Ceará property market grows by more than 50% in 2022

Ceará property market grows by more than 50% in 2022

Proof that 2022 was a busy year for the Ceará property market comes in the latest figures for sales value. According to the Civil Construction Union in Ceará (Sinduscon-CE), the market value rose by 53.5% last year compared to 2021. Furthermore, the Sinduscon-CE spokesman said that “the sector continues within a very favourable sales scenario this year”. 

Sales values rose by over 50%

The latest data for the Ceará property market in 2022 points to sales of R$4.3 billion during the year. This figure represents an increase of 53.5% compared to 2021 when sales totalled R$2.8 billion. 

According to the President of Sinduscon-CE, Patriolino Dias de Sousa, several factors were behind the spectacular growth of the market last year. They include the resumption of new property launches in Ceará. As a result, 2022 saw a continued reduction in supply. 

The buoyancy of Ceará comes within a context of a good year for Brazilian real estate generally. House prices rose continually throughout 2022 and reached their highest ever in December. 

They rose by 6.16% nationally, although many states saw significantly bigger hikes. For example, in Victoria, the capital of Espiritu Santo, prices soared by 23.23%, and in Goiania, they jumped up 20.91%. 

Rosy outlook for the Ceará property market in 2023

On the back of the bullish figures for 2022, analysts expect an even better year for sales in 2023. Sinduscon-CE estimates that the final figure will be in the region of R$5 billion by the end of the year. 

“The sector remains in an extremely favourable scenario,” said Dias de Sousa. “It’s a major contribution to the state economy through the creation of job and income, quality of life and social inclusion.”

He pointed out that the residential construction sector currently employs 77,133 people in the state. He expects a further 5,000 jobs to be created this year. 

Growing demand for high-end real estate 

Sinduscon-CE has also recently released statistics for luxury properties in Ceará. Dias de Sousa explained that despite the niche nature of this sector, high-end homes are in constant demand. They’re particularly highly sought-after in Fortaleza and on the Ceará coast. 

The capital is, however, suffering from a shortage of luxury properties, particularly those offering private outside space. As a result, buyers seek homes in the greater metropolitan area, such as Aquiraz or further afield in resorts like Flecheiras

There are currently around 30 luxury property developments in Ceará, catering for this discerning buyer. Properties typically cost over R$1.5 million and offer space for remote working and a better quality of life.

(Source: Sinduscon-CE)