Research undertaken by the Brazilian Real Estate Studies organisation (EMBRAESP) has pointed to prices in the Itaim-Bibi area of São Paulo dropping by an average of 3 percent when comparing the first half of 2010 with that of 2011. The price average price per metre square still remains one of the highest in Latin America – at R$ 13,183 per m² – growing by an estimated 50 percent since 2006.
According to João Crestana, president of the São Paulo Housing Syndicate (SECOVI-SP), the drop represents what the organisation views as an overdue correction of prices in certain areas. Speaking to the Estadão newspaper, other specialists have pointed to infrastructure difficulties making certain areas of metropolitan São Paulo slightly less desirable. Itaim-Bibi, it is stated for example, has seen rises in congestion levels and the number of car thefts.
Source: Brazil Investment Guide