How to Buy Real Estate in Uruguay? Houses and Apartments: Relevant Prices in 2023

In 2023, many foreigners are looking for countries to relocate to for permanent residence or to start a business. The faraway Latin American jurisdiction of Uruguay is one of those where the residents of European and Asian countries will feel comfortable.

The small country of Uruguay is located in South America. It has a developed economy and infrastructure and also provides a lot of possibilities for non-residents to settle down. But the main question that you should study before you get a residence permit in Uruguay is the cost of housing in different cities and regions of the country.

Uruguayan Cities Where You Can Buy Low- and High-Priced Housing

If you choose a city and region to relocate to Uruguay, pay attention to the current prices that are the highest in coastal regions, large megalopolises, and the capital of the Latin American Republic in 2023. 

Montevideo is the capital of Uruguay and the most attractive city for foreigners and business elites. This is a place where life is bustling, and you can have a wonderful rest, get a job, open your business, or become an investor in the elite real estate of the region. However, the capital of Uruguay is also one of the most expensive regions where housing prices are very high (especially during tourist season), and you will hardly make both ends meet if you have an average salary.

However, there are other popular destinations that you may consider as a final goal of your immigration route to Latin America:

• Mercedes is a city with a cool climate and a lot of green plants where there is no noise typical of the capital region of Uruguay. Mercedes is ideally suited for family couples, elderly people, or couch potatoes, and the cost of real estate here is much lower than in Montevideo or Canelones.
• Rivera will offer you low prices, including the prices for food products and real estate. The city is suitable for a family rest and permanent residence. There are a lot of public schools here, and the local life is different from noisy events and constant celebrations of the capital. Living in Rivera means staying in a calm and quiet place surrounded by beautiful greenery and pure air.
• Paysandu is an affordable city in Uruguay with a lot of inner regions where house and apartment prices are about 30% lower than on average in the country. Paysandu has the largest GDP indicator due to the developed tourism, trade, and industrial sectors (brewery and textile production).
• Salto is a city of students, also known as the Uruguayan Ibiza, with active nightlife where you can not only have a comfortable rest but also stay to live for good. Food in Salto is relatively inexpensive, while real estate prices are just as high as in the capital.
• Canelones is a Montevideo satellite town which, in its turn, is the capital of the department and a municipality with the same name. Canelones offers its dwellers cheap and quiet housing (the prices are among the lowest in Uruguay) that will be your home during work or study in the capital. However, this Uruguayan region has its disadvantages: the streets are in poor condition and sometimes very narrow, leading to traffic jams.
• Punta del Este is a tourist region in Uruguay. The cost of living is high here, just as the price of real estate (purchase or rent). However, life and rest in Punta del Este are very comfortable, especially if you can get employment or have a passive source of income abroad.
• Ciudad de la Costa is a bedroom community of the Latin American jurisdiction owned by the Montevideo district. Low food and accommodation prices made this district popular with holiday-makers and immigrants, which caused a sharp increase in the number of residents.
• Maldonado is a green rural town in Uruguay surrounded by lush vegetation and beautiful nature. This is the quietest region in Uruguay where you can buy a house or an apartment at an affordable price, and engage in fishing (one of the industries in this region), agriculture, cattle breeding, or tourism as the most advanced sector.
• Las Piedras is also a satellite of the Uruguayan capital where you can buy a house or an apartment at a lower price than in Montevideo. The infrastructure here varies from quiet country cottages to urban color with high-rise buildings and relevant design.

Price of Housing in Uruguay in Montevideo District

Today an apartment in Montevideo costs about 2,500 dollars per square meter, and real estate rent in the Uruguayan capital starts from 550 dollars. According to the research, the most expensive districts are Punta Carretas, Golf, Villa Biarritz, and others. However, there are places where you can buy an apartment or other real estate in Uruguay at a low price while remaining within the boundaries of the country’s main city.

Top Expensive Districts in Montevideo by Cost of Houses

• Villa Biarritz – $2,767
• Puerto Buceo (Diving) – $2,637
• Punta Carretas is ideally suited for shopping lovers, business people, and youngsters that enjoy nightlife. The cost of accommodation per square meter is on average $2,632.
• Carrasco – $2,609
• Pocitos Nuevo is one of the most popular districts of the city, and also the safest and the most beautiful one in Montevideo. The cost of housing in 2023 reaches on average $2,594 per sq.m.
• Golf – $2,534
• Villa Dolores –$2,450
• Punta Gorda – $2,327
• Pocitos –$2,254
• Carrasco Norte – $2,218

Top Low-Priced Montevideo Districts to Buy a House:

• Casavalle – $819
• Cerro – $819
• Jardines del Hipódromo – $808
• Santiago Vázquez – $779
• Paso de la Arena – $774
• Piedras Blancas – $718
• Manga – $717
• Punta Rieles – $705
• Casabo – $600
• Cno. Maldonado – $400

In what districts of the Uruguayan capital can a foreigner buy an apartment at a low price? Let’s turn to the statistics on real estate prices in Uruguay: the average rate in 2023 makes up over 2,000 pesos per square meter. However, there are districts where you can buy a one- or two-room apartment at a low price – or you can become an owner of really luxurious housing on the Atlantic Sea coast by investing a considerable amount.

The Most Expensive Uruguayan Capital Districts Where Apartments Cost A Lot:

• Golf – $4,149
• Puerto Buceo – $3,783
• Punta Gorda – $3,324
• Barra de Carrasco – $3,287
• Villa Biarritz – $3,276
• Punta Carretas – $3,251
• Carrasco – $3,146
• Malvín – $3,111
• Pocitos Nuevo – $3,101
• Pocitos –$2,966

And here are the Montevideo districts where you can buy an apartment at a price lower than $1,000 per square meter: Punta Rieles, Jardines del Hipódromo, Piedras Blancas, Las Acacias, Nuevo Paris, Maroñas, La Teja, Colon.

How to Buy Real Estate in Uruguay: Expenses and Conditions

Real estate and land in Uruguay can be bought by foreigners with 100% right of ownership. Housing and commercial objects can be purchased by private individuals and companies, and their right of ownership following the deal will be confirmed by a document of title.

Each document that confirms the right of ownership to real estate should be registered in the Real Estate Register, a public institution under the Ministry of Education and Culture of Uruguay.

The expenses connected with such deals include:

• Real estate agent’s fee – 3% + VAT (22%) from the sales price.
• Secretary’s fee – 3% + VAT from the sales price.
• Certificates, registration documents, and other administrative records – about 0.7% from the cost of the facility.
• Uruguayan property transfer and sales tax (ITP) is levied at a rate of 2% from the cadastral value.
• If you sell real estate, take into account the income tax (IRPF) that amounts to 12% from the real estate rent. 

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