Posted: Monday, January 12, 2009 9:03 am El Espectador
Rent in Montevideo increased an average of 9% in 2008, according to figures from the National Institute of Statistics (INE). The latest study on rent throughout Montevideo neighborhoods showed escalating prices paid in the first ten months of 2008, concentrated mainly in the areas of Tres Cruces, La Figurita and Atahualpa. Average rent in Montevideo was of UYP 4,224 in October, which shows a 13.8% increase in comparison to data obtained in 2007. This increase is aligned with the growth of rent prices above inflation in the last years, peaking in 2007. Since then, prices have been on the rise in real terms but in lesser overall values. Current trend is for slight increases given a growth of mortgage loans in the country. Furthermore, this year it is expected that 10,000 to 20,000 Uruguayans will return from abroad, mainly the US and Spain, given the international financial crisis, leading to strong demand and further increases of rent prices. (El Espectador, 12 January 2009)
miriam@gtsa-uruguay.com
