Real Estate Prices In Brazil Soar Above Inflation In 2024: Coastal Cities Lead The Charge
Date
10/2/2024 6:19:30 AM
(MENAFN- The Rio Times) The Brazilian real estate market has experienced significant growth in 2024. Property prices in 56 cities tracked by the FipeZap index rose by 0.71% in September.
This increase has contributed to a cumulative rise of 5.88% throughout the year. The surge outpaces the inflation rate of 2.99% as measured by the IPCA.
Santa Catarina dominates the list of cities with the most expensive real estate. Balneário Camboriú maintains its position at the top, with properties costing R$ 13,593 ($2,471) per square meter.
Itapema follows closely behind at R$ 13,573 ($2,467), while Itajaí rounds out the top three at R$ 11,608 ($2,110). Among state capitals, Florianópolis leads with a square meter price of R$ 11,604 ($2,109).
Other capitals have seen substantial price increases in 2024. Curitiba tops the list with a 14.19% rise, followed by João Pessoa at 13.26% and Salvador at 12.92%.
The national average price for sold properties stands at R$ 9,208 ($1,674) per square meter. This figure reflects the overall trend of rising real estate values across the country.
Brazil's Real Estate Market
Over the past 12 months, property sale prices have increased by 7.15%. These price hikes significantly outpace the IPCA-measured inflation rate of 4.10% for the same period.
The disparity between real estate growth and general inflation highlights the robust nature of Brazil's property market. This trend suggests a strong demand for housing and investment properties throughout the country.
Experts attribute this growth to various factors, including low interest rates and increased demand for larger living spaces.
The COVID-19 pandemic has also influenced housing preferences, with many seeking homes that accommodate remote work.
As the real estate market continues to evolve, potential buyers and investors are closely monitoring these trends. The sustained growth in property values presents both opportunities and challenges for Brazil's housing sector.
MENAFN02102024007421016031ID1108738687
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.