By Claire Rivé, Contributing Reporter
RIO DE JANEIRO, BRAZIL – Property prices in Rio have increased in leaps and bounds over the last five years, but figures in 2014 seem to be leveling off, and while Rio remains one of the most expensive cities in the world to buy or rent property, prices have stabilized to an extent. Short-term rental prices – especially during the World Cup – are certainly exorbitant, but when looking at longer term rentals, prices aren’t that different from the last year.
For those of more generous means interested in renting in Rio’s more exclusive neighborhoods, there are beautiful properties on offer and we look at what R$10,000 rents this year.
Remaining one of the most sought after areas to live in Rio, Leblon has reputation for safety, luxury and being a tad more elegant than other wealthy Zona Sul (South Zone) neighborhoods. Families and those who desire proximity to the beach, shopping centers, cinemas and great restaurants a little out of the way of the tourist masses in Ipanema and Copacabana, favor Leblon, which offers a more tranquil atmosphere.
Leblon is an exclusive area and prices reflect the high demand for property there. An example is this two bedroom 90m² apartment on Rua Gilberto Cardoso is a few blocks back from the beach, nearer to Lagoa, and overlooks the Jockey Club.
Approximate average apartment size: 166m²
Approximate average rent per m²: R$70
Wide beaches, clusters of bars and restaurants that cater to international tastes and a neighborhood-that-never-sleeps vibe make Ipanema one of the most popular areas among foreigners living in Rio de Janeiro. More commercialized than its neighbor Leblon, Ipanema is also a little more affordable. Prices vary greatly, but if your budget can be stretched a bit, this part of the Zona Sul offers everything you need in terms of convenience and fun.
This three-bedroom apartment in Ipanema offers ample floor space (150m²) and big, airy rooms with lots of natural light and a comfortable living room area.
Approximate average apartment size for this price: 80m²
Approximate average rent per m²: R$64
Perhaps the name the rest of the world most closely associates with Brazilian beaches, Copacabana has hosted its fair share of history. With the passage of time, the area has lost some if its glamor, but that is welcome news for those in the property market, as bigger apartments closer to the beach can be found for quite a bit cheaper than Ipanema or Leblon.
This three-bedroom apartment in Copacabana has a wonderful ocean view as it sits on the Avenida Atlântica beachfront. Along with the view, the best thing about this apartment is the floor space (189m²).
Approximate average apartment size for this price: 210m²
Approximate average rent per m²: R$48
This often underrated neighborhood has undergone a bit of a revival in terms of popularity in recent years as many Cariocas who were priced out of the golden trifecta of Leblon, Ipanema and Copacabana started looking a bit further for a still-hip alternative. Botafogo is home to some of the best bars and restaurants in the Zona Sul and the cost of living is noticeably lower, when comparing everyday items, to the aforementioned three.
This 260m² apartment in Botafogo has a wonderful outdoor entertainment area with a built-in barbecue and swimming pool on a leafy street with an unobstructed view of Christ the Redeemer.
Approximate average apartment size for this price: 113m²
Approximate average rent per m²: R$50
Set right between Botafogo and Centro, Flamengo is popular with families who enjoy the pretty Art Deco architecture, parks, views of the bay, as well as professionals working in Centro who enjoy taking advantage of the three metro stations which serve the area. As one of Rio’s older areas, it has a definitive old-world charm and is one of the best value-for-money neighborhoods the city.
This apartment offers the best of Flamengo, overlooking Guanabara Bay and Sugarloaf Mountain right on Flamengo Beach and its tree-lined public areas.
Approximate average apartment size for this price: 106m²
Approximate average rent per m²: R$42
These prices reflect Rio’s standard thirty-month leases and do not include condominium fees and IPTU taxes, which can potentially be up to R$1,000-R$2,000 per month. Also, the “seguro fiança“, a type of renter’s insurance often required for long-term leases, is not included, which can add up to two or three months rent.