We have all heard about the massive property investment opportunities currently presenting themself in Brazil. The consensus of opinion is that the best opportunities lie in the north east of the country, and Fortaleza is currently mentioned as one of the hotspots.
The region is traditionally poorer than the south of Brazil, and because of this the price of property is much lower. But now the region is the fastest growing in Brazil, because its economy is fuelled by sectors that are currently seeing the majority of growth, including energy (off-shore oil and major wind energy operations), tourism, and export focused manufacture boosted by the Free Trade Zone.
On the board walk in Fortaleza, real estate prices have grown at 40% per year for the last 2 years, and now, because of a combination of the rapid price growth and rapid development the area is now developed to capacity and relatively expensive compared to the rest of the region.
The next big opportunity lies in an overlooked district just a few blocks from the city’s central park, which is to be brought to live and to the forefront of publicity by a government plan to build a convention centre and underground rail link.
Straddling both sides of a river and dividing the city in two, the central park in Fortaleza is one of the largest urban parks in Latin America and perfect for jogging, rollerblading or just relaxing under the mango trees. Understandably the areas around the park are nice places to live, and with the convention centre this part of Fortaleza will become one of the prime areas to buy residential property.
As was mentioned the park spans across Fortaleza, splitting the city in two. Residents prefer to stay on their own side of the park, not least because crossing it by car takes over 20 mins because it has a bottleneck effect on traffic.
As a result the best places to buy are to the north or the south of the park. The new convention centre and rail link are being built to the direct south of the park, where it is expected that the bottleneck caused by the park will maintain upward pressure on prices.
The area has made the industry press because of the launch of a new development, which is a fantastic investment opportunity. The resort development with many amenities including a pool, party lounge, gym, recreation area and more, offers 2 bedroom condos for just $6,874 down and monthly payments of $1,306.
Analysts are forecasting rapid price growth in Fortaleza, and with prices around half those found on the boardwalk many believe it to see price growth outpacing that of the rest of the city.
Photo Credits: Ricardor via Flickr