The Fortaleza property market proved to be booming at the 3-day Caixa Fair held in the city at the end of June. The event attracted over 15,500 visitors and more than 4,000 contracts were signed for the purchase of property in Fortaleza. The capital of Ceará is currently experiencing strong price rises too.
The Feirao Caixa da Casa Propria, run by Caixa Economica Federal, the largest mortgage provider in Brazil, is held annually and serves to gauge the state of the Fortaleza property market. The fair brings together developers, real estate agents and buyers in the city.
This year’s edition had considerably more choice than last – buyers were able to choose between 9,800 properties in Fortaleza. Prices ranged from R$139,000 for properties included in the nationwide social housing programme, Minha Casa Minha Vida, to some of the region’s most high-end properties valued in excess of R$3 million.
Big interest in Fortaleza property market
This year’s edition showed big interest in the city’s property market. Some 15,547 potential buyers visited the property fair. As a result, the total volume of business over the three days reached R$968 million, a hike of 24.9% on the figure for 2016.
Construction companies based in Fortaleza reported an increase in clients and business across the board. MDV Engenharia, one of the largest, received 20% more clients than last year and did 30% more business compared to 2016.
Fortaleza prices rising
The marked increase in appetite for the Fortaleza property market is also apparent in recent price rises in the city. According to the Índice Properti-Hiperdados (IPH) index, which provides data on Brazil property in 50 of the largest cities, Fortaleza is currently one of the best performing in the country.
IPH statistics show that Fortaleza property prices went up by 12.01% in the year to May. Values rose from an average of R$4,653 per square metre to R$5,212 over the 12 month period. So far this year, properties in Fortaleza have gone up by 4.99%. This contrasts strongly with the falls registered in prices for property in Brazil’s largest cities, Sao Paulo, Rio de Janeiro and Brasilia.
“There’s definitely strong interest in the Fortaleza property market,” says Dies Poppeliers, Managing Director of BRIC Group. “The recent surge in holiday lets in the city, now one of the world’s favourites with families booking through Airbnb, has obviously contributed along with the positive news coming from the Brazilian economy.”
An investment company specialising in global real estate opportunities, BRIC Group is currently developing The Coral resort, in Northeast Brazil, a luxury beachfront resort. BRIC Group also offers US real estate investments including turnkey properties in Florida and Houston, and land plots in Florida. BRIC Group has been creating wealth for its clients since 1996 and has offices in Brazil, Dubai (consulting office), Hungary, Spain and the US.
(Sources: Diario do Nordeste, O Povo)