In tune with the Brazilian real estate market generally, Fortaleza property prices and rentals have risen sharply over the last 12 months. Purchase values have seen an increase of over 10% while rental rates in the city have skyrocketed by 23.79%. On the back of these figures and sustained demand, analysts believe that the Fortaleza property market will see a sales volume of around R$3 billion this year.
Rental rates in Fortaleza rocket
The latest rental rate index released by Fipe-Zap reveals that the market is red hot across the country. Fortaleza registered the third-highest rise in monthly rates with a surge of 23.79% over the last 12 months. In June alone, rents went up by 2.05%.
Fortaleza stands behind Florianopolis and Goiania in the national rankings, both for year-on-year and monthly increases. The latest figures confirm the upward trend in the Brazilian rental market that recently registered its highest monthly hike.
Property prices also on the rise
Fortaleza property prices have experienced a rise of 10.13% over the last 12 months, reiterating the strength of local demand. According to the General Index of Residential Property Prices (IGMI-R), released by ABECIP, real estate in the city continues to gain in value.
The latest monthly rise of 0.88% in Fortaleza prices takes the six-month increase to 3.92% this year. The figure is more than double the 1.75% increase registered between January and June last year.
Fortaleza property market to reach R$3 billion this year
On its part, civil construction in Fortaleza is going from strength to strength. The state representative association, Sinduscon-CE, has raised its forecast for the year on the back of high demand for residential building work in Ceará.
Sinduscon-CE now predicts that civil construction will rise by 3% this year, 0.5% higher than initial expectations. Furthermore, the association augurs several solid years for the sector in Fortaleza and the rest of the state. It has also upped its forecast for the property market in Ceará as a whole and expects the total volume of sales to reach R$3 billion this year.
(Sources: ABECIP, Fipe-Zap, Sinduscon-CE)