A new statistical tool has just appeared on the Brazilian property market to allow easy price comparison. This latest device adds further transparency to the market and helps homebuyers gauge house prices in different parts of Brazil.
The real estate portal ZAP has launched a price map that compares property prices in Brazil’s major cities. This free tool looks at various parameters in the vicinity surrounding a property and comes up with the average price in that particular area. Homebuyers can consult prices in a city generally, in a specific neighbourhood and even narrow the search to a particular street. Prices are available for property purchase (new and resale homes) and rental.
The parameters used in this unique Brazilian property tool include recent construction in an area – for example, a new residential block or shopping centre – and the average value per square metre according to the asking prices on the ZAP portal. All final figures are 6.5 per cent below advertised prices since to allow for the reduction a homebuyer generally obtains during the bargaining process.
This latest price map will give homebuyers an additional tool to help them make decisions on where to buy property. ZAP points out that the price map is not a substitute for an official valuation for mortgage purposes, but it does aid buyers on price brackets within a particular city.
Unsurprisingly, Rio de Janeiro is by far the most expensive place in the country with an average price of R$10,648 per square metre. Brazil’s financial centre Sao Paulo and capital Brasilia rank in second and third places with a per square metre price of R$8,124 and R$8,122 respectively.
As far as northeast Brazil is concerned, three cities feature on the ZAP index – Recife, Fortaleza and Salvador. The first two (capitals of Pernambuco and Ceará states) have average square metre prices of R$5,782 and R$5,412 making them the fifth and eighth most expensive cities in Brazil.
ZAP already produces a monthly price index for 17 major cities in Brazil and the latest figures for August point to a stabilisation in prices within the country as whole. In the year to August, Brazilian property prices rose by 9.9 per cent nationally, a figure that is higher in some cities such as Fortaleza, whose price rise of 13 per cent was the biggest registered in the country.
Source: Zap.com, Exame.com