Regular readers know how highly I rate the real estate opportunities in Brazil—particularly Fortaleza.
Today, there is something exciting happening right in the heart of downtown. I’m talking about an area that has been neglected…but whose fortunes an ambitious plan is about to change.
Iracema Beach is immediately to the west of Fortaleza’s bustling boardwalk—the tourism, social, entertainment, and high-end real estate center of Fortaleza. Real estate prices have doubled here in the past three years.
Ocean view condos sell for up to $4,500 per square meter. (That’s approximately $420,000 for a 1,000-square-foot condo.) Rentals here stay full and charge top dollar. This is where Brazilian millionaires and billionaires own condos—some as big as 5,000 square feet.
Today the boardwalk is pretty much fully built out. That is, the boardwalk as is right now.
But Iracema is getting a major facelift—and part of that is to extend the boardwalk to include Iracema Beach.
That means you can buy now on Iracema (at non-boardwalk prices)…and soon have a boardwalk condo.
Even now, Iracema Beach isn’t really all that “neglected”—it hosted 1.1 million revelers for the 2010 New Years party. Concerts and major beach volleyball tournaments are a regular fixture. But visitors prefer to stay along the family-friendly and buzzing boardwalk.
This project is part of the $5.6 billion investment in tourism and infrastructure in the lead up to the 2014 soccer world cup:
- $135 million will be spent on the new Aquarium (set to be the largest in South America)
- $30 million is being invested in a general upgrade of the area including the extension of the boardwalk
- $10 million is to be spent on the culture center renovation. (This is Fortaleza’s art and theater center)
For those of you that are familiar with Fortaleza, the boardwalk is to be extended from La Casa restaurant as far as the Aquarium.
This is all part of the same stretch. There’s no reason the boardwalk should stop at La Casa. With no more developable land, the boardwalk has to go some where. The old port and industrial installations means it can’t go east. (At least for another decade—when the major port functions are moved to Pecem.). That’s why it’s extending along Iracema Beach.
Iracema’s dingy bars will be replaced with more family friendly amenities…three-star hotels with shiny new condo buildings and hotels. This area will of course also benefit from the $19 million that is being spent upgrading the boardwalk itself. Three years from now there will be no visible break from the boardwalk to Iracema Beach and to the culture center.
Families on vacation will want to stay here…as will visiting executives. Yet, today prices are 22% – 60% lower than along the boardwalk.
As Iracema becomes part of the boardwalk, its prices will catch up with boardwalk prices.
Right now, you can buy an oceanview apartment here for the cheapest entry point you’ll find in Fortaleza—less than $100,000.
But that’s not the best deal. We’ll reveal that…and a way to profit from Iracema’s rejuvenation…at the International Real Estate Investment Forum in Nevada, September 13-15. You still have time to get on the “First in Line” list for the Forum before we officially open registration in three days. Put yourself on the list here to get discounts and more.
Editor’s Note: Ronan McMahon is the Executive Director of Pathfinder (International Living’s preferred real estate advertising partner), which focuses on opportunity for gains in strategic pockets around the world-before most folks have even heard of them. He writes for Pathfinder’s real estate investment service, the Real Estate Trend Alert.