for a mid-range setup including appliances and basic furniture.

Budget-conscious buyers can reduce costs by shopping at IKEA-style stores, purchasing second-hand furniture, or buying during sales periods. This approach might bring costs down to $5,000-$8,000 for basic but functional furnishing.

Higher-end furnishing with designer pieces, premium appliances, and custom elements can easily exceed $20,000. This includes quality sofas, dining sets, bedroom furniture, kitchen appliances, and electronics.

Essential items like refrigerator, washing machine, bed, sofa, and dining table typically account for 60-70% of the total furnishing budget.

It's something we develop in our Uruguay property pack.

If I take out a mortgage, what's the average interest rate and monthly payment on a $100,000 loan?

As of September 2025, mortgage interest rates in Uruguay range from 6% to 10%, with most banks requiring a 20% to 30% down payment.

For a $100,000 loan over 20 years at 8% interest, the monthly payment would be approximately $836 covering principal and interest. This calculation assumes a fixed-rate mortgage, though variable rates are also available.

Banks typically require proof of income, employment stability, and debt-to-income ratios below 30%. Foreign buyers may face additional requirements including larger down payments and higher interest rates.

Additional mortgage costs include life insurance, property insurance, and bank processing fees that can add $50-$100 monthly to the total payment.

How much can I expect to rent out a one- or two-bedroom apartment for, and what would the rental yield be?

Rental prices and yields in Montevideo vary significantly by apartment type and location as of September 2025.

Apartment Type	Average Monthly Rent (Central)	Typical Gross Yield
1-Bedroom	$500 - $650	4.5% - 5.5%
2-Bedroom	$700 - $1,430	4.2% - 5.3%
3-Bedroom	$900 - $1,950	4.2% - 6.0%
Malvín Area	Variable	6.4% - 6.7%
Cordón Neighborhood	Variable	5.0% - 5.3%
Pocitos Premium	$800 - $1,200	3.8% - 4.5%
City Center Average	$600 - $900	4.5% - 5.2%

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. The Latinvestor - Montevideo Property Market
2. The Latinvestor - Uruguay Price Forecasts
3. The Latinvestor - Montevideo Price Forecasts
4. The Latinvestor - Montevideo Best Neighborhoods
5. Expat Exchange - Cost of Living in Montevideo
6. La Cite Uruguay - Buying in Montevideo Guide
7. Global Property Guide - Uruguay 2-Bed Prices
8. International Living - Cost of Living in Uruguay