The capital of Ceará led the market for new property launches in Northeast Brazil in Q3 this year. The 26 new projects accounted for almost a quarter of all launches in the region, and Fortaleza stood well ahead of other capitals such as Salvador, Recife and Natal. Furthermore, sales value in Fortaleza exceeded R$2 billion in the first nine months of the year.
Most new property launches in Northeast Brazil
The latest data for Q3 shows that Fortaleza ranked as the capital with the highest number of property launches. It led the nine-state region of Northeast Brazil between July and September.
Statistics from the Ceará Civil Construction Industry Union (Sinduscon-CE) reveal that developers launched 26 new projects over the three months. Between them, they make up almost 25% of all new property launches in Northeast Brazil. Total investment in the new projects in Fortaleza reached R$1.05 billion.
Median sales rates
The Sinduscon-CE report also measured how long new projects take to sell. In Fortaleza, developments take an average of 11.1 months, similar to the national rate of 10.3 months. The capital of Ceará ranks fourth in the region.
Salvador has the quickest sales rate, with new projects selling in around 7 months. Sao Luis and Aracaju took second and third places, with new properties taking 7.2 and 9.4 months to sell, respectively.
Dynamic local market
According to Sinduscon-CE, 80 new projects have entered the market this year in Ceará. Fortaleza takes the lion’s share, with Aquiraz, Caucaia, Eusebio, Itaitinga and Maracanau home to the others.
Analysts believe that the Q3 results show a “vigourous local property market”, despite challenges. These headwinds include a lack of land in prime areas in Fortaleza and financing constraints because of high-interest rates.
Sales value of over R$2 billion so far this year
The data also revealed the value of transactions in many parts of Ceará this year. In the first ten months, Fortaleza led the rankings with a total sales value of R$2.2 billion.
Aquiraz stood in second place, with a more modest R$636 million, followed by Caucaia (R$419 million) and Eusebio (R$225 million).
Best place to invest in 2024
In addition, Forbes recently mentioned Fortaleza as the top place to invest in Brazil in 2024. According to the article, Brazil is the second-best place in the world to buy property after Northern Cyprus, and Fortaleza stands out as the prime destination in the country.
Forbes cites the excellent value for money available from property in Fortaleza and surrounding areas in Ceará. The article highlights how dollar buyers can obtain 38% more for their money when they buy real estate in this part of Northeast Brazil.
(Source: Diario do Nordeste)
