Buying property nowadays in Rio 2

People looking for an apartment to live in Rio already know: prices are a little crazy these days. Prices rose exponentially in the last two or three years, and it requires a good deal of patience to find the desired property, for the value that it is imagined to spend. For many, the feeling is that it will be impossible to achieve. The good news is that according to experts, the trend for prices in 2012 is stabilizing. The bad news is that despite the lobby of the market, the government has not signaled that it will raise the ceiling of R$ 500.000 for properties financed by the Housing Financing System (SFH). Because, analysts still question whether we are facing a price bubble. Given this scenario, we went to find out what is costing about in Rio, for convenience, we choose three limits – real estate of R$ 300,000, R$ 600.000 and R$ 1 million.

Only with $ 1 million you can buy really comfortable apartments in the south zone of the city. The value allows to acquire properties ranging from large two-bedroom, in neighborhoods like Botafogo and Jardim Botanico, to modern lofts in an enterprise in Laranjeiras. If the idea is to live in Ipanema and Leblon, however, you will still need to look hard for it. These neighborhoods offer two-room deals for that amount, but not always the buildings are in good condition. In Leblon, according to the Secovi-Rio, the average price of an apartment of this kind would be R$ 1.3 million.

– Up to R$ 1 million, there are still buildings in Gávea, a neighborhood with a strong upward trend, as it will receive a subway station – says Leonardo Schneider, vice president of Secovi-Rio.

But the largest number of offers is concentrated in the range going from R$ 350.000 to R$ 700.000. And in all regions of the city. With R$ 600.000 in the pocket and a little luck on the other, for example, you can even buy good two-bedroom apartments in neighborhoods such as Copacabana, Botafogo and Flamengo. Most likely in need of works, which, incidentally, is almost always necessary when choosing a used property.

– These values ​​vary not only according to location, but the condition of the property: if it is a high floor, or if you have a view, if the blueprint is well divided. Copacabana for example has many offers for that amount, but in the streets as Barata Ribeiro and Nossa Senhora de Copacabana, not always attractive because of the large movement.

In neighbourhoods as Tijuca and Barra, the comfort increases with the size, there are apartments of about 70 square meters, two-bedroom condominiums of up to ten years, with some leisure facilities. With this value, you can also get to Ipanema, but only in conjugadão(studios) or bed-living room without place to park, and certainly no elevator.

– My biggest volume of sales of real estate is currently below the R$ 400 thousand. Most of these in regions like Barra da Tijuca, Recreio, and Jacarepaguá North Zone, which accounts for two thirds of the new releases that are made in Rio. Thes are expanding places because they are in recovery or because they receive state investments – evaluates Luigi Gain Martins director of Rio’s arm Lopes Real Estate.

It is difficult to reconcile the South Zone and apartments of up to R$ 300 000. Not that the value is so low. But with prices in vogue in the city, finding a good property for that price in the region is the hardest task. Here this value finds you conjugados(studios) of up to 20 square meters in old buildings in Copacabana. Or a little larger, about 30 square meters, in Botafogo or Flamengo.

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Joe Cloud
Dutch, American, Brazilian... lived there for 5 years and owns property in Brazil. Out of the country for a few years now and would like to go back, however current circumstances tell me it's not the right time.