sao paulo house prices easing down
News Posted On: 12 January 2011
As the economic hub of Brazil and South America’s largest city, recent statistics by the Regional Council of Realtors for the State of São Paulo (CRECI-SP) pointed to increasing signs of a peaking housing market – following what has been a sharp escalation in recent years.
In October 2010, average prices assessed by for the overall state fell by 3.53 percent when compared to the previous month. The survey, conducted by assessing the sales performance of 529 real estate agencies, also demonstrated that there was a decrease of 25.6 percent in the number of properties sold over the same period.
For new build property, the SECOVI organisation also indicated slowing figures – with the rate of sales of new apartments dipping to 23.5 percent in October from 26.4 percent in September.
Most specialists are unsurprised with the statistics – particularly as the region (along with several others in Brazil) has witnessed rapid prices increases. According to EMBRAESP, the average value of one bedroom apartments in Sao Paulo more than doubled between 2008 and 2010 in comparison with the previous two years. Valuation multiples ranging from 40 percent to 65 percent were also reported in buildings of two, three and four bedrooms during the same time.
According to João Crestana, President of São Paulo SECOVI in an interview with the Estado newspaper: “the indications are that things are returning to normal after a period of rapid business growth boosted by a greater supply of housing credit and falling interest rates. My perception is that prices are where they could get – with supply more adjusted to demand.”
Ruban Selvanayagam
Brazil Real Estate & Land Investment Guide
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