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At the Brazilian real estate market, after the commercial spaces phase, now the builders are betting on “compact” apartments in prime big cities. According to developers and agencies, the price per square meter of this type of product varies between R$ 7000 and R$ 11 000 per square meter, meaning that a 34m2 apartment costs an average of R$ 400 000.
The target for those apartments are young single workers that make good money or couples – who want to live and work in the same area. There is demand therefore, since transportation in large Brazilian cities like Sao Paulo and others is increasingly chaotic.
Interestingly, even the “compacts” are getting smaller, as in 2008 some companies were announcing “compact” apartments of around 50m2. Currently there are new releases in Sao Paulo of 21m2. In general, these properties are in studio format (no internal walls) and offer some basic housekeeping services and are in affluent neighborhoods like Vila Madalena, Brooklin and Moema, a few Sao Paulo examples.
Despite the hefty price tag, these properties sell well because for many people, they are the only accessible option to buy, and perhaps this is why investors have “invested” and purchased these properties for rent.
I have to admit that some of them are quite charming: http://www.vitacon.com.br/tourvirtual/tagdecor/index.html