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Best areas of Montevideo
| Best areas of Montevideo This question was recently put to me and rather than just giving my answer I'd like to get a few people's perspective on it if possible....From Dany: "My son is looking to invest in a studio or little apartment to rent out. As he has no time to sort this out he asked me to do it. I'm visiting Montevideo and some apartments for him to chose out but I have never been here before and thus I have no idea of where the interesting spots are for putting long term rentings on the market there. I'm still trying to find out where it is safer and where it is less. Any Advice?" I already know that almost everyone has a different answer to this, really it comes down to personal taste where people want to live because the barrios (neighbourhoods) in Montevideo are quite distinct. I think many people are buying old buildings in Ciudad Vieja and renovating them. Although I love this idea (I think maintaining the history of a place is so important) I would be a bit hesitant about this. Firstly you would want to find a very good architect/general contractor to make sure the renovation is done well. Many of these buildings are very run down and need a lot of work and if its not done right you could be dealing with many problems along the way (plumbing, cracks in walls etc). It should also be noted that some areas of Ciudad Vieja feel safe, but just one block away can feel very different. It is an area that is full of offices so in the evenings and for much of the weekend most of the streets (excluding Sarandi) are like a ghost town. I lived there for 4 months and many times felt very uncomfotable and at risk. Another area that seems popular for investment properties is the more upscale beachside areas of Pocitos and Punta Carretas. These are lovely areas and are very popular for tourists because they are relatively safer, full of cafes, restaurants, shopping malls etc. It is a very beautiful area but its also quite snobby and so can be overpriced. The gastos communes (common/shared costs in apartment buildings) are often much higher because there is often a portero and heating systems etc. Palermo is an interesting area. There are some beautiful older buildings that aren't as run down as Ciudad Vieja. Most of it is quite safe and is improving. It is close to the park with a lake and also Ramirez Beach and the Casino. It is a culturally and historically rich neighbourhood where they play candombe in the streets, personally its one of my favourite area but I'm not sure it is where tourists would want to stay if that is the kind of rental client you are looking to attract. To live however it is lovely so it would be fine for longer term rentals. Anybody have any tips/advice/opinions on where to buy a property to use for rental income in Montevideo? |
| "Lots of Barrios..."
Remember there are 50 or so Barrios in Montevideo... so you've just barely touched the surface...Everywhere can be much different during the day, evening and night. If you buy without spending some time in the area at all those times you might end up with a load bar or disco next under your new place! |
| "Pocitos"
I would make a strong case for investing in Pocitos, and especially in smaller studios and 1 bedroom units. Pocitos offers the lifestyle that most visitors are looking for including a nice mix of residential and small commercial (shops, cafes, restaurants, banking services, etc...as well as easy access to the beach. Visitors don't usually have nor want to rent a car, so easy access, walk-ability and a enough foot traffic to feel safe are some of Pocitos' real draws. Investing in Pocitos will cost more than other Barrios but the demand, and returns on investment are considerably higher. Ciudad Vieja should be avoided because security is a HUGE issue, especially for guests with shorter term stays in mind. Many of them are arriving for the first time and scouting possibilities and tend to avoid questionable areas. Furnished studios and 1 bedroom apartments offer the best returns because their cost per square meter is 30-50% of larger apartments, and the monthly rentals about 70% or more of what you can charge for anything but the best-of-the-best 3 and 4 bedroom places. Good luck! |
| "Buying to Rent"
Montevideo is pretty big and I know there are many barrios, but in terms of renting with the aim of leasing it out (preferably to foreigners/tourists given the ridiculous tenancy laws here) then there are much much fewer barrios to consider as you will no doubt want something on or very near to the rambla.Doug makes some good points about Pocitos - it really is a lovely area and it is very attractive to tourists as it is safe and has all the necessary amenities. However it is also one of the most expensive areas in Montevideo and Uruguayans are known for picking a ridiculous selling price out of the sky and sticking with it out of sheer stubbornness. There are some less hyped up areas such as Parque Rodo and Palermo that have some great properties at bargain prices and these areas have quite a lot to offer too - a very different vibe to Pocitos, less commercial, less flashy. It just depends on what you're looking for. |
| "Parque Rodó"
As was said, Parque Rodó is quite near pocitos, and cheaper.It is also a few blocks from the beach and has lot of green areas. Also transportation there is very good. You can easily go to any part of Montevideo. It is a great point for those coming from outside Montevideo to study at the university (in 15 blocks around you have 4 Universities Architect/Administration and Economy/ Law/ and ORT). So rental of small department is almost guaranteed! Expert Page: Expat UY; Relocation and Expat Assitance |
| ""the best areas""
The Parque Rodo area, around the Mercosur building is pretty decent too and significantly less expensive than the ones already mentioned. |
| "Very Personal"
"best" is a very personal definition. A lot of people seem to like whatever neighborhood they first stay in "best".To find your "best" neighborhood, I think you should spend some time walking around... lots of time. Montevideo is a great city for walking. Once you find the neighborhoods you like... then spend some time in the evenings and LATE AT NIGHT... like 2am. Some areas like Centro and Cuidad Vieja seem to turn into almost ghost towns when the government and business offices close at the end of the day... and parts of Cuidad Vieja turn into a zoo around 2am when the disco are starting to get active. Even in Pocitos you'll find areas that become very active late that appear to be nothing during the day. |
| "Would Appreciate Some Guidance !"
Hi Guys, Have enjoyed reading the objective opinions here. Montevideo is one of the prime candidates for retirement for my wife & I. Clearly, we would rent there for at least 6 - 12 months before final decision. I would appreciate it if someone could provide a rough indication what a 200M2 quality newish condominium in Pocitos and/or Parque Rodo might currently cost in US$ (realise former in more expensive). Many thanks. Cheers, Barry |
| "For a General Idea on Real Estate Prices..."
BuscandoCasa.Com is certainly not the last word, but seems to have a good overview.Why do you want a newish one? I've found the older ones to be "nicer". Better heat... less noise from neighbors. I currently live in a building that is about 54 years old... it's much better in many ways than the 8 year old build I lived in before. Most of the newer ones seem to be using electric heat... everyone says its "not very expensive". It is important to know whether it is "not very expensive" because they don't use it much, or whether they are heating their apartment to 68 or 70 degrees all day, all night, all winter. |
| "Hopefully Someone Can Provide Ballpark Figure !"
Hi Lee, Many thanks for prompt response. Rational for modern condo is that our preference is for a hassle free place where everything works plus minimal maintenance. The BuscandoCasa site provides useful overview but unfortunately does not address our specific query. Hopefully, some Montevideo residents may be able to provide approximate price guidance which would be much appreciated. Cheers, Barry |
| "Hassles and Prices"
In my 8 yr old apartment putting a new shower head was a tremendous hassle. They used a non-standard fitting so when I bought a new shower head it didn't fit.They used a plastic pipe in the wall, and screwed a metal elbow onto it. When I hired someone to put the new shower head on for me, the plastic pipe snapped off. It was a real job for him to get another elbow screwed onto the plastic pipe. There was very little space to make a hole in the cement wall and not touch the tiles... When the hot water tank needed replacing, it was more work than necessary because the shutoff valve didn't shut off the water. I was told all of them in the building were that way. The heat (in floor, central radiant) didn't provide sufficient heat (maybe the management was cheap, or maybe the system inadequate). Two older buildings I've lived in DID HAVE sufficient heat. In my 54 yr old apartment I bought a new shower head and screwed it on in 2 minutes. I think you'll also find the rooms, especially bedrooms to be much smaller in the newer buildings. I think you'll find US$1, 000 per SQ MT difficult to find. US$2, 000 per SQ MT will be more the top end. The smaller apartments and new apartments seem to go at a premium. BuscadoCasa will give SPECIFIC prices for properties and you can search by neighborhood and number of bedrooms. It shows SQ MT and price per SQ MT on all the listings. |
| "8 Year Old Apartment"
I sense you are not a fan of 8 year old apartments ! |
| "For Barry"
I think Lee is right, more or less. Prices start around $1, 000 U$ for a sq. meter (M2), but this is just a rough guide. Increase the quality or location and it could be more. Outside of the prime neighborhoods, which usually consist of Pocitos, Punta Carretas and some parts of Parque Rodo deals can be found. If you are unfamiliar with Mvd. I'd say stick to these areas, but it all depends on what you're trying to do.All complaining aside, much of the new construction is shoddy (sadly everywhere), but mostly on budget apartments or flips. There is quality, but it costs. People here spend their money cautiously. Financing is new and folks have learned to pay for nearly all of their property in cash. And they know how to wait. A good old apt./house can be a solid investment, but check out how the building has been maintained. Failed shut-off valves are probably just the tip of the maintenance iceberg. Learn to read the buscando site. Sometimes they're listed with a deposit price and then there will be payments. Building fees can be high, taxes differ on different properties and if it's a remodel, the paperwork has to be in order (BPS, Intendencia). Get an escribano that speaks English if you can. I've jumped into the real estate market a bit since moving here from New York. I blogged the progress of a year spent renovating an old house. Have a look and happy hunting. |
| "For Contra Vita"
Many thanks for above very helpful reply.My intention is to focus on "quality" modern property. Your point is fully taken about construction standards, but any offer would be subject to carefully crafted structural report proviso. Cheers, Barry |
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