Seven Brazilian Cities Seven Real Estate Rises

Brasilia - The month of September saw a rise of 1,9% in Brazil´s seven largest cities and a cumulative 12 month gain of 29% on average for those cities and across all types of apartments. Those cities are all state capitals of 7 of Brazil´s 26 states. The average price per square meter reached R$ 5,936, with Brasilia, the nation´s capital topping the list at R$ 7,859. In English, and at today´s forex, R$ 1,83 per USD $ that would be $302 per square foot nationally, and $ 400 per square foot in Brasilia. Least costly was Salvador, capital city of the state of Bahia, at R$ 3,452.

São Paulo averaged R$ 5,778, and Rio de Janeiro, R$ 7,000 hitting that mark for the first time since 2008. Belo Horizonte, capital of the state of Minas Gerais, reported R$ 4,489, Recife, capital of Pernambuco, $4,460, and Fortaleza, capital of Ceará R$  4,181,

Economist Eduardo Zylberstain said the advance of the prices “is less than measured the first half of the year, but still in the range of 2% per month, and still elevated.”  Zylberstain is the economist, coordinator of the survey. Zylberstain said that the most recent data suggest that there has been a reduction in the number of new projects included in the data, contrary to last year when both supply and demand expanded together in big strides. Zylberstain said that builders have not done well in the period getting margins squeezed despite higher prices, by a rise in the price of land, which he called “the villain of story.”

Zylberstain said that the data include 90,000 items of all types, existing and new build, and covering different areas within the same city. He also noted that there can be wide variations, but said that there is sufficient data to make the index robust and fairly indicative.

Author Steven Glazer, 

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