After a buoyant 2023, analysts have already predicted an excellent year for Ceará real estate. The latest figures for Fortaleza property sales confirm this optimism and point to record levels in 2024. Transactions skyrocketed in the city by 78% in January, taking the expected sales volume for 2024 to over R$5 billion.
Giant leap for Fortaleza property sales
Transaction volumes in the Ceará capital reached their highest ever in 2023, but 2024 looks set to achieve new records. The latest data from Sinduscon-CE, the state civil construction union, reveal that sales in January soared by 78% in the year.
Almost 1,200 units changed hands in the first month of 2024. Of these, 634 sold in Fortaleza, while the remaining 560 were in cities in the metropolitan area. The figure is 78% higher than sales in January 2023 and a record for this month.
Transactions took place across all property types, with 80 sales of high-end homes in the Fortaleza area. These properties have over 200 square metres and cost at least R$1.5 million.
Sales volumes in January
The surge in transactions automatically boosts sales volumes. As a result, Fortaleza property sales totalled R$761 million in January, 134% more than 12 months earlier.
The average house price in Fortaleza also rose, with the median at R$638,959. The figure is 32% higher than prices in January 2023.
Launches and speed of sales
Five projects got off the ground in January, four in Fortaleza capital. This figure is half those launched in January 2023, with ten new projects entering the market. This year, the 468 units launched in Fortaleza city consist of 312 units at the lower end of the market and 156 units in the luxury sector.
In terms of how long properties spend on the market, Fortaleza registered an average of 7.9 on the Sales Speed Index (Índice de Velocidade de Vendas/IVV). The figure indicates a certain speed in sales.
In cities around Fortaleza, the IVV was 14.1 in January, showing an acceleration in sales and high demand for properties in the area.
Outlook for 2024
The recent figures for Fortaleza property sales lead analysts to be optimistic for the real estate market this year. “The increase in sales and variety of options available reflect the sector’s potential,” said Patriolino Dias de Sousa, President of Sinduscon-CE.
Local agents took these expectations further. For example, Ricardo Bezerra, Director of Lopes Immobilis, predicted an “exceptional” 2024 and one of the best for the last 10 or 11 years. He points out that the highest performing property types were medium to high-end and social housing, “the most important for the sector”. Analysts believe that sales volumes in Fortaleza real estate will exceed R$5 billion this year.
(Source: Sinduscon-CE)
