After a busy year in 2021, luxury property in Fortaleza continues to lead a booming market. After years of little new high-end construction, the capital city now has several luxury developments underway on the back of ever-growing demand. As a result, sales volume and revenue are expected to grow by 30% this year.
Boom year expected
2021 saw an unprecedented year for luxury property in Fortaleza. Sales for property at the high end of the market rose by 109% compared to 2020. And the latest figures point to more bullish results this year.
After ten years with few new luxury developments, at least 15 are currently underway in Fortaleza. Construction companies in the city estimate that sales from this type of property should generate R$3 billion this year.
Prime locations for luxury property in Fortaleza
Since city planning officials have allowed taller buildings, luxury construction has expanded in certain areas of Fortaleza. Among the most sought-after are Meireles and the district surrounding the Avenida Beira-Mar. Here, high-end properties abound and include condominiums of up to 50 storeys and residential complexes with single-family homes.
Other coveted locations include towns outside the city, such as Eusébio, often cited as one of Brazil’s best places to live. Luxury property takes on a different form in this area, usually exclusive single-family homes in residential complexes. Sales are often of plots with construction of the villa following. Cidade Alpha Ceará is one example.
“As soon as it was possible to double the height of apartment blocks, the luxury market heated up,” commented Elihu Lira, a real estate agent in Fortaleza and quoted in the broadsheet, Valor. He believes the change in legislation heralded the arrival of renowned international architects, putting their signature on luxury property in Fortaleza.
Types of luxury property on the market
In keeping with the shift in post-pandemic lifestyle trends, high-end property in Fortaleza now offers more spacious living areas. Buyers also want communal facilities such as pools and wellness areas and gyms. Coworking spaces are in high demand too.
The Edge, with 44 storeys, is one example of the new type of high-end real estate in demand in Fortaleza. The luxury condominium takes its inspiration from Miami and includes the extra of a car lift so that owners can park in their living space. The block also incorporates an infinity pool and a helipad.
New buyers in Fortaleza
All the real estate agents quoted in the Valor article point to the same buyer profile. Those looking to buy luxury property in Fortaleza are entrepreneurs or executives, prepared to pay between R$12,000 and R$20,000 per square metre.
While many look to improve their quality of life, others see high-end real estate as a solid investment. “Property is always a good way to diversify a portfolio,” said Lira. He believes that luxury units in Fortaleza rank high among investor favourites.
Sustainable and social real estate
With climate change one of the watchwords nowadays, construction companies are taking sustainability on board. As well as providing luxury extras, high-end property in Fortaleza is also incorporating environmentally friendly elements.
Solar energy comes part and parcel of most projects, along with growing attention to vertical gardens and other natural features.
Social concerns also have a place. For example, the Estrelario development in Meireles includes the ‘luxury’ of improving people’s lives. Part of the sales proceeds goes towards Edisca, a social project integrating children and teenagers into society through dance.
(Source: Valor)
