Ceará property market has busy first half of the year

Ceará property market has busy first half of the year

The latest figures for the Ceará property market reveal a busy six months for transactions. Second homes enjoyed a particularly buoyant first half of 2023, with a 276% uptick in sales on the Ceará coastline. Furthermore, Fortaleza registered one of the highest sales rates in Brazil in April.

Demand exceeds supply in Ceará property market

The Ceará Civil Construction Union (Sinduscon-CE) has just released data for the property market in the first semester this year. Sales in the city of Fortaleza rose by 71.2% between January and June compared to the same period in 2022.

In the first six months of this year, 5,113 units changed hands in the capital, with a value of R$2.7 billion. This figure represents a 120.5% increase on 2022.

According to Fabio Tadeu Araujo, a consultant at Sinduscon-CE, this data shows that the demand is currently higher than supply in Ceará.

Second home market heats up

All types of real estate in Ceará have seen a marked rise in sales this year, but the second-home sector has experienced an unprecedented boom. Analysts describe the surge in sales as “a wholly different story”, particularly since the pandemic.

Sales of holiday homes on the Ceará coastline from Flecheiras to Fortim have skyrocketed so far this year. Between January and June, 128 units were sold, a 276% increase on the same period in 2022. Their sales volume reached R$249 million, a leap of 507% compared to last year.

Busy June

June registered one of the busiest months this year, with 457 transactions in Fortaleza, 127% more than in May. “If sales continue at this rate, stock could run out in a year,” commented Ricardo Lopes, whose real estate company publishes the monthly Property Flash report.

Fortaleza also saw a surge in launches of new builds in June. The four projects in the city have a total value of R$662 million and add 858 units to the capital’s property market. Despite an increase of 33% compared to May, analysts believe more launches are necessary to meet demand.

Third-highest sales in Brazil

The sharp increase in transactions means Fortaleza had the third-highest increase in sales in the country in April. According to the latest data from the Brazilian Registry Office (RIB), sales in the city rose by 12.2% compared to April 2022.

The figure is the third-highest in Brazil, after Recife, where transactions skyrocketed by 95.8%, and Rio de Janeiro, with a 29.8% uptick.

(Sources: Sinduscon-CE, RIB)