There are many reasons why a number of tourists decide to buy a property in Recife. For one, making a real estate purchase in this Pernambuco capital is relatively easy. Compared to other cities in the world, buying a property in Recife, especially for foreigners is not that strict – granting that you can present some necessary documents.
Additionally, its steady economic growth makes it attractive among investors as well. Those who are interested for a business venture will be delighted to know that the city is a great venue to make a fortune. Its tourism, service, and industrial sectors for instance are booming enough to secure you of revenues.
Recife’s year-round sunny weather too is a big come-on to many people, both from the country and the world. Most of those who chose to reside in the city admit that Recife’s ‘friendly’ weather is a big factor for their decision.
Being among Brazil’s largest cities, Recife’s large population has made its real estate market a thriving industry. Several real estate companies saw this as an opportunity to build more condominium units and apartment buildings in the city. Luxury villas, which are located along its beaches, have given good turnover in terms of earnings. Executive office spaces and commercial properties have been in demand in the market as well due the increase of expats in the city.
Yet despite all these advantages and growth in the city, the prices of most real estate properties in Recife remain to be reasonable. A modern two bedroom apartment, for example, which has a 600 square meter area and sits near the beautiful beach costs around US $17,000, while a 1100 square meter three-bedroom apartment are sold for about US$44,000. A luxury villa in Recife that’s complete with a pool and a beachfront can go an average of US$150,000 – a price that’s merely half the cost of the properties when you are in other parts of the U.S. and Europe!
In terms of property taxes, Recife is also a bit cheaper. Each year, owners are to pay for only about US$150 to $350, depending on the real estate property’s value. In addition, residential insurance in the city is also inexpensive, costing from $50 to $100 annually. The utilities are also cheap ranging from $45 to $80 per month, inclusive of gas, water, electricity, and telephone bills.
Properties are always great investments, especially in Recife. When you have the chance to own one in the city, grab this opportunity and enjoy the benefits.