Excellent figures for the new-build sector points to a busy autumn for the Fortaleza property market. Furthermore, on the back of recent performance, there is news of a major property exhibition to beheld in the capital city. With supplies running low, analysts claim that now is the time for consumers to buy a home to make the most of the current favourable conditions.
Strong August for new builds
The new-build sector of Fortaleza’s property market experienced a buoyant month in August. According to figures released by Lopes Immobilis, some 439 new homes were sold in the city with a total value of R$155 million.
Statistics compiled using figures from 60 major developers in Fortaleza, show that the Minha Casa Minha Vida (MCMV) sector was particularly strong. The MCMV programme, which builds affordable housing for Brazilians, experienced a 308% increase in sales in August and a 363% rise in value sold in Fortaleza alone.
“The MCMV sector is expected to go from strength to strength for the rest of the year,” said Ricardo Bezerra, Director of Lopes Immobilis, “and several more launches are planned for later this year.”
Outside the MCMV programme, sales of other property types were also strong increasing 24% on July. Total value of sales reached R$104 million, up 22% on July. This indicates strong interest in new-build apartments in the Fortaleza property market.
Rise in new developments
The rise in launches of new property in Fortaleza is solid evidence of demand in the area. Eight developments have been launched so far this year bringing a total of 1,031 new units onto the market. This represents a 75% increase on the same period in 2017.
The areas with most activity in the Fortaleza property market in August were Parquelandia, Guararapes and Meireles. The latter two are perennial favourites among buyers and frequently register the highest house prices in the city.
New property exhibition
As well as the annual property exhibition held by the Caixa Federal Economica Bank, Fortaleza will host another large-scale real estate show. The Ceará construction industry (Sinduscon-CE) recently announced its first exhibition to be held in November.
The event will showcase 10,000 properties in Fortaleza and the rest of the Ceará state. Prices will range from R$100,000 up to R$4 million for the most exclusive homes available on the Fortaleza property market. Between 30 and 40 developers will exhibit their property portfolios.
The organisers expect big interest from buyers, particularly since market trends indicate that now is a good time to buy. “This will be the last chance for consumers to take advantage of property deals,” said Andre Montenegro, President of Sinduscon-CE. “Supply is running out and Fortaleza currently has just 7,500 new-build units available.”
Buyers will also be looking to make the most of the current favourable mortgage conditions. Record-low interest rates plus the increase in loan terms – some banks are offering up to 35 years – mean loans are now accessible to more Brazilians than ever before.
(Source: Diario do Nordeste)