Nov. 17 (UPI) -- Montevideo has become the most expensive city in Latin America to buy an apartment, according to the latest Latin American Real Estate Survey, conducted by the Argentinian Torcuato Di Tella University Center for Financial Research and the property platform Zonaprop.
The study, based on prices published in September, found that the price in the Uruguayan capital reached $3,209 per square meter, surpassing other major cities in the region. At that rate, a 60-square-meter, two-bedroom apartment would sell for $192, 540.
Yuval Ben Haym, regional director of Re/Max, told UPI that Montevideo tops the ranking because of its economic stability and limited housing supply, especially in high-demand neighborhoods such as Pocitos, Carrasco, Punta Carretas and Puerto Buceo.
He said the city attracts regional capital in dollars and has a limited stock of properties in premium areas, which drives up the price per square meter.
"That combination of stability and high-demand positions Montevideo as one of the most expensive and attractive cities for investment in Latin America," he said.
