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Diego Ribas, Flamengo idol and former national team player, invested in High Tower, a luxury residential in Itapema with 52 floors, 165 meters, and four suites. The move reinforces a heated real estate market, while Balneário Camboriú loses the top of the most expensive square meter in Brazil in 2026, with high demand on the coast.
Flamengo idol Diego Ribas chose Itapema, in Santa Catarina, as his second home and invested in a unit of High Tower, a high-standard residential under construction on Nereu Ramos Avenue, in the city’s central area. The project is scheduled for delivery in December 2030.
According to a report by NSC Total, published on July 7, 2026, the former Brazilian national team player and current speaker and businessman bet on the project by Aliança Empreendimentos, part of the J.A. Russi Group, in a city that has come to occupy the top of the luxury real estate market in the country.
52-story tower puts Itapema on the luxury radar
High Tower was presented as a residential skyscraper of 165 meters in height, with 52 floors and 94 units. The layouts can reach 375 square meters, with unique apartments, two duplex penthouses, and four suites in all units.
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The choice of the Flamengo idol reinforces the movement of Itapema as a high-standard destination on the Santa Catarina coast. The city has ceased to be just a neighbor of Balneário Camboriú and has started to compete for its own prominence in the millionaire apartment market.
Unit purchased by Diego Ribas has a sea view
According to the construction company, the units of the development will have a privileged view of the sea, one of the factors that sustain the appreciation of luxury real estate in the city. The project also bets on a central location, on Nereu Ramos Avenue, one of the most well-known areas of Itapema.
Diego Ribas’s investment draws attention not only because of the name involved but also because of the type of real estate product chosen. The residential targets an audience seeking privacy, infrastructure, views, and appreciation potential in a city that has gained national strength.
Resort-style leisure enhances the appeal of the residential
The High Tower will have more than two thousand square meters of common areas, with pools, a swim-up bar, spa, wine bar, gym, surf lounge, bike station, gourmet spaces, party room, game room, playground, steam sauna, and pilates space.
This structure helps explain why the development was associated with a resort standard. In the luxury market, the residential unit is no longer evaluated only by its internal size and has come to depend also on the experience offered in the building.
Project targets R$ 300 million in sales
The residential is expected to generate around R$ 300 million in sales, according to the information disclosed about the project. The average ticket reported is approximately R$ 4 million, placing the High Tower within the high-value apartment segment in Santa Catarina.
The presence of a Flamengo idol as a buyer helps to give visibility to the development, but the movement also reflects a larger transformation. Itapema has started to concentrate vertical launches, high values, and investor interest at a pace that has altered the regional competition.
Itapema surpassed Balneário Camboriú in price per square meter
In May 2026, Itapema surpassed Balneário Camboriú and became the city with the most expensive square meter in Brazil. The data cited by NSC Total indicates an average price of R$ 15,226 per square meter in Itapema, compared to R$ 15,215 in Balneário Camboriú.
The difference in square meter value is small but symbolic for the Santa Catarina real estate market. Balneário Camboriú held the position for four years, and the shift put Itapema in the spotlight of the high-end sector.
Numbers show a turnaround in vertical construction
Between 2020 and December 2025, Itapema recorded 593 new vertical developments launched, almost four times more than Balneário Camboriú, which had 170 in the same period. The data comes from a study by Brain consultancy, specialized in the real estate market.
In terms of the number of apartments, the gap was also significant. Itapema added 42,535 new units, while Balneário Camboriú registered 7,275. In total sales value launched, Itapema reached R$ 53.6 billion, compared to R$ 32 billion from the neighboring city.
Appreciation transforms the city into a national showcase
The president of Grupo J.A. Russi and partner of Aliança Empreendimentos, Suzana de Fátima Russi Chiamenti, stated to the report that Diego Ribas’ choice confirms the strength achieved by Itapema in the national high-end market. She associated the city with safety, quality of life, infrastructure, privacy, sea view, and potential for appreciation.
This discourse accompanies a trend observed in the numbers of launches and sales. The luxury real estate market in Itapema has come to rely on a combination of perceived scarcity, intense verticalization, coastal location, and the presence of high-income buyers.
What the ex-player’s bet reveals about the Santa Catarina coast
The purchase made by the Flamengo idol should not be read merely as a personal choice of residence or investment. It serves as a signal of a market that uses vertical architecture, complete leisure, and sea views to attract buyers who previously almost automatically looked towards Balneário Camboriú.
Now, the question remains for the reader: Is Itapema just experiencing a strong cycle of appreciation, or has it really shifted the axis of the luxury real estate market in Santa Catarina? Do you think the city can maintain this pace until the delivery of the High Tower in 2030? Share your opinion.
