By Shalina Chatlani, Contributing Reporter
RIO DE JANEIRO, BRAZIL – Property prices in Rio have boomed over the last seven years, with apartment rental prices topping out in 2014, and now slowly starting to decline through 2015. Although Rio remains one of the most expensive cities in South America, foreigners with U.S. dollars to spend will feel a huge difference as the Brazilian real currency has fallen almost fifty percent since the beginning of 2015.
When looking at luxury long-term rentals (standard thirty-month lease), prices in local currency are not that different from the last year. With the 2016 Olympic Games fast approaching, The Rio Times will take a look at what R$10,000 rents this year.
With its reputation for both safety and luxury, Leblon remains one of the most desirable places to live in Rio de Janeiro. This neighborhood is great for families that wish to have more privacy and quiet than other Zona Sul (South Zone) areas, as well as, direct access to the beach, dozens of high-end restaurants, cinemas, and shopping centers.
Accordingly, the price of apartment rentals in Leblon is higher than in other areas of Zona Sul. One example is this beautiful 168m² three bedroom property on Rua Timoteo da Costa.
Approximate average apartment size for this price: 166m²
Approximate rent price per m², as of July 2015: R$64 (A drop from last year’s price of R$70).
A more popular area for for expatriates and visitors, with a main strip on Visconde de Pirajá, full of restaurants and shops, Ipanema one of the most sought-after neighborhoods to live in. Due to its commercialization, it offers less privacy and tranquility than Leblon, but does offer slightly more affordability, with a lot more convenience (including the Metro subway stop) and entertainment.
This 132m² three bedroom apartment on Rua Prudente de Morais, another popular street in Ipanema, is just one block from the beach, a close walk to the metro, and under R$10,000.
Approximate average apartment size for this price: 80m²-100m²
Approximate rent price per m², as of July 2015: R$62.
Copacabana is perhaps the most famous neighborhood in Rio de Janeiro with its 4KM beach, as well as the best infrastructure for travel and tourism. It is noticeably busier and also more affordable than Leblon and Ipanema, while still offering great nightlife, restaurant, and shopping options.
An example of a property in Copacabana is this colorful 130m² apartment on Rua Aires Saldanha, one block from the beach.
Approximate average apartment size for this price: 210m²
Approximate average rent per m², as of July 2015: R$48
This often under-appreciated neighborhood, usually appealing to younger families and students, offers some of the most interesting, alternative nightlife options in Rio. Home to a plethora of foreign eateries, book stores, museums, and cinemas, Botofogo is a gem in Zona Sul that is still more affordable than all of the aforementioned neighborhoods.
This 200m² two-bedroom apartment on Rua Assuncao offers has an outdoor living area in addition to its spacious interior.
Approximate average apartment size for this price: 150m²
Approximate average rent per m², as of July 2015: R$47
Located right between Botafogo and Centro, Flamengo is a great neighborhood for both families and professionals needing to travel to Centro. As one of Rio’s older areas, Flamengo boasts an old-world charm with a number of alternative restaurants and bars. In Rio, the neighborhood is one of the best value-for-money parts of the city.
This amazing 250m² three bedroom property on Avenida Rui Barbosa overlooks Guanabara Bay and is under R$8,000.
Approximate average apartment size for this price: 150m²
Approximate average rent per m², as of July 2015: R$43
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.