Key Takeaways
- Punta del Este new apartments asked US$4,149/m² in October, only 7% above used units at US$3,871/m², while Montevideo new builds at US$3,889/m² sit 27% above used stock at US$3,056/m².
- None of the 51 zones tracked by the GREI index crossed the 1.4x margin-of-error threshold for a confirmed trend; Cordon’s +5.9% move needed +9% to count as real.
- Asking prices are seller positions, not closing prices—international buyers should benchmark against these medians but negotiate property by property, and beware dual agency conflicts.
Table of Contents
Montevideo and Maldonado Asking Prices Hold Steady in October
Punta del Este’s new apartment asking prices closed October at US$4,149 per square meter, while used units in the same coastal market held at US$3,871 per square meter.
Montevideo posted US$3,889 per square meter for new builds and US$3,056 for used apartments. The GREI index, prepared by Gustavo Ortega y Asociados, recorded no movement outside its normal sampling margin across 51 comparable zones.
The data cut of 26 October 2026 leaves international investors with a clean pricing snapshot: no confirmed trend in either market, but a clear hierarchy of asking prices by location and product type.
How the GREI Index Separates Signal From Noise
Prepared by Gustavo Ortega y Asociados, the GREI index reports median asking prices taken from active sale listings. Each figure is calculated in US dollars per square meter over the surface area declared by the advertiser.
These are not closing prices. They are seller asking positions, which means they can sit above or below what a buyer eventually negotiates. The methodology treats a change as real only if it exceeds 1.4 times the margin of error and repeats in the same listings across two consecutive months.
October’s movements stayed between -3.6% and +5.9%, with every zone inside the index’s usual sampling band. The largest relative shift was in Cordon used apartments at +5.9%, but that zone needed a rise above +9% to count as a confirmed change.
Montevideo’s New, Used and Promoted Price Points
Montevideo’s apartment market shows three distinct asking-price levels in October.
- New apartments: US$3,889/m²
- Used apartments: US$3,056/m²
- Promoted housing: US$3,293/m²
That places new units roughly 27% above used stock. The promoted-housing median sits between the two, giving foreign buyers a third benchmark when comparing new projects and existing apartments in the capital.
Coastal Micro-Markets From Punta Ballena to Punta del Este
Coastal asking prices tell a different story. New Punta del Este apartments asked US$4,149/m², only about 7% above the US$3,871/m² median for used apartments in the same destination.
- Punta del Este Balneario used apartments: US$3,652/m²
- Punta del Este Gorlero used apartments: US$3,145/m²
- Punta del Este Balneario used houses: US$2,582/m²
- Maldonado city used apartments: US$3,712/m²
- Maldonado city used houses: US$2,176/m²
- La Barra used houses: US$3,056/m²
- Punta Ballena used houses: US$2,627/m²
- Punta Ballena, other sectors, used houses: US$2,500/m²
Those figures show that Punta del Este sits at the top, while nearby coastal zones price closer to Montevideo’s used stock or below it.
Team Haverkate’s Read: Price Stability Without a Trend
We read the October report as confirmation that Uruguay’s two most watched property markets are not moving in a statistically meaningful way. None of the 51 comparable zones crossed the index’s threshold for a confirmed trend.
For an international buyer, that is useful. The numbers are negotiable but not volatile. Cordon’s +5.9% move looks like the largest shift, yet it would have needed to clear +9% to count as a real change. We see that as the market breathing, not turning.
The report also reinforces how we counsel clients entering Uruguay: treat asking prices as opening positions, not appraisals. A median of advertised prices captures seller ambition. It does not capture closing terms, property condition, or negotiation room. We benchmark against these figures, then test them property by property.
A Stable Floor for Patient Capital
October’s data does not show acceleration. It shows a price structure stable enough to read clearly, with meaningful gaps between new and used product, and between the capital and the coast.
That matters for international capital because it reduces one variable. Buyers can compare an asking price against a recent, consistently calculated market median before negotiating. The remaining work is property-level: legal title, construction quality, taxes, and closing conditions.
There is one risk on the buying side worth flagging. In Uruguay, dual agency can occur when a single broker or agency represents both the seller and the buyer in the same transaction. That structure creates a conflict of interest: the agent’s fee may depend on the seller’s price holding firm, while the buyer relies on that same agent for objective guidance on value, defects, and negotiation. For an international investor, that conflict can weaken the negotiating position and reduce protection against inflated valuations or hidden liabilities.
At Team Haverkate, we help international buyers and investors read these market signals with a local, independent view. We also maintain close relationships with vetted legal and property specialists for anyone structuring a cross-border purchase or due diligence file in Uruguay’s capital and coastal markets.
Frequently Asked Questions
What are the current asking prices per square meter in Montevideo and Punta del Este?
As of October 2026, new apartments in Punta del Este asked US$4,149/m² and used units US$3,871/m². Montevideo posted US$3,889/m² for new builds, US$3,056/m² for used apartments, and US$3,293/m² for promoted housing.
What is the GREI index and how does it measure Uruguay property prices?
The GREI index, prepared by Gustavo Ortega y Asociados, reports median asking prices from active sale listings in US dollars per square meter, based on the surface area declared by the advertiser. It treats a change as real only if it exceeds 1.4 times the margin of error and repeats across two consecutive months.
Did property prices in Montevideo and Punta del Este change in October 2026?
No confirmed trend emerged. All 51 comparable zones stayed within the index’s normal sampling band, with movements between -3.6% and +5.9%. The largest shift, Cordon used apartments at +5.9%, would have needed to clear +9% to count as a real change.
Are GREI asking prices the same as final sale prices in Uruguay?
No. GREI figures are seller asking positions from active listings, not closing prices. They can sit above or below what a buyer eventually negotiates, so they should be treated as opening positions rather than appraisals.
How much more do new apartments cost than used ones in Montevideo?
New Montevideo apartments asked roughly 27% more than used stock in October 2026, at US$3,889/m² versus US$3,056/m². Promoted housing at US$3,293/m² sits between the two as a third benchmark.
Which coastal areas near Punta del Este have lower asking prices?
Punta del Este sits at the top of the coastal market, while nearby zones price lower. Examples include Maldonado city used houses at US$2,176/m², Punta Ballena used houses at US$2,627/m², La Barra used houses at US$3,056/m², and Punta Este Balneario used houses at US$2,582/m².
What is dual agency and why is it a risk for international buyers in Uruguay?
Dual agency occurs when a single broker or agency represents both the seller and the buyer in the same transaction. It creates a conflict of interest because the agent’s fee may depend on the seller’s price holding firm, potentially weakening the buyer’s negotiating position and protection against inflated valuations or hidden liabilities.
