Fortaleza real estate posts record sales value in 2023

Fortaleza real estate posts record sales value in 2023

The newest figures for Fortaleza real estate point to a record 2023, a year when sales values reached their highest ever. Launches also enjoyed a solid year, confirming the interest in this part of Northeast Brazil. Furthermore, the market shows signs of great promise for investors, promoters and buyers in 2024.

Record sales value

The latest figures for Fortaleza real estate in 2023 reveal a consolidated and buoyant market. According to the Ceará Civil Construction Union (Sinduscon-CE), sales values in the capital reached R$4.7 billion last year.

The figure is the highest ever and demonstrates the solidity of the Fortaleza property market. A considerable increase in transactions is one of the reasons behind the record sales value. In 2023, some 12,096 units changed hands in the city, 18% more than the previous year.

Some 8,000 properties were within Fortaleza itself, while the remainder were sold in the outlying districts.

For analysts, this 18% surge in sales reflects the solidity of the Fortaleza real estate market and the growing interest in the region from investors and homebuyers.

Significant uptick in launches

Fortaleza also experienced an increase in new property launches last year, when 98 projects arrived on the market. Between them, they total 7,610 units, 3% more than in 2022.

The lion’s share (4,725 units) corresponds to the lower echelons of the markets, fulfilling social housing needs under the national programme. The Minha Casa Minha Vida housing system is currently under vast expansion throughout Brazil.

Fortaleza led Northeast Brazil for new launches last year, when the city accounted for almost a quarter of all those in the region.

Promising signs for Fortaleza real estate in 2024

Sinduscon-CE believes the latest data shows the solid foundations for the Fortaleza property market this year. The President, Patriolino Dias de Sousa, expressed his optimism for the sector over the next 11 months.

“The recovery of the Brazilian economy will continue to boost the market this year,” he said. “We expect it to create around 10,000 new jobs over the next three years.”

Sergio Macedo, Head of Research at Sinduscon-CE, shared this optimism. He highlighted the greater provision of new loan products from banks as one of the major factors behind the expected growth. He also emphasised the promising perspective for investors, promoters and homebuyers in the Fortaleza real estate market.

An article in Forbes echoed this outlook for Fortaleza. The report earmarked Brazil as the second-best place in the world to buy property in 2024. In particular, it pinpointed Fortaleza as one of the best locations for real estate investment in the country.

(Source: CBIC)