Terms:
- Garages available for purchase.
- Ask about financing.
- Prices do not include occupancy expenses of 5.5%.
Law No. 18,795, known as the Promoted Housing Law, aims to facilitate access to housing for middle-income sectors and promote private investment in the construction, renovation, or expansion of homes intended for sale or rent. It offers tax benefits for buyers and investors, including exemption from the Property Transfer Tax (ITP), equivalent to 2% of the property's real value, for the first buyer; exemption from Value Added Tax (VAT) on income derived from the sale, construction, renovation, expansion, and recycling of promoted housing; exemption from the Wealth Tax for 10 years; and exemption for 10 years from Personal Income Tax (IRPF) or Corporate Income Tax (IRAE) on rental income from these homes. The law also seeks to encourage urban renewal in central areas of Montevideo and urban areas inland, promote social integration, and make better use of existing infrastructure. For investors, these incentives reduce costs and may improve project profitability; for buyers, especially those with middle incomes, they facilitate access to quality homes at more affordable prices.
