Q1 2023 sees flying start for Ceará property market

Q1 2023 sees flying start for Ceará property market

After a busy 2022, the Ceará property market has got off to an even brisker start this year. Sales and general transaction values skyrocketed between January and March. In addition, supply levels have fallen to their lowest ever and second homes saw the best sales in the first quarter since 2018. 

28% more sales in the first quarter 

According to the latest Flash Imobiliario, the Ceará property market enjoyed one of its best quarters ever this year. Transactions in the state rose by 28% in the first three months, when 2,153 units changed hands. 

The value of real estate sales skyrocketed by 113% compared to the same period in 2022. As a result, the total value of properties sold reached R$1 billion. 

Fortaleza takes the lion’s share 

As the state capital, Fortaleza dominates the Ceará property market and Q1 was no exception. The city enjoyed its best start to the year since 2019 in terms of transactions and value. 

Some 1,448 properties were sold in Fortaleza in January and February, with a total value of R$773 million. Apartments accounted for the most significant increase in the market since sales rose by 23% and values by 133%. 

Continuing 2022 trends 

The latest figures show that real estate in Fortaleza is following the same path it took in 2022. Last year, there were 11,396 sales in the city, the second highest on record, after 2021.

Lowest supply ever 

Like most cities in Brazil, Fortaleza suffers from a chronic housing shortage and this situation has worsened over the last year. At the end of March, the metropolitan region had 883 new-build units available to buy, the lowest number ever. 

The figure contrasts starkly with inventory levels in 2018. Five years ago, the Fortaleza housing stock numbered over 3,000 units. 

Best quarter for second-home sales 

Holiday homes are one of the most buoyant sectors within the Ceará property market. As a result, this niche has just enjoyed its best quarter for the last five years. Sales of second homes took centre stage between January and March, particularly villas in beach locations

2023 continues to follow trends set during 2022, when luxury real estate gained market share in Ceará, with holiday homes at the helm. 

Significant price rises 

As well as brisk sales, the Fortaleza property market is also experiencing sharp price rises. According to the latest Flash Imobiliario, the Aldeota district saw the biggest uptick between February and March when house values increased by 1.8% per square metre. 

In the metropolitan area, real estate in Eusebio had the highest price rise, with a 1.44% increase. 

(Source: Flash Imobiliario)