Ceará property sales could exceed R$5 billion this year

Ceará property sales could exceed R billion this year

The latest figures for Ceará property sales reveal a buoyant market for the first half of 2022. Transaction volumes reached R$2.17 billion by June, prompting analysts to predict that total sales will exceed R$ 5 billion by the end of the year. High-end property and second home sales are the major forces driving the market this year. 

On track for over R$5 billion 

According to the latest market report, Flash Imobiliario released by Lopes Immobilis, Ceará property sales totalled R$2.17 during the first six months of this year. As a result, transactions in 2022 could exceed R$5 billion. 

Analysts base their predictions on the fact that the second half of the year is always busier for sales and launches. 

“The numbers for sales between January and June show the strength of our market and how much we can still grow,” said Ricardo Bezerra, Director of Lopes Immobilis. “I believe we can surpass R$5 billion this year, which would be a record.”

Launches so far this year

Fortaleza, the capital of Ceará, has seen ten property launches so far this year. In June alone, developers launched three new projects on the Fortaleza market. Between them, the June launches represent a sales volume of R$190 million. 

Fewer units but more expensive properties 

In terms of numbers, Ceará property sales decreased during the first six months of this year. Compared to the same period in 2021, there were 15% fewer transactions. In June, sales dropped by 43%. 

However, their value far exceeded the levels registered in 2021. For example, in June, the property sold had a value of R$193 million, an increase of 0.5% on the same month last year. In annual terms, the total value exceeded R$903 million, up 8% on the first six months in 2021. 

High-end and second home sales lead the market 

The main market sectors driving the higher value in sales are luxury properties and second homes. The latest report reveals that high-end real estate sales increased by 4.7% in the first half of the year. 

The second home market is also experiencing solid demand. In June, some 61 apartments were sold, an increase of 126% on May. Their total value exceeded R$118 million, up 97% compared to May.

The results for the first six months of this year are even more impressive. The 453 Ceará property sales represented a surge of 262% on the same period in 2021, while the property value reached R$708 million, a giant leap of 1,316%.  

Single-family home sales also positive

In the non-apartment sector, single-family homes also experienced a good first half of the year. Like apartments, the number sold was lower than during the first six months of 2021, down by 20%. 

However, in terms of value, the 154 single-family home transactions represented sales worth R$59 million, an uptick of 31% on the same period last year. As a result, experts believe that 2022 will be a record year for Ceará property sales, with their total volume exceeding R$5 billion by the end of December.

(Source: Flash Imobiliario)