Ipanema’s New Luxury Residence

By Carlos Graffigna, Contributing Reporter

RIO DE JANEIRO – To the prized ocean-front real estate along Ipanema beach comes a new addition, and in the current boom-mentality of Rio de Janeiro, it looks certain to be a hot commodity. In The Scenario Vieira Souto, the developers could hardly have introduced their project at a more convenient time.

The beautiful development is located at Vieira Souto 124 integrating the always-limited space found in popular beach fronts like Ipanema with the comfort of a spa resort-like condominium.

Daniel Fich from SIG Empreendimentos Imobiliários LTDA adds, “Think of the best addresses in Milan, Paris and New York. Welcome to Ipanema. We have luxury shopping, restaurants, famous brands and a wonderful beach that is… an endless source of inspiration.”

The prices will be between R$3-4,000,000 depending on the unit purchased, which affords the owner 212 square meters of luxurious living space, and an amazing view of Ipanema and surroundings. The complex will include among other amenities; kid’s and adult pool, spa, sauna, home theater, indoor club, game room and much more, all aiming at maximizing life style and comfort for the owners.

Construction is well under way and developers Contrutora SIG estimate conclusion in 2012. Considering the extraordinary circumstances influencing Rio’s real estate market, and by that we mean; Pre-Salt oil discovery, the 2014 World Soccer Cup and the Olympics in 2016, the timing to develop such projects seems right.

From the point of view of a marketing strategy, there is a lot to work with. Ipanema first gained recognition in the 1960’s, after a Bossa Nova song became a worldwide hit winning a Grammy as Record of the Year in 1965. Ever since, the image of Rio has grown, driven by the media and constant government support to sell the city as tourist paradise.

As Time Magazine’s article published in October discloses, questions about security have been raised and about local government’s capability and ability to make the city safe for both World Cup and Olympic events. But nonetheless, most commentators have agreed on at least one simple fact – land value has risen and will continue to rise.

The prominent financial publication The Economist said recently about Rio de Janeiro; “Some things are improving, partly as a result of Brazil’s stronger economy. Offshore oil is injecting revenue to the state. Poverty is falling and property is booming.”

Most agree property will continue its steady value increase, and new developments built between now and the Olympic Games of 2016 will easily find interested buyers. In past articles The Rio Times covered the effects of these two huge events and how the market has reacted (see Olympic Real Estate Outlook).

Considering the new Metro stop, and the R$14 billion budgeted for Rio’s infrastructure and another R$50 billion in indirect investment is estimated, there is little doubt Ipanema will flourish. Developers like Construtora SIG have recognized these elements and have already begun capitalizing on this growing market.