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Santa Catarina city less present in the national real estate debate surpassed Balneário Camboriú by a narrow margin in the residential ranking, in a movement attributed by specialists to the combination of recent appreciation, new developments, and competition between consolidated markets on the coast of Santa Catarina.
Itapema, on the North Coast of Santa Catarina, surpassed Balneário Camboriú and took the national lead in the average price per square meter for residential properties in May 2026, according to the FipeZap Index.
The city recorded R$ 15,226 per square meter, compared to R$ 15,215 for its neighbor, a difference of R$ 11 that changed the top of the Brazilian ranking for properties for sale.
The change interrupted a sequence started in 2022, during which Balneário Camboriú appeared as the most expensive city in the country for purchasing residential properties, according to real estate sector monitoring.
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In the previous month, the distance between the two municipalities was already small, with Balneário Camboriú at R$ 15,185 per square meter and Itapema at R$ 15,179.
The FipeZap survey tracks advertised prices of ready-to-sell and rental apartments, with national coverage and a focus on comparing real estate markets in different Brazilian cities.
In the residential index, the research considers samples of ads published on Grupo OLX portals, such as Zap, Viva Real, and OLX, a methodology that reflects offered prices, not necessarily effectively negotiated values.
Itapema takes the lead in residential square meter
The difference of R$ 11 per square meter placed Itapema ahead of Balneário Camboriú in a concentrated dispute between two of the main real estate markets in Santa Catarina.
Although the margin was narrow, the result placed Itapema in first place nationally in the FipeZap survey for May 2026, with Balneário Camboriú right behind.
In the ranking released for the period, Vitória, in Espírito Santo, appeared in third place, with an average of R$ 14,965 per square meter.
Florianópolis occupied the fourth place, with R$ 13,288, while Itajaí completed the group of the five most expensive cities, with R$ 13,208 per square meter.
With this performance, Santa Catarina concentrated four of the top five positions among the highest average residential prices in the country in the May 2026 survey.
The presence of Itapema, Balneário Camboriú, Florianópolis, and Itajaí indicates, according to real estate market agents, the relevance of the Santa Catarina coast in the segment of higher announced value properties.
Appreciation of Itapema reduced the difference between the cities
The rise of Itapema in the ranking occurred after months in which the city had been narrowing the gap with Balneário Camboriú, according to data released based on FipeZap.
The accumulated appreciation of Itapema was higher than that recorded by the neighboring city in recent residential market indicators, which contributed to the reversal of positions at the top of the list.
According to data associated with the survey, Itapema accumulated an increase of 6.35% in 12 months, while Balneário Camboriú recorded an advance of 2.94% in the same period.
In the accumulated 2026 until May, Itapema added an appreciation of 2.46%, against 1.50% of Balneário Camboriú, a difference that reinforces the change of pace between the two markets.
The assessment of real estate sector specialists relates the advance of Itapema to the combination of new developments, urban expansion, and expectations around infrastructure and tourism projects.
These factors are pointed out by market agents as elements that increased the demand for the city and influenced the formation of the announced residential property prices.
Bruno Cassola, CEO of IBC Imobiliária and a real estate market specialist, states that the movement had already been monitored by professionals working in the region.
In his assessment, the advance of Itapema reflects a phase of greater real estate activity, but it does not automatically make the city the best alternative for all buyer profiles.
“The price per square meter is an important indicator, but it cannot be analyzed alone. The best investment depends on the client’s objective. Some seek appreciation, others prioritize liquidity, income, personal use, or asset security. Each city can meet a different strategy,” says Cassola.
Availability of Areas Weighs in the Comparison
The comparison between Itapema and Balneário Camboriú also involves the availability of areas for new projects and the development stage of each real estate market.
While Itapema still has expansion fronts and a higher volume of launches, Balneário Camboriú presents a more consolidated dynamic, with territorial limitations and constant demand, according to experts’ assessment.
This contrast helps explain, according to industry professionals, why Itapema advanced during a period of faster appreciation in average advertised prices.
In addition to urban expansion, the city is located in a region of strong real estate activity, close to Balneário Camboriú, Itajaí, and Porto Belo, municipalities that also appear on the radar of buyers and developers.
Infrastructure projects, urban interventions, and initiatives aimed at tourism are cited by experts as factors observed by the market when evaluating the recent price behavior in Itapema.
Even so, industry agents avoid treating the dispute as a direct substitution between the two cities, as the municipalities have different profiles, offers, and market stages.
Balneário Camboriú remains described by experts as a consolidated market, with high-end properties and recurring demand, while Itapema appears in an expansion phase with a greater supply of new developments.
“The point is not to say that one city is better than the other. Itapema is experiencing a very strong moment, and Balneário Camboriú continues as a mature and desired market. For the investor, the analysis must consider price, location, demand profile, liquidity, and even the matter of preference. The best investment is the one that makes sense for each client’s objective,” says Cassola.
Average Price Does Not Define Investment Alone
The average price per square meter serves as a reference for comparing real estate markets, but experts state that the indicator should not be used in isolation in the purchase decision.
Location within the city, construction standard, liquidity, demand profile, and buyer’s objective are factors that can alter the attractiveness of a property compared to the municipal average.
In Itapema, the recent increase is associated with a market with new developments and availability of areas, according to the analysis of professionals who follow the Santa Catarina real estate sector.
In Balneário Camboriú, territorial limitation and recurring demand are cited as factors that help sustain high prices, even during periods of less intense appreciation.
The FipeZap reading also requires caution because the index tracks advertised prices, not necessarily the actual transaction values between buyers, sellers, and developers.
For this reason, the indicator allows for observing market trends and comparing cities, but it does not replace individual property evaluation, location analysis, price negotiation, and liquidity verification.
For buyers interested in personal use, aspects such as routine, access to services, urban mobility, and preference for a particular city can significantly influence the choice of property.
In the case of investors, the evaluation usually considers resale potential, rental income, liquidity, demand profile, and the ability to preserve assets over time.
The change at the top of the national ranking shows a small price difference but marks the advancement of Itapema on the Brazilian real estate map measured by FipeZap.
The result also keeps Santa Catarina in a prominent position in the survey, with four cities among the five highest averages in the country and Balneário Camboriú still among the most expensive residential markets in Brazil.
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