The luxury and ultra-luxury segment in São Paulo exploded from January to September 2021, totaling a sale of 4,217 properties, according to a survey by Brain Consulting, a consulting firm specializing in the real estate market.
Luxury apartments are increasingly appealing to Brazilians, especially in São Paulo. In the first nine months of 2021, no less than 4,217 residences were acquired by the wealthy population. This represents an increase of 129% compared to the same period last year.
In São Paulo, the so-called luxury properties are those worth more than 1 million real (€156,000), while the ultra-luxury corresponds to an amount of more than 2 million real (€313,000). These luxury apartments would be accessible to about 5% of the Brazilian population, with only 1% able to afford ultra-luxury.
The overall sales value of these luxury properties reached R$9.4 billion (nearly €1.5 billion) through September, almost doubling the value of the same period last year.
However, the most sought-after apartments among São Paulo millionaires cost an average of R$5.1 million, or R$21.7 thousand per square meter, Brain Consulting points out. The average size of these properties exceeds 200 square meters. In the city’s most expensive apartments, however, the square meter is worth R$63,000.
The strong growth of this segment of the luxury market would be a direct consequence of the pandemic, which has pushed families to seek larger living spaces. In addition, in 2020, the interest rate reached an all-time low, forcing wealthier families to rethink their investments, which led many people to buy a new property.
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