Brazil's house prices grew less than the inflation rate in July for the seventh straight month amid an economic downturn in Latin America's largest economy. As reported by Dow Jones Newswires, citing data from the local FipeZap index, property values rose 0.13% last month and 4.03% year-over-year. Consumer prices in Brazil, on the other hand, are expected to increase by 0.58% in July and 9.52% over a 12-month period. House prices in high-end neighborhoods of tourist favorite Rio de Janeiro and the business hub of São Paulo doubled from 2008 to 2013, according to FipeZap. As of July 2015, the two cities had the most expensive home prices in the country: Rio properties were 10,631 reais per square meter (about $3,050), and São Paulo properties were 8,602 reais per square meter ($2,465). That is about $283 per square foot and almost $230 per square foot, respectively. According to FipeZap index, the accumulated growth for the first half of 2015 is 1.38% while inflation grew 6.10% during the same period. View the Rio de Janeiro listing on Mansion Global. Write to Andrea López Cruzado at andrea.lopez@dowjones.com Follow Mansion Global on Facebook, Twitter and Instagram
Brazil's House Prices Continue to Slow
Index shows values increased at a lower pace than the inflation rate for the seventh consecutive month
This property in Rio de Janeiro's coveted Ipanema neighborhood, with three bedrooms and 4.5 bathrooms, is listed for about $4.8 million.
CHRISTIE’S INTERNATIONAL REAL ESTATE JUDICE & ARAUJO IMÓVEISThis property in Rio de Janeiro's coveted Ipanema neighborhood, with three bedrooms and 4.5 bathrooms, is listed for about $4.8 million.
CHRISTIE’S INTERNATIONAL REAL ESTATE JUDICE & ARAUJO IMÓVEIS