At the year comes to a close, all signs point to an excellent year for property in Fortaleza. Fuelled by robust demand and keen interest from buyers, more strong activity in all property sectors is forecast for 2015.
The sector for new-build properties in Fortaleza is particularly strong. Sales of new homes account for between 20 and 30 per cent of the market and the 90 new developments launched in the city this year translate to a 21 per cent annual increase in the sector between January and June. Industry spokespeople point to the huge infrastructure improvements in Fortaleza as one of the main reasons behind the strong interest in new-build properties.
The 3-month property show Imóvel Fest 2015 currently taking place in Fortaleza has brought together 33 developers from Ceará province, one of the highest numbers ever. Ricardo Bezerra, President of Lopes Immobilis and organiser of the event, believes this indicates the high level of activity in the sector.
Bezerra claims that the Ceará property market isn’t following the same pattern as the rest of the Brazil. Elsewhere in the country, property investment is falling whereas in Ceará, it’s growing. He attributes this to the “hyper demand” in the region. The President of CRECI-CE (the regional property advisory body) referred to this high demand earlier in the autumn when he stated that in Fortaleza alone, some 100,000 units are needed to satisfy demand.
The commercial sector is also buoyant in Fortaleza. In November, projects for two high-end developments were unveiled. BS Design, built by BSPar, will have 22 floors and offer 798 premises. At the presentation, the BSPar President revealed that 53 per cent of the units have already been sold. The Washington Soares Trade Center Project was also released. Almost two thirds of this high-end development built by Dias de Souza were sold in just three weeks. Both high-end projects have come about after rigorous research into local demand, which is so strong that some buyers have been prepared to pay up to R$14,000 per square metre for commercial premises.
The public sector is also busy investing in Ceará, where the civil construction sector has created most jobs over the last decade. The Health Minister recently visited the Fiocruz complex, under construction in the Ceará Health Industry and Technology Park. The unit with a budget of R$170 million and will be ready by the middle of next year.
Sources: local press, SECOVI (builders’ guild), CRECI-CE (regional property regulatory body)