Property prices in Rio de Janeiro, São Paulo, and Belo Horizonte rose below inflation in the first quarter of 2025, according to the QuintoAndar Buying and Selling Report.
The data show a 0.25% increase in prices for closed contracts in São Paulo, a 1.3% rise in Belo Horizonte, and a 2% drop in Rio de Janeiro compared to Q4 2024. Meanwhile, inflation, measured by Brazil’s official consumer price index (IPCA) from IBGE, reached 2.04% from January to March.
“The decline or slower growth in property prices doesn’t necessarily signal a cooling market. In fact, there are still no clear signs of a drop in sales volume,” says Thiago Reis, Data Manager at Grupo QuintoAndar. “We need to keep monitoring how the market behaves this year, especially with the Selic rate still high and its direct impact on demand.”
The average price per square meter in São Paulo was R$ 7,333. In Rio de Janeiro, it closed at R$ 4,900. In Belo Horizonte, it reached R$ 5,097.
Strong rental returns in Rio
In Rio de Janeiro, the potential rental yield for two-bedroom apartments stands out. Over the past 12 months, the annualized return reached 7.2%—well above the 6.8% observed for one-bedroom units.
To estimate these figures, rental prices for both vacant and leased properties are calculated using artificial intelligence. The model considers factors such as number of bedrooms and parking spots, location, and the property’s condition.
São Paulo’s most expensive neighborhoods
In São Paulo, Vila Nova Conceição tops the list of most expensive neighborhoods, followed by Sumaré and Pinheiros.
Top 10 neighborhoods by price per square meter in São Paulo:
- Vila Nova Conceição – R$ 13,888
- Sumaré – R$ 13,606
- Pinheiros – R$ 13,333
- Jardim Paulista – R$ 12,033
- Itaim Bibi – R$ 12,000
- Vila Madalena – R$ 11,860
- Vila Olímpia – R$ 11,821
- Moema – R$ 11,762
- Vila Pompéia – R$ 11,667
- Brooklin – R$ 11,292
BH’s fastest-growing neighborhoods
In Belo Horizonte, several neighborhoods saw sharp price increases over the past year.
- Anchieta: +82.1%
- Nova Suissa: +54.9%
- Prado: +33.7%
Most-used filters in each city
In Rio, “penthouse apartment” leads the search filters, reinforcing the preference for larger spaces, more privacy, and often, outdoor areas. Surprisingly, “air conditioning” is not among the top filters—unlike in São Paulo, where it ranks first. That’s likely because many assume they can install it later if the unit doesn’t already have it. In BH, searches for “garden apartments” remain strong.
Top 5 filters in São Paulo:
- Air conditioning
- Penthouse apartment
- New or renovated
- Barbecue grill
- Open view
Top 5 filters in Rio de Janeiro:
- Penthouse apartment
- Open view
- Morning sun
- Kitchen cabinets
- Air conditioning
Top 5 filters in Belo Horizonte:
- Penthouse apartment
- Garden apartment
- Kitchen cabinets
- Built-in wardrobes in bedroom
- New or renovated