By Jay Forte and Ciara Long, Contributing Reporter
RIO DE JANEIRO, BRAZIL – The average residential rental price in Brazil fell by 0.11 percent in November this year, according to real estate price tracking firm FipeZap Index. The largest accumulated drop in the year, according to the survey, was registered by Rio de Janeiro with a decrease of 5.72 percent.
Across all eleven cities surveyed, rental prices fell 3.21 percent so far in 2016 and 3.24 percent in the last 12 months through November. Add that to the inflation in this period of 6.99 percent, according to the Focus Bulletin of the Central Bank, means a real decrease of 9.56 percent.
Rio de Janeiro recorded the most significant price declines, followed by Salvador at 4.48 percent. Rio’s cumulative price decline between January and June 2016 registers at -3.24 percent.
Despite these declines, Rio de Janeiro still had the highest average rental price per square meter in the country at R$35.59. The next highest was Sao Paulo at R$34.90 per square meter, then the Federal District at R$31.52. The cheapest cities per rental square meter were Curitiba at R$16.62, São Bernardo do Campo at R$18.91 and Belo Horizonte at R$19.83.