2023 best year for luxury real estate in Brazil

2023 best year for luxury real estate in Brazil

Figures for Q3 this year point to 2023 as the best ever for luxury real estate in Brazil. Several regions in the country, including Northeast Brazil, have registered significant upticks in sales volume and value so far, prompting analysts to predict a historic year for high-end homes.

Spectacular Q3 for luxury real estate in Brazil

A recent report from Brain Inteligencia Estrategica reveals that the high-end sector of Brazilian real estate is experiencing a particularly buoyant year. According to the National Luxury Market Q3, luxury home launches grew by 34.1% in the three months compared to the same period in 2022.

Sales jumped by almost 10% and the general sales value by 17.9%. As a result, analysts refer to the three-month period as “glorious” for luxury property in Brazil priced at over R$1.5 million.

Best-performing regions for the high-end sector

The report also examines regional results for luxury homes in Q3 this year, with several as highlights. They include:

Centre West

This region takes the top position, led by the state of Goiânia. Here, general sales values skyrocketed by 39.6% between July and September. Its sales rate ranked second in the country, with a 65.3% leap in high-end real estate sales this year.

Northeast Brazil

This part of the country, home to states such as Ceará, Bahia and Pernambuco, also stands out within luxury real estate in Brazil. The number of launches has increased by 37.2% so far this year, with a 48.4% rise in Q3 alone. Sales values also soared and expanded by 579.7% between January and September.

South Brazil

This region experienced less spectacular increases principally because its luxury market is more consolidated. According to Brain, South Brazil has a “more mature supply of luxe and super-luxe property. However, sales values still increased by 34%.

Southeast Brazil

This part of the country has the biggest market for high-end homes, with Sao Paulo and Rio de Janeiro at the top. Its launches increased by 63.3% in Q3, with sales values jumping by 41.9% compared to 2022. Transactions also soared, with a 76.2% leap in sales.

Best yet to come

For Fabio Araújo, CEO of Brain, “the best is yet to come” for luxury real estate in Brazil. “The final quarter of the year tends to be even more positive,” he said. He bases his predictions on two key factors.

Firstly, an increase in launches and secondly, a continuation of interest rate drops. “This scenario indicates we could be experiencing the best year for luxury homes ever,” he said.

(Source: Valor Economico)