Luxury real estate market grows in Brazil and prices exceed R$ 40 million; see apartments inside

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High-end properties are those with an average ticket between R$ 1 million and R$ 1.5 million. Luxury ones cost between R$ 1.5 million and R$ 3 million, while super luxury ones cost more than R$ 3 million. Upon arrival at the condominium, after the doorman confirms personal data, such as name and CPF, the visitor is allowed to enter the building. The elevator takes a minute or two to travel the 30 floors to the top floor. There, a wooden sliding door opens to reveal a triplex apartment, measuring over 700m². In the first room, floor-to-ceiling windows complete the look of the room, which has custom closets with recessed lighting and a staircase leading to the second floor. The apartment also has an acoustic room with a home theater, a grill area and a heated pool, as well as a private solarium on the third floor, which completes the combo. All with a 360º view of the city and for the “trifle” of BRL 45 million (see more details of the place in the video and photo gallery below). The penthouse is one of the super luxury apartments ready for purchase in São Paulo, located in a prime area of ​​the city of São Paulo. And even with the high price and with the announcement of the sale made to a select public, the expectation is that the apartment will not be available for long. According to experts and entrepreneurs in the real estate sector, the demand for super luxury, luxury and high standard residences by the high-income population has been on a growing trajectory since the pandemic, driven by the demand for larger properties that were suitable for the home office. And the reading is that the segment is still heated, now that people have returned to migrate to large business centers with the return of hybrid or face-to-face work. Luxury real estate market grows in the country Recent data from Brain Inteligencia Estratégica, for example, point out that the launch of luxury and super luxury properties increased by 39.2% in the first quarter of this year compared to the same period of 2022, with more than 2,500 units in the period. The number is still low when compared to the total launches in the country in the first three months of this year, of more than 31 thousand units. Even so, the data represents a strong growth in the sector’s participation in the volume of launches, which registered 7.8% in the first three months of 2023, compared to the 4.6% seen in the same period of the previous year. It is worth mentioning that the market considers as high standard those properties that have an average ticket between R$ 1 million and R$ 1.5 million, that have a differentiated design and more noble finishes — with higher quality materials, such as marble, granite, onyx, among others. The luxury ones are those that cost between R$ 1.5 million and R$ 3 million, while the super luxury ones are priced above R$ 3 million. The g1 went to visit some high standard, luxury and super luxury properties that exist in the city of São Paulo. With dimensions of approximately 100m², 250m² and 770m², respectively, the units have values ​​ranging from R$ 1.2 million to approximately R$ 45 million. See below what these properties are like from the inside and understand more details about the luxury and high standard segment. Luxury and high standard real estate market grows in the country Limited supply and heated demand in high income Despite the progress that the luxury and high standard segment has shown in the pandemic, driven by the demand for properties more conducive to the home office, experts and entrepreneurs in the sector highlight that there are several factors that collaborate for the segment to continue growing even in times of economic crisis. The first point, for example, is the more limited supply of properties that fit into these categories. “In São Paulo, for example, we see that the offer of high-end and very high-end apartments is very low. And when you have limited supply and high demand, that product goes up in value. This combination of factors makes this type of apartment more valuable”, explains Lopes’ institutional and service director, Cyro Naufel. The executive also says that although luxury properties have a more “niche” proposal, the sector continues to “shine the eyes” of developers who, given the high inflation of recent years and the increase in construction costs, saw the segment as a way out to reduce the pressure on profit margins. This growth scenario also reflects the purchasing power of the target public in this sector. According to the director of Coelho da Fonseca, Luiz Coelho da Fonseca, the real estate agency recorded months with strong sales growth this year, driven mainly by properties that cost R$ 10 million or more. “The very high standard property is what is selling the most and this happens because this client [que busca esses empreendimentos] is the least impacted by major changes [econômicas]”, says the executive. Purchase or rent? Still according to experts, most of the high-income public looking for ventures of this type want to buy the property. “It is a very demanding public, not only with the location, but also with what the building offers and which architect is behind the development. During the pandemic, we even saw part of this public migrate to rent in luxury condominiums, but this scenario has already cooled down “, says the president of the Brazilian Association of Real Estate Developers (Abrainc), Luiz França. Now, according to Liz Oste, a broker specializing in luxury real estate at Inmy, “the situations in which clients look for luxury and high standard properties for rent are rarer.” “The most common in this scenario is when a very high-level employee of a company needs to stay in a certain region because of work. In this case, it is the company itself that disburses the value and the rent is more temporary”, he comments. In addition, even without necessarily needing the money, this high-income public also ends up moving the real estate financing market. “The interest rate on real estate financing still has an advantage against Selic [taxa básica de juros] in investments. Thus, the person does not necessarily need credit, but takes out financing because he prefers to leave the money he has invested in the bank, yielding more than he pays in interest per year”, says Coelho da Fonseca. See the neighborhoods with the highest number of luxury and high-end properties for purchase (above R$ 2 million) and lease (above R$ 7 thousand) in São Paulo. The survey was based on April 2023, on the Imovelweb and QuintoAndar platforms. Moema Jardim Paulista Itaim Bibi Vila Nova Conceição Campo Belo Brooklin Pinheiros Higienópolis Vila Olímpia Paraíso Perdizes Jardim América Vila Mariana Vila Madalena New customers and demand for differentials Finally, another factor that has driven the sector is the emergence of new customers in this market. Traditionally, clients looking for this type of development are usually men aged around 45 years old – most with a formed family and looking for this property as a home, not an investment. According to experts, these customers are mostly businessmen, senior executives, self-employed professionals or financial market executives, in addition to a younger and more diverse audience, coming from startups. There is, however, a new customer profile emerging in the industry. According to Oste, from Inmy, this movement follows the growth of the digital environment in the country. “It’s a younger audience, and it’s also made up of people who come from the internet. We see bloggers, youtubers and tiktokers, who have been making money on digital and who are starting to consume luxury and high-end products more and more”, explains the specialist. Another point, experts point out, is the demand for differentials. According to QuintoAndar economist Vinicius Oike Reginatto, there is a growing demand for developments that are made with a concern for sustainability, and that are increasingly complete. “We see an increasing search for properties that value the surroundings and have a more direct contact with nature. Partnerships with renowned architects who have a complete condominium, often even launched next to malls and hotels, for example, are also differentials”, exemplifies the economist.

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