Land values in Uruguay 2023

Land records published by the Institute of Colonization on 2nd of January 2024 show the high demand for tangible assets.

Transactions in Uruguay during the past year add up to nearly 700 M USD and over 175.000 hectares changed ownership. Roughly speaking an average price per hectare of 4.000 USD (in acres: 1620 USD per acre). However, the price gap between cropland on the one hand and cattle land or timberland on the other hand remains large.

Premium crop land in Colonia and Soriano sold for prices between 12.000 and 14.000 USD per hectare. In Rio Negro and San José the best cropland sold for 8.000 to 10.000 USD per hectare. Further away from logistical centers the interest in cropland is still high, but entry level is lower. These assets are popular mostly with international investors. Irrigation is obviously an important aspect in decision taking. Presence of water, pivots or at least the potential for future development of irrigation projects is each time more relevant.

Timberland prices depend on the existence of wood. Greenfield projects are in high demand, but almost non-existent. With eucalyptus trees already planted price may reach 4.500 to 5.000 USD per hectare. Bare timberland in the east will sell for values close to 3.500 USD per hectare. Relevant is as well that the large pulp mills UPM and Montes del Plata are actively seeking assets as well as large institutional investors such as Greenwood (NUVEEN), Manulife and BTG Pactual. Not an easy market for new comers. But opportunities exist mainly in existing plantations after harvesting when regrowth or replant becomes the crucial decision.

Prices for cattle land depend on productivity (possibility to seed pastures and fodder crops). In the north you may find land for 2.500 USD per hectare and in the south on cattle land with more carrying capacity the prices may go up to 5.000 USD per hectare. Mostly domestic buyers for this part of the market.

Upon request we can provide more information about specific regions, activity or CONEAT.

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