House Hunting in ... Rio de Janeiro

International Real Estate

Mauricio Lima for The New York Times

A three-bedroom apartment is on the market for $2 million in Rio de Janeiro. The veranda’s curved wall of windows offers a view of the Marapendi lagoon and the Atlantic Ocean. More Photos »

By VIRGINIA C. McGUIRE

A THREE-BEDROOM HIGH-RISE APARTMENT WITH OCEAN VIEWS IN RIO DE JANEIRO

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$2 MILLION (3.7 MILLION REAL)

This three-bedroom apartment on the 22nd floor of a new condominium tower in Barra da Tijuca, an affluent neighborhood on the outskirts of Rio, has about 3,000 square feet of space. A large glassed-in veranda follows the curved shape of the building, offering an open, airy space with brightly colored walls and a contoured ceiling. The living room has a flower-shaped ceiling fixture, cream-colored ceramic floor tiling, and one wall lined with textured gold wallpaper. 

In the kitchen, the gas stove built into the white Corian counter is topped with a glass-and-steel range. The room has panoramic ocean views, as well as lots of color: orange lacquer upper cabinets and purple lacquer under-counter cabinets. Black wood sliding doors separate it from the dining area; similar doors are used to connect two office spaces to the living room. 

The master bedroom has his-and-hers en-suite baths. Faucets and showerheads are made by the German company Hansgrohe. The suite also includes a Jacuzzi bath, remote-controlled curtains, automated lighting, and a built-in audio system. The apartment has two additional bedrooms and two baths. 

The building, known as Itauna Gold, went up in 2010. It has a swimming pool, a gym with personal trainers, a party room, and wet and dry saunas. This apartment comes with four spaces in the underground parking garage. 

Barra da Tijuca, bounded by the Marapendi lagoon and the Atlantic, is known for its mansions and high-end condominiums. It is to be the site of many events in the 2016 Summer Olympics. Barra beach, near the apartment, offers beach volleyball courts, boccie and swimming. Copacabana and Ipanema are about 45 minutes’ drive; the airport is a 30-minute drive. 

MARKET OVERVIEW

 

Brazil was relatively unscathed by the global financial crisis. Housing prices in Rio have boomed in recent years, according to Günter Flemig, owner of Homes in Rio, a real estate rental and sales company. Mr. Flemig attributes the price increases to economic expansion in the region, spurred by recent oil discoveries and by planning for the 2014 World Cup soccer tournament and the 2016 Summer Olympics. He said apartment prices in Rio doubled during the three-year period ending last January. Since September, he added, they have stabilized. 

But it’s a different story in Barra da Tijuca, the site of this apartment, where prices for three-bedrooms rose by 27 percent over the past year. “It seems to be that Barra has no slowdown so far in prices,” Mr. Flemig added. 

But apartments in downtown Rio remain more expensive. In Ipanema, a three-bedroom typically costs around 2.27 million Brazilian real ($1.22 million); in Copacabana, the price would be about 1.1 million real. That compares with no more than 1.12 million real in Barra, Mr. Flemig said. 

The price of the apartment profiled here is higher than average for the area, because of the ocean views, the automated lighting and state-of-the-art audio system, and the building amenities, said Leonardo de Melo, an agent for Rio Exclusive and the listing agent. 

WHO BUYS IN RIO DE JANEIRO

 

Most of the foreign buyers in Rio are European, although some are from the United States and Asia, said Roberto Beltrão, an independent real estate agent in the area. Mr. Flemig described Rio as Brazil’s most popular destination for foreign buyers — who, he said, “seem to come from all over the world.” 

BUYING BASICS

 

Foreigners must obtain a tax identification number before buying property, Mr. Beltrão said. Transfer fees, which are paid to the city, are 2 percent of the purchase price, and land registry fees are another 2 percent, Mr. Flemig said. In addition, buyers pay notary fees of 1 to 1.5 percent of the purchase price, and legal fees ranging from 1 to 2 percent of the purchase price, depending on the value of the property. For beachfront property, Mr. 

Flemig said, an additional marine tax of 2 to 5 percent is levied. The apartment profiled here has ocean views but is not considered beachfront property. 

WEB SITES

Barra da Tijuca: barradatijuca.com.br

Rio de Janeiro 2016 Olympics: rio2016.org

Official Brazil tourism site: braziltour.com

 

LANGUAGES AND CURRENCY

Portuguese; real (1 real=$0.53) 

TAXES AND FEES

Property taxes for this apartment were 6,200 real ($3,300) in 2011; condominium fees are 1,941 real ($1,030) a month. 

CONTACT

Leonardo de Melo, Rio Exclusive, 011-55-21-9481-8836; rioexclusive.com

Fuente: The New York Times