The Real Estate Activity Indicators (IAI) did not vary and the median continues at US$ 75,000
The value of the prices of the estate in the purchase and sale market remained stable in July, according to data collected by the Statistics National Institute (INE), which established that the median value continued at $75,000.
The technical bulletin on Real Estate Activity Indicators (IAI) of INE In this way, it reflected a variation of 0% both monthly and annually. However, there were differences in the amount of purchase and sale registrations, which grew by 16.10% between July and June, although it fell 3.13% in the interannual comparison.
Specifically, in August there were a total of 4,709 discharges of real estate sales (67.2% of the total), to which must be added 28.87% of the Priority Reservations. It is worth highlighting that 34.96% of the operations occurred in Montevideo. A little further back they appeared Maldonado (15.83%) and cannelloni (14.57%), while they were further away Cologne (4.81%) and Rocha (4.41%).
Regarding the median price, $75,000 generally, it fluctuated depending on the region. In Montevideo, There was a monthly drop of 3.06%, with a median of $108,000, while in the interior the decrease reached 5%, with a price of $52,250. The data contrasts with the 105,000 and 55,000 dollars, respectively, in the same month of 2022.
Montevideo and a reduction in property taxes
The Montevideo Municipality a little over a month ago ordered the reduction of taxes for 70% of the estate to more than 300,000 accounts with properties worth less than $160,000.
The measure would come into force as of January 2024. Through a statement, the I.M. stated that “the Urban and Suburban Real Estate Contribution to the estate with a lower market value of approximately U$$ 160,000.”
Mauricio Zunino, director of Financial Resources of the IM, maintained that the reduction in taxes will be seen “in the registers located in bands 1 and 2 of the real estate contribution” and stated: “Any property, located wherever it is, that meets the cadastral value , will have the advantage and the benefit in terms of contribution.”
Source: Ambito
