Sales of new homes a growing trend in Sao Paulo
July 18, 2012
The sale of new residential buildings in the city of São Paulo recorded a high of 13.1% in the first five months of this year, compared to the same period of 2011, according to Secovi-SP
. Through May 2012, 10,135 units were sold; nearly 1,200 more than the number of units sold from January through May 2011.
Market information was obtained through the Real Estate Market Survey, conducted monthly by the Department of Economics and Statistics Secovi-SP, which reported the sale of 2,728 units for the month of May 2012—35.9% higher than the number of properties sold in April (2,007 units) and 14.6% higher than sales from May of 2011 (2,380 dwellings). In May, two-bedroom properties led new homes sales, accounting for 59% of total sales with 1,610 units.
While the sale of new homes is strong, the number of new homes coming onto the market has declined. According to data from Embraesp (Brazilian Company of Heritage Studies), 7,496 units were launched from January through May 2012, a decrease of 31.4% compared to the total received in the first five months of 2011 (10,925 properties). The downward trend is seen as a larger market adjustment and does not reflect May releases. The release of new homes for May was recorded at 2,239, which is a 38% increase compared to April.