Last year, Elon Musk made a visit to Brazil that bypassed the usual financial centers and bustling cities.
Instead, he headed to Fazenda Boa Vista, a platinum exclusive gated community located just west of São Paulo near Sorocaba.
Boa Vista, developed by JHSF Participações, is a sprawling haven for the ultra-rich, reminiscent of a small city.
The community offers manicured landscapes, large designer homes, lots of trees and nature, two 18-hole golf clubs, an equestrian center, two polo fields and a number of other amenities.
There are 900 lots for sale, a restaurant, a supermarket, a health center and a triathlon training center.
During his visit, Musk joined President Jair Bolsonaro and prominent Brazilian billionaires for lunch at the luxurious Fasano Hotel on the Fazenda.
Boa Vista has become a haven for high-income earners, with notable residents including Roberto Campos Neto, president of the Central Bank, and Guilherme Benchimol, founder of XP.
The community is expected to accommodate up to 45,000 residents once completed.
Divided into three areas — Fazenda, Village, and Estates — Boa Vista offers a variety of facilities.
Fazenda, the most developed area, features 900 lots, two golf courses, an equestrian center, and even a triathlon training center.
The adjacent Village area, still under construction, includes a wave pool for surfing, apartments, stores, restaurants, and workspaces.
The Estates area, currently in development, will feature more exclusive properties.
Lots cost around R$10 (US$2.1) million, houses for sale online average R$40 (UIS$8.3) million, and JHSF rents some properties for R$100,000 (US$21,000) a month, writes Bloomberg.
JHSF’s vision for Boa Vista is comparable to Greenwich, Connecticut, offering wealthy families comfort and privacy away from major financial centers.
The COVID-19 pandemic has accelerated the demand for such retreats, as affluent Brazilians sought spacious homes with reliable connectivity for remote work.
Residents already include Central Bank president Roberto Campos Neto, XP founder Guilherme Benchimol, Nubank co-founder Cristina Junqueira
Boa Vista experienced a surge in property prices and a doubling of land values during this period.
Critics argue that the existence of such exclusive communities highlights the significant wealth gap in Brazil, one of the most unequal countries globally.
However, JHSF’s CEO, Thiago Alonso de Oliveira, defends the project, claiming it has provided employment opportunities, reduced crime rates in neighboring areas, and increased incomes through service jobs.
Boa Vista has become an international destination, with residents using it as a base for business trips to São Paulo and Rio de Janeiro.
Private jets, costing millions of dollars, are parked in the community’s Catarina airport hangars, ready to whisk owners away to various global destinations.
JHSF has also expanded its luxury real estate developments beyond Brazil, including projects in Miami, London, and Uruguay.
Boa Vista continues to attract affluent individuals, and the number of ultra-high net worth Brazilians is expected to grow significantly in the coming years.
The market around São Paulo remains resilient, with wealthy individuals seeking the company of like-minded peers.
Boa Vista stands as a testament to the allure of luxury living, catering to the needs of Brazil’s elite while fueling economic growth and development in the surrounding region.