Construction. Prices per square meter in Uruguay are among the highest in the region.
The market launch of several building projects at unprecedented values \u200b\u200bof U $ S 4,000 per square meter has been placed back on the table the issue of price bubbles.
The issue is not entirely resolved, because although these values \u200b\u200bbegan to move closer to new projects planned in Montevideo in 2011 and 2012, the gap between the cost of new and used housing expands more and represents a potential upside for the price spiral.
"If the value of property New peel off the used too much of the market demand refocus, "he told the Ultimas Noticias Villamide real estate consultant in July.
Still, some indicators already send disturbing signals on the formation of a potential bubble in housing prices.
A conceptual tool used by the website of the Global Property Guide (Global Property Guide) to evaluate this phenomenon is to compare the evolution of property prices by years of rent that a property has been purchased.
Since it measures the number of years of collecting rents necessary to recover the full value of the home, the more higher the value of the home, more years it will take to recoup that investment.
According to a ranking produced by the site of real estate consulting, Uruguay has the highest ranking in the price-rent Latin America, requiring an average of 16 years of collecting rents for the property value.
Another tool that uses Global Property Guide is the change in value of construction per square meter, an estimate shows that Uruguay has one of the highest average cost per square meter of construction in the region: U $ S 2,191.
According to consultant level, in Latin America, this value is exceeded only by Brazil, where the square meter is offered U $ S 2,227.
The government estimated in December that the cost per square meter construction of Uruguay was located in the U $ S 2,500, which would put the country at the top of the comparisons in Latin America.
Estimating the Global Property Guide values \u200b\u200bwas made on works in the center of Montevideo, 120 square meters, mostly condos, with a good level.
But the growth of these securities are not accompanied with similar increase in the value of other assets.
Between 2005 and 2010 real wage-deflated value, or discounting inflation, grew by 7.53% and in the same period the unit indexed-monetary financial da expresses the evolution of prices of goods and services, grew 42.2%.
Another indicator to verify the comparison is the gross domestic product, in that period rose by 111.76%, while the price per square meter of construction rose 338.2%.
The International Monetary Fund (IMF) launched a few weeks ago a new alert on managing capital flows and bubbles in emerging countries.
The strong flow of capital to the region today, it carries not only the appreciation of local currencies against the dollar and the loss of export competitiveness, but also stimulates escalating prices of investment goods considered as property, where they cause an excessive demand.
This month the director for the IMF's Western Hemisphere, Nicolas Eyzaguirre, acknowledged in Washington that the agency had advised the country to take preventive measures against the influx of capital, but added that the country the subject was not an imminent threat.
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