Property prices in Rio de Janeiro are among the most expensive in the world.
The cost per square meter in the city has risen 28,7% this year; commercial properties are more expensive than those in New York, Mumbai, Moscow, Paris, and Milan.
It's not easy living in Rio de Janeiro. The cost per square meter in the city, according to the latest Fipe/Zap survey, an index that measures the cost of real estate in the country based on advertisements, has risen 144% since January 2008.
This year, the "marvelous city" also leads the national ranking of the most expensive cities, with a 28,7% increase. In the case of commercial real estate, according to research by the real estate consultancy Cushman & Wakefield, Rio is among the most expensive in the world, surpassed only by Hong Kong, London, and Tokyo, but ahead of New York, Mumbai, Moscow, Paris, and Milan. Over the past 12 months, the average price per square meter of real estate in the seven regions surveyed increased by 29,4%, with Rio de Janeiro (41,3%) and Recife (30,4%) leading the rise.
Throughout 2011, the average price increased by 21,3%. The justification for the surge in property prices, with a three-bedroom apartment in Leblon costing over R$ 2 million according to experts, is largely due to Rio being chosen to host the 2014 World Cup and the 2016 Olympics. But that's not all. In fact, since the 2008 crisis, the cost of real estate has been rising throughout the country and even the world. This year in São Paulo, prices rose by an average of 20,9%, but since January 2008, the increase has been 113%. 8.837.
In Rio de Janeiro, according to the research, properties with four or more bedrooms registered a 4,4% increase in September. Leblon, where the price per square meter was advertised at R$ 16.347, leads the list of the highest prices. Meanwhile, the Anchieta region, in the Rio suburbs, again presented the lowest price per square meter, at R$ 1.058. Considering the neighborhoods surveyed, the average price per square meter in September ranged from R$ 7.859 in the Federal District to R$ 3.452 in Salvador.
In São Paulo, the average was R$ 5.778 and in Rio de Janeiro, R$ 7.082. The average price per square meter across the seven regions was R$ 5.936. The FipeZap Index, developed and calculated by Fipe, tracks the average price per square meter of ready-to-move-in apartments in six Brazilian municipalities and the Federal District.