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Residential Property Prices In Brazil Up 7.73% In 2024, Highest Rise Since 2013
(MENAFN- The Rio Times) The Fipe/Zap survey reveals a significant surge in Brazilian residential property prices. Homebuyers faced a 7.73% increase in 2024 compared to 2023, marking the highest rise since 2013.
This uptick surpassed the average price variation in the economy, as measured by the IGP-M/FGV at 6.54%. The property price hike also outpaced consumer inflation.
Consumer inflation stood at 4.64%, based on IPCA results up to November 2024 and the IPCA-15 for December 2024. One-bedroom properties experienced the most substantial relative increase, with a cumulative variation of 8.71% over the year.
Among the 22 monitored state capitals, Curitiba led the pack with an 18% increase. Salvador followed closely with a 16.38% rise, while João Pessoa saw a 15.54% jump.
Aracaju and Belo Horizonte rounded out the top five with increases of 13.79% and 12.53%, respectively. The FipeZAP Index, based on residential property sale listings in December 2024, calculated an average price of R$ 9,366 per square meter.
This figure encompasses data from 56 Brazilian cities, providing a comprehensive view of the national real estate market. One-bedroom properties topped the list of most appreciated categories, growing by 8.71% in 2024.
Three-bedroom units followed with an 8.08% increase, while two-bedroom properties saw a 7.16% rise. Four or more bedroom homes experienced the smallest, yet still significant, increase of 6.24%.
This trend reflects a robust real estate market, potentially driven by factors such as low interest rates and changing housing preferences. However, it also raises questions about affordability and the long-term sustainability of such rapid price growth in the Brazilian property market.
This uptick surpassed the average price variation in the economy, as measured by the IGP-M/FGV at 6.54%. The property price hike also outpaced consumer inflation.
Consumer inflation stood at 4.64%, based on IPCA results up to November 2024 and the IPCA-15 for December 2024. One-bedroom properties experienced the most substantial relative increase, with a cumulative variation of 8.71% over the year.
Among the 22 monitored state capitals, Curitiba led the pack with an 18% increase. Salvador followed closely with a 16.38% rise, while João Pessoa saw a 15.54% jump.
Aracaju and Belo Horizonte rounded out the top five with increases of 13.79% and 12.53%, respectively. The FipeZAP Index, based on residential property sale listings in December 2024, calculated an average price of R$ 9,366 per square meter.
This figure encompasses data from 56 Brazilian cities, providing a comprehensive view of the national real estate market. One-bedroom properties topped the list of most appreciated categories, growing by 8.71% in 2024.
Three-bedroom units followed with an 8.08% increase, while two-bedroom properties saw a 7.16% rise. Four or more bedroom homes experienced the smallest, yet still significant, increase of 6.24%.
This trend reflects a robust real estate market, potentially driven by factors such as low interest rates and changing housing preferences. However, it also raises questions about affordability and the long-term sustainability of such rapid price growth in the Brazilian property market.
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