The Ceará property market registered an exceptional August for sales with transactions up for all types of residential property. Values rose too as consumers and investors took advantage of attractive prices and record low interest rates. In some cases, sales went up by triple digits.
General sales on the Ceará property market
The Lopes Inmobilis monthly report for August shows that sales rose across the board in the state. Specifically, purchases of new-build apartments, townhouses and villas went up by 70% in the year. The value of sales reached R$225 million in the month, up 77% when compared to August 2019.
Analysts attribute the rise to pent-up demand after lockdown, the appeal of current prices and record-low interest rates. The SELIC stands at 2% and according to financial experts, it will stay around this historic low for the rest of the year.
Second home sales in Ceará
The report focuses on the second home market in Ceará, a sector that encompasses both the capital and beach resorts in the state. In August, sales for new-build second homes went up by 15% on July and by 109% in the year.
In terms of value, the month-on-month increase was 31% with an even higher rise for the annual figure – 112%. The beach resort of Cumbuco registered the highest sales.
Townhouses and villas in Ceará
Apartments and flats make up the bulk of new homes on the Ceará property market, although townhouses and villas are gradually making a mark. According to the report, sales for this type of property went up by 42% in August compared to July.
The increase in transactions was particularly pronounced in annual figures. Sales of villas rose by 242% in the year to August, indicating a strong rise in demand.
Fortaleza property in August
Sales last month continued their upward trend after big increases in July. Transactions for new-build property in Fortaleza went up by 51.78% compared to July and by 18.62% in the year. The highest number of sales took place in Aldeota where 55 units changed hands
New-build flats with between 50 and 69 square metres were the most popular with 121 sales. The most common price bracket was R$350,000 to R$700,000 with a total of 152 sales, followed by 48 transactions for properties priced between R$700,000 to R$1.5 million.
The most expensive neighbourhood in the city continued to be Meireles where the average square metre cost R$10,780 in August. Cocó stood in the second place with R$9,640. The average for new-build property in the city as a whole was R$7,546 per square metre.
Fortaleza on the Brazilian map
The national real estate index compiled by the Brazilian Property Registry and Institute for Economic Research (FIPE) included Fortaleza for the first time in July. Taking figures from the seven largest cities in Brazil, the index records sales of new build.
The Ceará property market entered the Brazilian property map registering the second highest rate of sales in the country. In July, transactions rose by 43.3% compared to June and by 21% in the year.
“Properties have very attractive prices,” said Tibério Benevides, President of the Regional Estate Agents Board in Ceará (CRECI-CE). Commenting on the figures, he also added that he expects “stock to diminish rapidly now”.
Invest in new builds in Ceará
BRIC Group offers investors the opportunity to buy into the Ceará property market for new builds. Options include new-build apartments and villas at The Coral, a 5-star beach resort to the north of Fortaleza. Investment starts at US$76,000 for a loft apartment and from US$130,750 for a villa and plot. Find out more about investment at The Coral.
(Source: Lopes Imobilis)