Fortaleza luxury property market soars in 2023

Fortaleza luxury property market soars in 2023

The high-end real estate sector in Ceará has expanded considerably over the last few years and got off to a particularly buoyant start this year. As a result, analysts are predicting one of the best years ever for the Fortaleza luxury property market and its consolidation as a major player in the next few years. 

Strong start to the year 

According to the regional real estate association CRECI-CE, the Fortaleza luxury property market saw a sales volume of R$704.1 million in the first four months of the year. The average square metre value stood at R$15,200, and the median price at R$3.4 million. 

Between January and April, some 209 high-end apartments priced at over R$1.5 million changed hands in Fortaleza. 

Higher than 2022

The figure is almost half the number sold last year when transactions numbered 531 units. In addition, sales value has grown exponentially this year. By the end of April, it exceeded half the value for the whole of 2022. Last year, luxury transactions totalled R$1.4 billion. 

Types of homes on the Fortaleza luxury property market

The city has seen a significant increase in the number of high-end developments over the last few years. Both are centred in the districts of Meireles, Mucuripe and De Lourdes/Duna, traditionally the most expensive in the city. In the suburbs, O Eusebio is a popular area. 

The most sought-after properties have sea views, smart home elements and even helipads. Their size tends to be at least 250 square metres and cost between R$6 million and R$27 million. 

The Diagonal by Pininfarina skyscraper is one of the most recent examples of luxury property in Fortaleza. Its apartments include sea views and cutting-edge design. 

Fortaleza luxury market 

The capital city of Ceará is already one of the main centres for luxury in Brazil. According to André Aguiar, the Director of CRECI-CE, Fortaleza ranks second in the country for sales of luxury brands such as BMW, Mercedes and Porsche, behind just Sao Paulo. 

This ranking together with luxury real estate sales in Fortaleza makes the city a magnet for millionaires. Clients tend to be company executives, doctors or lawyers, many of whom purchase high-end homes as an investment. 

Buoyant future for the sector 

The ever-increasing demand for high-end homes in Ceará over the last few years and the boom so far this year has led analysis to predict a similar trend over the short and medium term. 

According to a luxury real estate agent in Fortaleza, the city is set to gain 300 units valued at over R$5 million in the next five years. Some of these properties will have a R$25 million price tag. Quoted in Diario do Nordeste, the agent said “the growth in luxury sales is more than obvious and we see no signs of them slowing down”. 

(Source: Diario do Nordeste)