The latest data published by the National Housing Agency (ANV) indicate significant progress in the commercialization of properties under the promoted housing regime (formerly known as social housing). As of September 2024, 20,724 properties have been sold, a figure that includes sales, purchase promises, and reservation tickets presented by investors.
Increase in Promoted Housing Sales
During the second quarter of the year, 1,113 new sworn declarations were registered, representing a 5.6% growth compared to the previous quarter. Since the establishment of the regime, Montevideo continues to lead the market with 81.5% of sales, which amounts to 16,899 properties in 661 projects.
In Montevideo, the Cordón neighborhood leads sales with 27% of transactions (approximately 4,500 units), followed by Tres Cruces with 8.4%, Centro with 6.4%, and Barrio Sur with 6.2%.
Canelones and Maldonado: Continuous Growth
In second place, Canelones continues to show strong demand, with 1,670 units sold across 137 projects. This dynamism is primarily due to the increasing number of projects in Ciudad de la Costa. In third place, Maldonado has sold 1,242 units, while other departments such as Salto and Paysandú show lower figures.
Evolution of Promoted Housing Prices
The ANV report also highlights the behavior of promoted housing prices. As of August 2024, the average prices in dollars are:
- Studio apartments: US$ 89,219
- 1-bedroom homes: US$ 118,758
- 2-bedroom homes: US$ 161,056
- 3-bedroom homes: US$ 217,794
Compared to the previous year, prices in dollars have increased by between 6% and 8%. However, when analyzing prices in Indexed Units (UI), the increases are more moderate, ranging from 2% to 4%, reflecting a controlled evolution in response to inflation.
Promoted Housing Market Outlook
With a total of 23,332 completed homes and 89% of them already sold, the promoted housing market in Uruguay continues to expand, particularly in Montevideo, Canelones, and Maldonado. This regime remains an attractive option for both investors and buyers.
If you are thinking about investing in real estate, we recommend that you learn about the tax benefits of the Promoted Housing Law. Our tax specialists can assist you with this analysis.
At Carlos Picos Consultora, we have a Real Estate department offering a wide variety of options for real estate investors or individuals looking to buy or rent a home to live in.
We invite you to have an initial conversation and receive all the information you need to proceed with confidence in the acquisition or rental of your property.
For more information, do not hesitate to contact us.
