São Paulo real estate market shows high-end growth

The luxury real estate market in São Paulo is expanding at twice the rate of the general residential sector. Between January and August, the number of property transfer tax (ITBI) payments for apartments with a calculated value exceeding R$ 2 million rose by 19.6%, totaling 3,399 registrations compared to 2,842 during the same period last year.

This growth is particularly evident in off-plan units, which saw a 25.7% increase, and ready apartments, which grew by 18.3%. Within the high-end segment, transactions for properties valued above R$ 5 million advanced by 24%. This trend is partially attributed to rising property values, as the median price per square meter for ready apartments increased by 3.9%.

Simultaneously, large-scale urban developments are reshaping the city's landscape. The Urman São Paulo project, part of the Eixo Platina development axis in the East Zone, is being developed by Porte. This mixed-use complex will include residential and corporate spaces, a Tru By Hilton hotel, a shopping mall, a cinema, a theater, and a convention center. The project is expected to mobilize approximately 138,000 people per month and aims to reduce daily commutes by providing local services, leisure, and housing.